Buying a home is one of the most significant financial decisions you’ll make in your lifetime. It’s exciting—but it can also be overwhelming. From negotiating terms to navigating the paperwork, there are many opportunities for costly mistakes. Hiring a Chicago Real Estate Attorney or an Atlanta real estate attorney may seem like an added expense, but the truth is, their expertise can save you money in the long run. Here’s how:
Buying a home is commonly an individual’s most significant purchase.
A buyer will often turn to a real estate agent for guidance during the home buying process, particularly because historically the seller pays the buyer’s agent’s 2.5%-3% commission.
But with the National Association of Realtors’ (NAR) most recent settlement, sellers are no longer required to cover the buyer’s agent’s commission. Instead, each agent’s commission is now a negotiable matter between the seller, buyer, and their respective agents.
This means that in a hot market, where there are often multiple offers, a seller might prioritize a contract that doesn’t require them to pay the buyer’s agent’s commission, potentially saving 2.5% to 3% of the selling price. In areas where home prices often exceed $1 million, this could mean buyers would need to cover an additional $25,000 to $30,000 to account for the commission.
But that doesn’t mean a buyer should go it alone just to avoid the fee.
A Chicago or Atlanta Real Estate Attorney May Be a Better Option
Atlanta Real Estate Attorneys and Chicago Real Estate Attorneys experienced in drafting and negotiating purchase contracts as well as handling the title and settlement process, can be an excellent alternative to a buyer’s agent. Attorneys often provide these services at a fraction of the commission fees typically charged by agents.
Additionally, the NAR settlement is coming at a time in the housing market when savvy buyers may be asking whether they need all the services of a real estate agent.
When considering whether to use an agent you may want to consider:
In today’s market, the buyer has many tools available at their fingertips that were previously only available to real estate agents: Zillow, Trulia, Redfin, and other internet apps mean the buyer often doesn’t need a real estate agent to find available houses.
Sometimes a buyer will know before an agent when a house comes on the market. If the buyer zeroes in on a home, they have a variety of research tools to determine comparable sales to guide them with their asking price.
The buyer may have already met with a mortgage company or mortgage broker to figure out how to finance the purchase.
What is not at the buyer’s fingertips; however, is arguably the most important piece of the home buying process. This is the purchase contract, and the title and settlement process. This is where an attorney may be a better choice than a real estate agent.
For a fraction of the cost of the real estate agent’s commission, a residential real estate lawyer in Chicago, IL or Atlanta, GA can draft the purchase contract, negotiate the contract, review title to the property and all the closing documents, as well as guide the buyer through settlement process.
Final Thoughts
Hiring a Chicago Real Estate attorney, Alpharetta Real Estate Attorney, or Atlanta Real Estate Attorney in Alpharetta, GA, Chicago IL, or Atlanta, GA is more than an added expense—it’s an investment in protecting your financial future. Their expertise can prevent costly mistakes, uncover hidden risks, and even negotiate better terms, saving you money and stress.
If you’re planning to buy a home, don’t navigate the process alone. Contact Hampton & Hampton LLP your preferred Chicago, IL, Atlanta, GA, and Alpharetta real estate attorney to learn how we can guide you through your real estate transaction and protect your investment.
Your dream home is closer than you think.