[quote=EconProf]Not sure what you are proposing here, with two attorneys. Does that mean one on each side? That works out to two deal killers moving the transaction along. Most attorneys don’t know enough about the intricacies of RE, unless that is all they do.
Real estate agents of course vary widely in quality. To have a good one working only for you is almost always worthwhile. They insert themselves as middlemen in a complicated, lengthy transaction that is filled with landmines. They keep the two warring sides apart in what is essentially a zero-sum game. They move the transaction along and coordinate deadlines, other parties, and necessary paperwork. Good agents earn their money.
BTW, I would not use a friend as an agent–you can’t ream them out if they screw up.[/quote]
I think (though I am not certain) that he is referring to the practice on the east coast where the agent really only handles the sales part. Once an offer is accepted, the 2 attorneys draw up a contract (think mail merge) and shepherd it through closing. They handle the role we would here use an escrow company for. This is how most law firms keep the lights on in those areas (or so I am told). Ironically, they generally make less than escrow companies. Typical residential closings are 600-800 per side (and each attorney only handles one side).
