Combined Broker/Lawyer Services at LoneStarLandLaw.com
Real Estate Broker + Real Estate Lawyer
If your real estate broker were also your real estate lawyer, would that give you an advantage in buying or selling property? Our answer is most definitely yes. Not only does this make a powerful level of expertise available to the client, it can result in savings in both legal fees and broker commissions. Our fees are usually 1%, often leaving up to 2% to be rebated to the client after closing.
Combined broker/lawyer services have the advantage of full rather than partial representation. Rather than asking a real estate attorney to look at just a single item (the contract, for instance, or the title commitment), the attorney’s knowledge and expertise is present and available from contract to closing. Also, an attorney can negotiate and customize the standard TREC and TAR contract forms to the client’s advantage. A broker, by law, is restricted to filling in the blanks.
Engage Us before the Contract is Signed
If you are interested in the combined broker/lawyer option, several factors are involved: are you the buyer or the seller? Is the property residential or commercial? What is the proposed sales price? Has a contract already been signed?
Note that combined broker/lawyer services are available only if a buyer is dealing directly with the seller’s broker (no buyer’s agent involved), or if a seller is dealing directly with a potential buyer (no buyer’s agent involved).
Regardless of the capacity in which we are engaged, it is always better to involve us at the beginning before the contract is signed. The contract controls most of the transaction—the rights and remedies of the parties, conditions of closing, special requirements, and any custom or creative clauses to be included in the legal closing documents. If a contract has already been signed, then we may still be able to offer partial or limited representation on the remaining portion of the transaction. Inquire.
Level of Brokerage Representation
Because we anticipate rebating to the client any portion of a commission that exceeds 1% (net after taxes), our services fall into the category of discount brokerage. In other words, we do not show properties; arrange for a survey, inspections, appraisals, or repairs; nor do we assist with obtaining financing. If you need this higher level of assistance, you are advised to consult a full-service real estate broker who will charge the customary 3%.
Our combined broker/lawyer compensation may vary somewhat according to the specific case and sales price. Fees for these services discussed above or shown on our fee schedule are guidelines only. Request a no-obligation custom quote. Terms and conditions are finalized in writing prior to our commencing work.
Read TREC’s Information About Brokerage Services (PDF).