Welcome to the Kazi Law Firm! We are a boutique law firm steeped in Texas tradition personifying the warmth and congeniality consistent with southern hospitality. We believe in preserving integrity and professionalism with true Texan charm, staying true to our roots, while providing essential, affordable legal services to all. Located just north of Dallas, Texas in the rapidly growing suburb of Frisco; the Kazi Law Firm concentrates on contracts drafting and review, immigration law, will & estates, real estate law, landlord, tenant, mediation, and general business law needs.
Congratulations! You’re about to purchase your first home in the Lone Star State. Needless to say, buying or selling a home is one of the most substantial and critical transactions in your life. This monumental decision affects your family and your way of life. It allows you to plant roots and join a community in which to raise your children. As you’re probably aware, the significant influx of people moving to Texas has led to a shortage of housing opportunities. This shortage has contributed to the rapid rise in housing prices and created a seller’s market. Despite the Covid-19 pandemic, inventory in DFW is still low, and often, buyers find themselves in multiple offer situations with bidding wars. Sounds daunting, doesn’t it?
In a robust real estate market, like Dallas/Fort Worth, most people instinctively turn to a real estate agent for help in navigating the buying/selling process. We’ve all seen the signs littering front lawns everywhere and magazine spreads in our local publication praising million-dollar producers that have procured an over-asking offer within hours of listing a house on the market. Although your first inclination might be to enlist your favorite local realtor, you may be surprised to learn that retaining an experienced real estate attorney could be your best option.
Allow me to explain the benefits and drawback of both parties:
Client Obligations
A realtor’s obligation to clients is slightly limited in nature, and he/she may not necessarily be working in your best interest. For example, a real estate agent can represent both the buyer and the seller in the same transaction, or could even be the buyer, which obviously could leave you in a vulnerable position. Note: Legally, a seller-agent must disclose this fact upfront on the listing.
Real estate attorneys, on the other hand, have an obvious duty to their clients. The lawyer-client relationship provides for a high degree of privacy and confidentiality, which does not exist in a real estate agent-client relationship. A real estate attorney will be representing you and only you in the buying or selling of a house. In contrast, an attorney is not incentivized by increasing or decreasing the purchase price, thus, affecting the commission. Moreover, a real estate lawyer is in the best position to give you the most impartial representation possible with no metaphorical “skin in the game.”
Compensation
Realtors are almost exclusively paid on a commission basis, which simply means they only get paid IF and WHEN the transaction closes. As you can imagine by this symbiotic relationship, real estate agents are highly motivated to “seal the deal,” which on the surface may sound like a win-win. However, this financial incentive may subconsciously blur an agent’s vision and cause them to push for a closing that might not be in your best interest.
On the contrary, a real estate attorney will be paid directly by you, and his/her fees will be transparent to you from the onset. A real estate attorney’s fees are set from the start and are generally much less than those paid to your agent. The lawyer’s objective in the transaction is to protect their buyer or seller client and shield them from all potential liability that could arise from the contract and related documents. Lawyers have no financial interest in finalizing the sale and are solely working in their client’s best interests.
Legal Counsel
I’m sure you can infer which party is better equipped to provide you with legal guidance. Real estate agents can fill out the promulgated forms provided by Texas Real Estate Commission (TREC), but they can neither draft personalized forms nor modify existing forms. They also cannot provide legal advice regarding those standardized forms. You may hear an agent refer to the TREC contract and related forms as “boilerplate,” essentially alerting you to the fact that they have no standing to make changes or explain the subtle nuances and legal intricacies in the documents. Agents usually encourage clients to sign and initial on the relevant lines without fully understanding what they are committing to. Please Keep in Mind: You have a duty to read. Never sign any legally binding document without first understanding it in its entirety.
In contrast, real estate attorneys can create a personalized contract and associated documents should the need present itself. Moreover, those lawyers will be able to explain the necessity for specific provisions and guide you through the negotiation process before the execution of the contract. Real estate attorneys are also capable of drafting amendments to alleviate ambiguities and reduce misunderstandings between buyers and sellers.
Additionally, lawyers draft contracts and ancillary documents concerning the purchase or sale of a home, as well as promissory notes, deeds of trust and personalized documents for unconventional transactions.
Hybrid Solution
In many instances having both a licensed real estate agent and a licensed attorney on your side is the optimal solution. Many of our clients have told us that having an agent throughout the listing process made marketing their home easier and more effective. Additionally, those same clients have expressed that having an attorney prepare and review the purchase contract and associated documents put their mind at ease, allowing for a less stressful buying or selling experience.
I built my law practice on the premise of being a life raft in a sea of sharks. I want to be an advocate for those that have been wronged and are too intimidated to seek help. My firm is here to explore your options, guide you through your legal journey, and give you that safe space to ask questions! There’s no such thing as a stupid question…Only the ones you don’t ask. So, my question to my clients is not “do you have any questions?” But rather “what questions do you have?”
As always, the Kazi Law Firm is standing by to help you in your time of need. Don’t hesitate to contact us today. We specialize in real estate law, landlord-tenant disputes, immigration, and wills & estate planning. Family is at the core of our practice. Just as we treat our family with respect and understanding, we treat yours. Come join the Kazi Law Firm family today!
Why swim alone in shark-infested waters when you don’t have to?
