Combined Lawyer/Broker Services at LoneStarLandLaw.com
Real Estate Lawyer + Real Estate Broker
If your real estate lawyer were also your real estate broker, would that give you an advantage in buying or selling property? Our answer is most definitely yes, and so this is a convenience we offer to our legal clients. Our fees are usually 1% of the sales price, often leaving up to 2% to be rebated to the client after closing, as circumstances permit.
Combined lawyer/broker services also 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
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 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 limited. Inquire.
If you are interested in the combined lawyer/broker option, several factors are involved: are you the buyer or the seller? Is the property residential or commercial? What is the proposed sales price? Most important, has a contract already been signed?
Combined lawyer/broker services are offered only to those who are also legal clients of this firm. We do not offer stand-alone brokerage services independent of legal services. Also, discounted commissions 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).
Level of Brokerage Representation
Because we anticipate rebating to the client any portion of a commission that exceeds 1% (net after taxes and expenses, if any), our services fall into the category of discount brokerage. In other words, our services are limited: 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 are advised to consult a full-service full-fee real estate broker We do not accept full-service brokerage clients.
Combined lawyer/broker services may not be suitable in every circumstance, and we accept or decline these cases in our discretion. Fees mentioned above are guidelines only. Specific services and compensation may vary according to the transaction, property, parties, and sales price. Final terms and conditions are finalized in writing prior to our commencing work. Request a no-obligation custom quote.
Read TREC’s Information About Brokerage Services (PDF).