Free Real Estate Law Advice for a Buyer
- The state division of real estate, or local real estate board will not offer legal advice, but can clarify or present factual information on a particular aspect of laws governing the sale and purchase of real estate property.Real estate agents often belong to a countywide, or regional real estate board, which is a voluntary professional association of real estate professionals, and offers advice and training to agents and brokers. Intelligent adults wouldn't go to court without an attorney, or allow a neighbor (who's not a doctor) to perform an operation on their ruptured appendix, and they shouldn't enter into a legal contract without contracting with a real estate agent either. A written offer to purchase a piece of property, or a loan agreement are two examples of legal documents related to the purchase of real estate.The guidance, information and legally required canon of ethics governing confidentiality and representing the best interests of a client ensure a legal and fair deal for a buyer. The real estate agent is bound by the established canon of ethics by the state which issued the agent's license.
- Real estate agents are prohibited by law from acting as an attorney, but are required by law to act in a fiduciary manner with clients, and share all information in a timely manner, notifying the client of any problems with a deal, the home, or related aspects that could affect the client. All real estate agents must display loyalty, obedience, fair dealing, and honesty to their client, as well as inform the client of developments during the sale process in a timely manner. Full disclosure to client's is mandated by the state, with agents subject to fines and related legal action if a violation in fiduciary duty occurs.
- A real estate agent will explain and clarify the home purchasing process, as a part of the service to the client. There is no charge for the facts and explanation related to a buyer's purchase, with full disclosure required by the state division of real estate licensure board on every transaction. Should a problem arise in which a real estate agent feels the client needs to contact an attorney, the agent is bound by law to inform the client of the need to seek a formal legal opinion on the subject. A contract to purchase real estate property is a legally binding document and should not be entered into without full disclosure of all property details.
- A real estate agent can explain the need to obtain and review legal documents associated with the home purchase, such as a deed, title processing, freehold and leasehold estate ownership, contract language and terms, tax liens, mineral rights restrictions, easements, earnest money requirements, latent and patent defects with the property, terms of sale, and insurance requirements related to the sale. Free legal advice from an attorney isn't a realistic expectation, but an informed understanding of the home sale and purchase process from a buyer's agent should be expected, and demanded prior to signing any type of purchase contract.
- A Realtor, is a trademarked term, pertaining to a real estate agent who has paid a fee to belong to the professional Realtors Association. All Realtors are real estate agents, but not all agents are Realtors. There is no difference in training or expertise between a Realtor and a real estate agent, all real estate professionals hold the same licensure and are bound by the same duties. Buyer's who are seeking free legal advice are unlikely to find it, but can obtain free real estate advice from their agent. Research the level of client service and years in the profession of a real estate agency prior to entering into a professional relationship. Anyone can call the state division of real estate and gain access to any violations, fines, or suspensions an agent may have on their record. Checking the current tax bill for a piece of property before giving a written offer can prevent delays in the closure process. If a seller owes more money on their mortgage and in back taxes than the house will sell for, the closing meeting on the property can be delayed for an extensive period of time.