LEGAL Attorney or Agent

WHO’S WHO IN REAL ESTATE

By Amy Turos

People can pursue many careers in real estate: agent, attorney or property manager, to name just a few.

While some jobs in the real estate arena share similar responsibilities, there are key differences, particularly between real estate attorneys and agents. If you’re selling your home or property, understanding those differences can help maximize your real estate goals.

Good real estate agents and attorneys understand Ohio real estate laws and customs, providing expert insight and advice for their clients.

Examples include:

• Knowing information about neighborhoods and surrounding areas

• Analyzing current home values

• Submitting and negotiating offers

• Helping clients identify potential defects in the property they are selling or buying

• Negotiating a price for repairs or upgrades, if needed

• Negotiating and drafting real estate transactions

A real estate attorney can perform all of the duties of a real estate agent, but in addition, an attorney brings their legal expertise to transactions. For example, a real estate attorney can: ANSWER QUESTIONS. Every real estate transaction involves many complicated legal documents that must be read and understood before clients sign the paperwork. An attorney sorts through the legalese, explaining terms and technical language in the purchase contract, mortgage and other transaction documents.

OFFER ADVICE. An attorney is the best person to answer a legal question. For example, there's more than one way to hold title to residential real estate in Ohio.

EXPLAIN OPTIONS. Each decision clients make throughout the buying or selling process has the potential for clients to gain or lose a significant amount of money. If clients have offers from various lenders but aren’t sure which to accept, an attorney can compare them to determine which best suits a client’s needs. If clients decide against the purchase, an attorney can examine the terms under which a client's deposit is forfeited and get money back from the seller.

REVIEW PLANS. An attorney can review real estate paperwork and transactions and ensure a client’s assets transfer smoothly to a loved one after death.

Not every property sale or purchase needs a real estate attorney. But for some people in some instances, using an attorney can be crucial to a successful transaction. Consult with a real estate attorney to determine your needs.

Attorney Amy Turos represents clients in Portage, Trumbull, Geauga and Summit counties. Her website is ohiofamilyandcivillaw.com.