Depending on your comfort level, you can use both or just one. Both will work as your adviser during the process. There are few key differences:
1. Realtors generally have better understanding of the market. That's not always true if the attorney also invests or does a lot of work for local investors.
2. Realtors handle a lot of the "busy" work for the due diligence. Lawyers may help you with the due diligence, but you typically don't want to do the "busy" work since their hourly rates are much higher.
3. The way you pay them is different. Lawyers typically charge flat-fee or hourly. They get paid regardless of whether you close. Realtors on the other hand gets paid only if you close. Because of this, there is arguably no major downside with using a realtor if it is an MLS deal (since their fee comes out of the seller side). This doesn't apply to off-market deals. Also, because the attorney gets paid no matter what, some argue that attorneys are less motivated to push you towards closing.
PM me if you have any specific questions.
Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it as legal advice. Always consult with your attorney before you rely on the above information.
Depending on your comfort level, you can use both or just one. Both will work as your adviser during the process. There are few key differences:
1. Realtors generally have better understanding of the market. That's not always true if the attorney also invests or does a lot of work for local investors.
2. Realtors handle a lot of the "busy" work for the due diligence. Lawyers may help you with the due diligence, but you typically don't want to do the "busy" work since their hourly rates are much higher.
3. The way you pay them is different. Lawyers typically charge flat-fee or hourly. They get paid regardless of whether you close. Realtors on the other hand gets paid only if you close. Because of this, there is arguably no major downside with using a realtor if it is an MLS deal (since their fee comes out of the seller side). This doesn't apply to off-market deals. Also, because the attorney gets paid no matter what, some argue that attorneys are less motivated to push you towards closing.
PM me if you have any specific questions.
Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it as legal advice. Always consult with your attorney before you rely on the above information.