5 Things Your Residential Real Estate Lawyer Wants to Tell You

Apr 28, 2017 | Firm News

Ever wonder what your residential real estate lawyer is thinking?

Your residential real estate lawyer has a lot of knowledge and experience handling real estate matters – after all, that’s why you hired them. And while they appreciate your business, your lawyer probably wishes they could remind you of a few things. The following is a list of things your real estate attorney wants to tell you but might hesitate to do so:

#1 You’re Getting a Better Deal Than You Think

Hiring an attorney isn’t cheap. However, your fees aren’t as steep as you think. There are discounts on your bill that you may think your attorney gives to all clients, but doesn’t. The hourly rate might also be lower. And it sometimes seems counterintuitive, but when a real estate transaction goes smoothly, it doesn’t mean you wasted money hiring an attorney. Rather, it means your real estate attorney did their job well.

#2 Residential Real Estate Attorneys Tell You What You Don’t Know

One of the most valuable services provided by an attorney, real estate or otherwise, is spotting issues and problems that you didn’t. If you knew the law provided a certain right or that you were legally responsible for a particular obligation in a real estate transaction, you might not need the services of a real estate attorney. It’s the very fact that you don’t know these things that makes the real estate advice you receive so valuable.

#3 Just Because It’s a Buyer/Seller’s Market Doesn’t Mean You Can Be Ruthless

When the real estate market is hot, sellers might think they can have any asking price they want and not have to compromise with buyers. And the opposite often occurs: when the market is cold, buyers sometimes mistakenly believe they can give extremely low offers on properties.

Yes, it’s true that buyers have leverage in a buyer’s market and sellers have leverage in a seller’s market. But this leverage isn’t as much as people would like to think. The extra leverage might put an extra ten thousand dollars in your pocket, but it won’t let you quit your day job or start a second career in flipping houses.

 

#4 You Should Have Contacted Me Before This Problem Arose

If you wait to call or hire a residential real estate lawyer until after a problem occurs there are fewer ways in which your attorney can help you. Often, all your attorney can do is explain how much it will cost to get out of the legal mess and walk you through it. However, if you called your attorney at the first sign of trouble, the problem might not exist at all.

#5 Your Legal Decision Is More about Principle than Dollars and Cents

Many clients will have a real estate dispute that arises out of a residential property transaction. They will get so mad that they will stop at nothing for justice. Your attorney is also an objective third party who can evaluate the merits of your legal issue and tell you if you’re about to “cut off your nose to spite your face.” Perhaps for you, taking legal action is more about principle, but you need to understand that you’re going to be worse off by proceeding with your chosen course of action.

Not Sure What to Do?

If you have questions about hiring a residential real estate lawyer, visit our website to contact the Wilbanks Law Firm, P.C. online.