Being leading real estate lawyers Mississauga, we are always asked simple yet complex sounding questions. As lawyers, our job is to legally represent our clients – something you will not get with a real estate agent. So, what separates agents from lawyers? Here are some vital differences you normally would ignore during the first meeting.
- Duties to clients
The real estate agents are professionals and do their best. But, by law, they only have limited duties towards clients. Moreover, an agent can represent both the parties, buyer and seller, in the same transaction.
On the other hand, attorneys cannot represent both the buyer and the seller. If a real estate lawyer has been hired by a seller to assist with the sale, it is paramount for the lawyer to keep the client’s interests as a priority. - Legal counsel
Real estate agents have limited access to the practice of law, meaning they can only prepare a home’s purchase contract. Agents are not authorized (or trained) to explain legal terms to the clients. Although some agents have good knowledge about the negotiating and contracting part of the process, they are not trained to make judgments on legal questions. For example, if you are concerned about some language in your mortgage or if you’re drafting any unusual language for the purchase contract, only a real estate lawyer will be able to address this issue.
In most states, only an attorney is allowed to prepare the home purchase documents, perform a title search, and close the deal. - Fees
Real estate agents normally take commission, not salary. After the transaction is complete, the agents receive their slice — usually around 5% of the sales price.
NOTE: This percentage isn’t cast in stone, and variations on the typical commission arrangement exist.
Attorneys normally charge by the hour, or have flat fees for certain services, such as preparing real estate closing documents. You can hire a lawyer from law firms in Mississauga for only a few hours, or for specific tasks, such as reviewing a document or answering a legal question.
Lawyers vs Agents
If you are looking to buy or sell a property worth hundreds of thousands of dollars, it will be very safe to say that hiring a lawyer who is experienced, authorized, and obligated to protect your legal rights is the perfect choice for you.
Got a question about your contract? We have the answer. Concerned about an issue regarding the transaction? We can address it. Have a defect in title? We can deal with it.
Nanda & Associate Lawyers are experienced real estate lawyers Mississauga. Our unique and powerful combination can help you buy or sell real estate with legal advice and the right strategy needed to deliver the results you desire. Contact us today by calling 905-405-0199 / 1-866-660-6640. We look forward to helping you with all of your local Mississauga real estate needs.
