Realtor vs Private Contract
The agreement that sets out the terms and conditions of a real estate transfer is often called the “Agreement of Purchase and Sale” or the “Offer to Purchase.” This agreement can be prepared by a realtor or a lawyer. In our experience, most residential agreements are prepared by realtors.
Some of the many advantages to being represented by a realtor include:
expertise in local real estate market conditions;
realtors assist clients in obtaining the best price for the property;
realtors assist with the formalities of a contract;
realtors help clients spot problems in advance of executing the agreement;
realtors are often experienced in negotiation and can offer helpful guidance;
realtors are often available outside of regular business hours; and
realtors can refer clients to the professionals that can best assist them (inspectors, surveyors, lawyers, etc.).
Although there are many advantages of using a realtor (and our office generally recommends clients be represented by a realtor), some parties wish to proceed without realtor involvement. It is not uncommon for a party to a transaction to take a transaction to a lawyer that has already been negotiated, requesting that the lawyer draft an agreement in accordance with their instructions. Although lawyers can certainly draft an agreement for a client, lawyers are not realtors, and as such cannot offer the same expertise that a realtor can. Lawyers are often not visiting the property and cannot advise clients as to its condition, or which conditions (e.g., inspection condition) may be in their best interest. Lastly, and likely most importantly, lawyers often do not advise clients as to whether the purchase price is appropriate or reasonable.
If you are looking for a realtor to assist you in your upcoming real estate transaction, please see our Resources page. Within this page, we have included the contact information for some of the many great realtors currently operating in our area.
DISCLAIMER: The information provided within this article is for general information purposes only and is not intended to be a substitute for legal and other professional advice. Legal and other professional advice is recommended. While every effort is made to ensure that the information provided is current and accurate, all persons involved in the preparation of this article disclaim any warranty as to the accuracy, currency, or absoluteness of the information. The author shall not be responsible nor liable for decisions resulting from, or related to, the information or opinions within the article.