A Realtor’s Perspective on the Difference a Good Real Estate Attorney Can Make
reprinted from the N.C. Bar Monthly Newsletter - Dec. 2006
BY WILLIAM G. SAHADI, CRS
In the past seven years I’ve been involved in more than 400 real estate transactions. That is 400 first-hand opportunities to view the value that a good real estate attorney brings to the table. The majority of these transactions have involved the sale of residential homes. In no less then 40 per- cent of these transactions emotions, misunder- standings, egos, timing and legal issues have reared their ugly head.
Imagine a symphony without a conductor, or a wheel without an axis. From the start, careful and caring real estate brokers perceive themselves as the Gatekeepers of the Transaction. It is from their relationship with the client that the stream of guidance, advice, and assistance begins. Relationships with the lenders, insurance compa- nies, inspectors and attorneys follow. For all these relationships, the attorney and the realtor are the ones who touch base with all the players. Their good communication is vital to an expedient and successful closing. In one sense, the realtor runs the entire race with the client, but it is only the attorney who can help them cross the finish line.
The attorney’s main role is to deliver good title to the client, prepare and review the settlement statement, prepare the deed transferring owner- ship and oversee the steps necessary to ensure the seller has clear title to the property and that the funds for purchase are properly transferred. By no means is this high-dollar entertainment. Yet a good attorney can make the whole process work even better by adopting the rhythms of the relationship that the client and real estate broker have formed. In the unfortunate situation of a fractured broker/client, or seller/buyer relation- ship, their presence, awareness and understand- ing are even more vital.
At some closings, it’s not uncommon for attor- neys to don their referee’s zebra outfits replete with a whistle around their necks. They have picked up the baton from the real estate broker and it’s their demeanor, their guidance and their understanding that gets the deal done. So many times issues arise that require cajoling, negotiat- ing and reasoning with the client. In almost all of these cases, it is the attorney who takes center stage. It is the attorney who has to resolve the issues. Title insurance companies do not offer this service.
We live in a consumer-savvy environment. Our clients are more educated today than ever before. Their awareness of price shopping is acute, yet all the articles and arguments about why title compa- nies can offer the client a more cost-friendly fee to handle their closing (and this is questionable), misses the most important point of what matters and of what is of true value. Is it valuable to save money when your interests might not be properly served? Is it cost effective to save a few dollars on most people’s largest single lifetime purchase? Is it wise not to have a good attorney overseeing any possible issues or watching for missteps that might affect the bottom line of the clients’ trans- action?
Finally, many realtors walk a fine line in drawing up documents and giving their clients advice, legal advice that should only come from the attorney representing their interests. We have developed a strong relationship with two area attorneys who are there for us when we call. They are there for us when we are drafting documents. They are there for us to help us serve our client. Many of our contracts and communications with our client are written with attorney assistance/guidance.
Four hundred transactions have taught me the value of good representation for my clients. My solid attorney relationships have enabled me to serve my client better, thereby making me a better real estate broker. A successful real estate attorney should always align himself/herself with reputable real estate professionals. They should market themselves to us as liability reduction experts, and always try to personalize and under- stand the relationship we establish with our clients along the way, so that together, we are both equipped to help one another. In this scenario, everyone wins, especially our client.
SAHADI IS A BROKER AND OWNER OF FORE PROPERTIES REALTY INC. HE CAN BE REACHED HERE.
The historic Village of Pinehurst lies before you as you enter the gates to a glorious community of lifestyles. Beyond the Historic Village of charming shops and history lay some of the most beautiful and reasonably priced neighborhoods you can find. There are over 15 golf courses within a 10 minute drive of Pinehurst, which is anchored by the famed Carolina Hotel and Pinehurst C.C. Golf course communities dominate the landscape and lifestyles, but tucked away in some of the winding streets of Pinehurst you can live are neighborhoods of new construction homes and beautifully renovated “period” homes. This historic destination caters to families, single professionals and retired couples of all ages and most homes are priced in the range of $200,000 - $400,000.00.
If you’re considering living in the Sandhills, health care options abound. You can make your Pinehurst real estate purchase with peace of mind.The Moore County Department of Health oversees public health, according to its director: “Striving to meet these challenges, the Health Department offers a wide range of services that are critical to the well being of our community. These diverse programs include those mandated by the State; such as communicable disease, public health planning, preparedness and response, environmental health and vital records. Other programs include a combination of direct health care services and community-wide programs.
Many homeowners believe this. It is a myth. It is not true. How does this whole process start? It all starts with advertising in such mediums as newspapers, on line web sites, real estate publications and color brochures that do such a valuable job of getting the wheels in motion. These mediums get the prospective buyer to make inquiries. These mediums enable prospective buyers to start conversations with buyer agents. The buyer agents facilitate the purchasing process. Buyers are now in communication with a buyer agent. A good agent knows the current inventory and will know of other property that DOES fit their needs. Those are the properties that buyers look at, and THIS is how most buyers eventually end up looking at your house, by their use of other agents. As a result, you need to get other buyer agents interested in your property, and this is where your listing agent comes in, and why a good listing agent is extremely important. The listing agent gets buyer agents looking at your home. Those agents have clients who called in on other properties. They look at the needs of the client; location, condition, # of bedrooms, square feet, and other details of the property… AND MOST IMPORTANTLY…. …PRICE
is a top quality builder in the Pinehurst area and has been since 1999. Rich Tomanelli has just completed homes in the National Golf Club, the Pinewild Country Club, the Pinehurst #6 area, and at Talamore. Currently, Tomanelli Homes is completing construction of 4 homes at Cabin Branch in Carthage and starting two additional luxury homes in the gated community of National Golf Club. Known for fine workmanship, detail, and uncompromising quality & honesty, the reference to “a Tomanelli built home” has resonated through the Sandhills real estate community.