Attorneys Statement
Real estate attorneys are the professionals that are best suited to handle real estate transactions for several reasons. First, the real estate attorney is the best trained real estate professional. Real estate attorneys are the only real estate professional that is required to complete seven years of education and take extensive tests simply to practice in the State of Wisconsin. Real estate attorneys tend to be so well trained that the State does not even require licensed attorneys to take the education requirements to become a licensed real estate agent or broker.
Second, real estate attorneys usually can provide the client with a broader based representation than other real estate professionals, i.e. what are the tax consequences of this transaction, how does it affect my marital property rights, etc. This broader based representation tends to provide the client with a better understanding as to the actions they are taking, and may even assess additional client needs and the means to achieve the client's true goal.
Third, real estate attorneys tend to be the most competent real estate professional. Attorneys can provide several horror stories concerning real estate transactions. In many of the transactions, the parties choose not to retain any real estate professional, but many stories involve non-attorney professionals. Attorneys tend to more fully understand and explain the transaction, which reduces later problems based on the "I didn't know situation." The attorney also tends to be more cautious and more precise when completing the transaction because he/she understands the problems that arise from proceeding hastily or improperly reporting the situation. This, of course, is not to say that attorneys do not make errors or that other real estate professionals are not fully capable, but as a group, attorneys are better qualified to complete important transactions. In many instances, parties that have engaged in a transaction, without legal advice that resulted in several problems, are the same parties that would have been better advised to seek the counsel of an attorney before they completed the transaction – preventing the problem from the beginning.
Finally, the attorney tends to be the least expensive real estate professional, especially for standard residential transactions. The attorney usually does not market the property, so he will be charging only to draft and review the documents necessary to complete the transaction. The difference between and attorney and a real estate agent on the standard home is usually several thousand dollars. A flat fee charge may be as low as $500 for a standard residential transaction on any home, while a real estate agent will charge $6000.00 for the sale of a $100,000.00 property. Parties that are willing and able to market their own property can save these proceeds by retaining an attorney.
This information was provided by courtesy of Matthew Cromheecke of the Fehr Law Office in Onalaska.
This information is for your convenience only. La Crosse By Owner does not offer any legal, financial, or tax advice, nor endorsement of specific companies.
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