I have always believed that aspects of real estate brokerage border on the authorized practice of law without a legal license. Real estate agents and brokers contract and negotiate on behalf of their clients and interpret and explain legal concepts and instruments throughout every phase of any acquisition, sale or lease of real property. Many of these practices overlap broadly with the practice of law. Successful real estate transactions require an advocate with both market experience and legal experience.
Real estate transactions are frequently the most significant legal transactions a person will make throughout the course of his or her life and, while it therefore seems prudent to consult thereon with an attorney, most do not. Many buyers and sellers assume that their real estate agent or broker has enough broad based experience to handle every aspect of their transaction, including conducting due diligence, arranging financing, and drafting, complying with and enforcing a wide variety of legal instruments. This reliance generally ensures that such buyers and sellers leave money on the table. Like the real estate market, the real estate legal landscape is nuanced and constantly evolving. In order for a buyer or seller to ensure that they are not only finding the right deal, but also protecting their rights throughout and following the transaction, the careful selection of an advocate with legal experience is essential.
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