Combined Lawyer/Broker Services at LoneStarLandLaw.com
Our attorney is also a licensed real estate broker and is often able to offer combined services resulting in a partial commission rebate to the client.
Combining the role of lawyer and broker has significant advantages. An attorney can negotiate and customize the content of the standard TREC and TAR contract forms to the client’s advantage. A broker, by law, is restricted to just filling in the blanks. Also, the attorney’s full legal support is present and available from contract to closing.
Combined lawyer/broker services are offered to our legal clients who have not yet signed a contract. We do not offer stand-alone brokerage services independent of legal services.
In many cases we can discount the real estate commission. Our fees are usually 1% of the sales price (usually paid by the seller’s broker), often leaving up to 2% to be rebated to the client after closing, as circumstances permit. A commission rebate is 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). Commissions rebated to clients are paid net after income taxes (one-third deducted) and expenses, if any.
If you are interested in the combined lawyer/broker option, several factors are involved: are you the buyer or the seller? Are you currently represented by an agent or broker? Is the property residential or commercial? What is the proposed sales price? Most important, has a contract already been signed (hopefully not)?
Engage Us Before the Contract is Signed
It is always better to involve an attorney before a real estate contract is signed. The contract controls much of the transaction—the rights and remedies of the parties, conditions of closing, special requirements, and any custom or creative clauses that will need to be included in the closing documents. If a contract has already been signed, we may still be able to offer partial or limited representation on the remaining portion of the transaction, but our options will be more limited, since basic agreements between the parties will already have been made. Inquire.
Level of Brokerage Representation
Our attorney is not a full-service real estate broker. In other words, our services in the brokerage area are limited and support level only, with the client leading the way. For instance, we do not show properties; arrange for a survey, inspections, appraisals, or repairs; conduct negotiations; assist with obtaining financing; list the Property on the MLS; market or put signs on the Property; hold open-houses; meet with buyers, sellers, or agents; or the like. If you need this higher level of assistance, or if you are a complete beginner when it comes to real estate, then you should engage a full-service full-fee real estate broker. We do not accept full-service brokerage clients at all, so the client must be prepared to do much of the work in order to earn the rebate.
Essentially, this is an opportunity to get full legal advice and support plus a commission rebate at closing so long as you are willing and able to represent yourself on brokerage-related tasks and issues. Please do not enter into this arrangement with the expectation that we are going to be your full-service broker.
Combined lawyer/broker services may not be suitable in every circumstance, and we accept or decline these cases in our discretion. Fees and commissions discussed here are guidelines only. Specific services and compensation may vary according to the transaction, property, parties, and sales price. Terms and conditions are finalized in writing prior to our commencing work and it is that agreement which applies. Request a no-obligation custom quote.
Read TREC’s Information About Brokerage Services (PDF).