There are many factors to consider when buying or selling your home in Minnesota. You want to find the right home for your family considering schools, location, amenities, the size of the home and the length of your commute to work. A real estate agent can provide all this information to you, so is there really any need to hire a real estate attorney as well?
What is the difference between a real estate attorney and agent?
Both real estate attorneys and agents can assist in the purchase or selling of residential real estate. Real estate attorneys are experienced in real estate law, and some states require attorneys to write up real estate contracts. Attorneys will sometimes charge a flat-rate fee for their services, but most often, there is an hourly fee.
While an attorney provides assistance in the legal aspects of purchasing or selling a home, an agent can help you with finding the home, hiring movers and assisting with appliance hookups. They can also walk you step-by-step through the home-buying process. An agent usually charges a fee of 4-7% of the selling price of the home for their services.
Why you may need a real estate attorney
Though you don’t need an attorney to sell your residential real estate in many states, hiring one can give you a sense of security. It may be especially helpful if you are selling your home without a real estate agent. This could happen if you have shown your home and already have a purchaser for your property.
The attorney may review the deal and make sure everything in your contract is legitimate. If there are issues with your contract, your attorney may assist with fixing it.
Additionally, an attorney might give you legal advice or represent you in a hearing should any obstacles hold up the purchase of your property. This can include unknown liens against the property, existing tenants or even squatters. Keep in mind that both an attorney and agent are working to represent you and answer all your questions.