Real estate transactions can result in long-lasting financial and legal implications. Both buyers and sellers may want the support of a professional for their own protection.
They may need to choose between hiring a real estate agent versus a Realtor. Clients who wonder whether Realtors and real estate agents are the same may benefit from learning the nuances that distinguish these two categories of professionals.
What is a real estate agent?
A real estate agent is a state-licensed professional who may represent sellers, buyers or both during real estate transactions. Some specialize in vacant land, farmland, residential properties or commercial properties. Some agents specifically work with leases or purchases. Others handle all types of transactions. Agents have state licensing and usually work under a licensed real estate broker.
What is a realtor?
A Realtor is a real estate agent who has joined the National Association of Realtors (NAR). They must have the same license required of any real estate agent. Realtors may assist their clients with leases and purchases and may handle a variety of different properties, as is the case for any real estate agent.
Realtor vs real estate agent: Key differences
The primary difference between real estate agents and Realtors is that Realtors pay a fee to belong to the NAR and that they must adhere to the organization’s strict Code of Ethics. Every Realtor is a real estate agent, but not every real estate agent is a Realtor. Realtors also frequently network assertively, giving them connections to other professionals and clients that can make them valuable to the people who hire them.
Where does a real estate attorney fit into the process?
Real estate agents and Realtors are not legal professionals and therefore cannot ensure compliance with the law. They cannot advise their clients on legal matters. Frequently, they simply use fill-in-the-blank documents when listing a property or making an offer on behalf of their clients.
A real estate attorney is a licensed legal professional. They are in a position to assist buyers, sellers and also agents. Frequently, real estate professionals provide support during the due diligence stage of a purchase transaction. They can conduct a title search for buyers to validate that the title is free of encumbrances. They may also craft custom offer documents and can help review purchase agreements while ensuring proper legal compliance. Their support is generally invaluable even when there is an agent, as they have a fiduciary duty to act in the best interests of their clients.
Talk to a New Jersey real estate attorney today
A real estate attorney helps take some of the risk out of one of the biggest transactions of an individual’s life. The team at Robinson & Robinson, LLC has experience assisting both buyers and sellers. Reaching out to the legal professionals at Robinson & Robinson, LLC can help those listing properties or preparing to purchase real estate ensure their protection throughout a complex and confusing real estate transaction.