Without a doubt, the answer to that question is yes. The most important reason to be represented by an attorney while transferring real property is due to the conflicting interests of the parties involved. The interests of the buyer and the interests of the seller are often at odds. While a real estate broker usually has allegiance to the seller, and the lending institution has an allegiance to the buyer, they both have a financial interest in the deal being closed. An attorney owes a fiduciary duty to the client (that is they must act in good faith, and in the best interest of the client).
Sellers often make the critical mistake of finding a real estate broker before hiring an attorney when selling a piece of real property. The seller, before entering into a contract with the broker, should have the contract between the broker and the seller scrutinized by an attorney. An attorney can negotiate the brokerage contract directly with the broker and have the “standard form” they use be revised for a more favorable contract in the sellers favor.
The contract of sale is the most important document between the parties. Remember, the standard form that is not provided by real estate brokers or found online is not sufficient without a contract rider or substantial modifications. The standard contract does not cover every possible scenario that might occur throughout the negotiation of the deal.
At Arnold A. Arpino & Associates, P.C. we have handled buy/sell real estate transactions for over 25 years. Call us today to set up an initial consultation if you have an interest in buying, selling, or doing any other type of transfer of real property.