Why Having the Right Real Estate Team Matters More Than You Think
TL;DR
Buying or selling a home is not just about signing papers; it’s about coordination, communication, and protection. In a recent conversation, Realtor® Alex Parmenidez and real estate attorney Michael Lima shared why having the right team "agent, lender, and attorney," can make or break a transaction. Overcommunication, proper representation, and working with trusted professionals are key to a smooth closing experience.
Real Estate Is More Than Just Closing a Deal
Many people assume real estate is simple: find a home, sign paperwork, and close. But in reality, transactions involve multiple moving parts, legal considerations, deadlines, and financial risks.
During a conversation between Alex Parmenidez and Michael Lima, one theme was clear: real estate success depends heavily on teamwork and communication.
An experienced real estate attorney with more than 20 years in the industry, Michael emphasized that every transaction involves protecting the interests of all parties (buyers, sellers, agents, and lenders) while ensuring fairness and compliance.
The Importance of Having the Right Team
One of the biggest takeaways from the discussion is that no single professional can carry a transaction alone.
A successful closing requires coordination between:
The REALTOR®
The Loan Officer
The Real Estate Attorney
Title Professionals
The Buyer and Seller
If even one person drops the ball, the entire deal can fall apart.
In fact, Michael shared that he has seen situations where buyers ended up temporarily homeless because their purchase failed after selling their previous home, often due to poor coordination or communication among professionals.
Choosing experienced, communicative professionals isn’t optional ; it’s essential.
Communication vs. Overcommunication
A powerful message from the conversation was this:
Communication is important, but overcommunication is critical.
Real estate timelines are fluid. Many buyers believe that once a closing date is written in a contract, it is guaranteed. However, closing dates are typically targets, not promises.
Delays can occur due to:
Loan processing issues
Appraisal problems
Title concerns
Missing documentation
Employment changes
Scheduling conflicts
Regular updates between all parties help prevent surprises and reduce stress.
Why Legal Representation Protects Buyers and Sellers
One example discussed involved a seller requesting to remain in the property after closing without clear agreements. Situations like this can create significant risk for buyers if not handled correctly.
Attorneys help by:
Creating legally binding agreements
Identifying potential risks
Protecting financial interests
Ensuring contract compliance
Having professional guidance ensures that decisions made during emotional moments don’t create long-term consequences.
Language, Translation, and Conflict of Interest
Another important topic was translation during transactions, especially for multilingual clients.
While friends or family members often want to help translate, this can create problems, particularly if the person has any financial interest in the transaction.
Best practices include:
Using neutral translators
Having legal staff provide explanations when possible
Avoiding anyone who benefits financially from the deal
Accuracy and fairness are critical when legal documents are involved.
Real Estate Fraud and Modern Risks
The conversation also highlighted increasing fraud risks in today’s digital world.
Red flags may include:
Sellers who refuse to meet in person
Communication only through messaging apps
Requests to use unknown notaries
Identity inconsistencies
Unusual payment instructions
Verifying identities and working with trusted professionals significantly reduces these risks.
Experience Matters, But So Does Adaptability
Even with decades of experience, new challenges arise constantly in real estate. Market conditions change, regulations evolve, and unexpected situations occur.
Professionals who continue learning and adapting provide better protection for their clients.
The Emotional Side of Real Estate
One powerful insight from the discussion is that real estate isn’t just financial,; it’s emotional.
Buying or selling a home often involves:
Family transitions
Financial pressure
Life milestones
Stress and uncertainty
Professionals who truly care about their clients help guide them through both the technical and emotional aspects of the journey.
Final Advice for Buyers and Sellers
The most important recommendation from both professionals was simple:
Who you work with matters.
Before choosing your team:
Ask for referrals
Research experience
Look for strong communication skills
Choose professionals who prioritize your interests
The right team can mean the difference between a smooth transaction and a stressful one.
Frequently Asked Questions
Q: Why do I need a real estate attorney?
A: An attorney helps protect your legal and financial interests, reviews contracts, resolves title issues, and ensures compliance throughout the transaction.
Q: Is the closing date guaranteed?
A: No. Closing dates are typically target dates and may change depending on financing, title work, or other factors.
Q: Can a family member translate during my closing?
A: Sometimes, but it’s best to use a neutral translator, especially if the person has any financial involvement in the transaction.
Q: What is the biggest mistake buyers and sellers make?
A: Not choosing the right team or failing to communicate consistently with their professionals.
Q: How can I avoid real estate scams?
A: Work with verified professionals, confirm identities, avoid unusual payment requests, and never rely solely on online communication without verification.
By Alex Parmenidez, REALTOR® | Coldwell Banker Realty
Alex Parmenidez | Realtor® Licensed CT-MA-RI | Coldwell Banker Realty
196 Waterman St, Providence, RI 02906
C: (401) 426-4825 | O: (401) 351-2017
Check out this article next
How to Prepare for the Spring Market
Spring is traditionally the busiest season in real estate, and knowing your objectives ahead of time gives you a clear advantage.
Read Article