Home Buyers: Why You Need a Real Estate Attorney

Much has been made about the impact of the NAR settlement on Buyer’s agents. Clearly, Buyer’s agents now have to bring additional value to earn commissions/compensation, and that compensation will need to be negotiated with either the Buyer, the Seller, or both, depending on who will be paying the Buyer’s agent. Most Buyers are unfamiliar with the home buying process, so they will either need to get an agent to walk them through the steps, or they can hire an attorney. The difference is clear- an agent specializes in market trends- most notably what price the home should sell for, while an attorney specializes in the documents needed to effectuate the sale. Depending on the price of the home, the agent will typically charge the Buyer more money than an attorney. Again, this amount is now a negotiable term. If the price is already agreed to, a Buyer does not typically need an agent; the attorney can complete the process.