Real estate deals can get tricky at times. Especially when both parties – buyer and the seller, approach the same lawyer! Real estate lawyers are the legal experts who offer their legal services to the matters related to real estate transfers. They are responsible for reviewing purchase agreements, prepare documents, title documents, transfer documents, and mortgage documents.
But the question is – can a buyer and seller use the same real estate lawyer? Technically speaking, no! However, they can hire lawyers from the same law firm. As per the laws of the Law Society, an attorney cannot represent both parties simultaneously to avoid any possibility of conflict of interest. This is because both the parties will pressured for better rates and higher profits.
However, the parties are allowed to hire different lawyers from the same law firm. According to a veteran Santa Rosa real estate attorney, the major reason behind this rule is that the lawyers are engaged in a wide range of activities. They also have a lot of ethical responsibilities and the same lawyer representing both parties may not be able to serve the best interests of both parties simultaneously.
What are the Three Fundamental Obligations of a Real Estate Lawyer?
A lawyer must:
- Serve their clients proficiently
- Keep the details of the case confidential, and
- Stay loyal to their clients
Now you can see that when a lawyer is representing both parties simultaneously, they are actually contradicting their fundamental obligations.
Is Conflict Waiver the Option?
There are certain conflicts that can be waived, while some cannot. For instance, a lawyer cannot represent both the prosecutor and the defendant. They cannot argue with themselves, and put their clients in jail. Again, a situation where the buyer wishes to buy the property at cheaper rates and the seller is keen to sell at the maximum price is conflicting!
Ideally, a real estate attorney is not an agent. They are representing the best interests of their client. In some exceptional circumstances, where both parties are from the same family, a signed conflict waiver letter is required. However, when both parties belong to the same family, but they do not know each other nor have a relationship, the conflict waiver is not an option for them.
Real estate lawyers can help you in settling your property case effectively. You should always hire the best lawyer who has a solid understanding of the real estate law in Santa Rosa. Get in touch with the best in industry, Johnston Thomas Law at 707-545-6542, or visit 1400 N Dutton Ave #21, Santa Rosa, CA 95401, United States.