Shakespeare’s Henry VI wasn’t keen on them.  Charles Dickens often viewed them unfavourably.  And many real estate people wish them far enough.
But I beg to differ.
As an Exclusive Buyer Broker (which means I no longer list property but work solely for buyers), I think they perform an invaluable service, especially when they’re taking care of purchasers.

My opinion rests on an awareness of how heavily the real estate industry is weighed in favour of its vendors – and therefore against its purchasers.
It costs an owner nothing to list a house.  Payment falls due only when there’s a sale and upon transfer of title.  Moreover, this idea of a commission-based service to people who list their houses makes them what the law considers to be clients – and also means that purchasers will be seen as customers and treated no better than they deserve to be.
The effect, of course, is a process that relies on the legal principle of Caveat Emptor.  In other words, there is no obligation on the part of a vendor, a listing agent, or any sub-agent showing a house to point out its faults and limitations.  The job, based on a primary responsibility to the vendor, is to generate an offer, regardless of whether it’s fair to the purchaser or not, and to then ensure that nothing gets in the way of a closing.  In turn, it implies that the habit of looking after a vendor’s best interests, of not harming his/her negotiating position, and of getting the highest price with the least amount of trouble is more the rule than the exception.

Let the Buyer Beware indeed!
Which, needless to say, is where a good lawyer can step in.
The tilt against you if you’re a purchaser prevails in the practice of getting an offer signed without a preview by your lawyer, even though there may be ways and means to reset a deal if it includes a readily apparent unfairness.  In any case, your lawyer will see problems that, as a layman, you may not have recognized, although, again, redress can probably be obtained before it’s too late in the day.
In addition, your lawyer will require answers that usually won’t have been volunteered by the vendor and/or his/her agent(s).  For instance, is there a cloud on title or an out-of-date survey?  Can the present use be continued and/or changed?  Are there any zoning problems or outstanding Work Orders?  Is your “quiet enjoyment” due to be disturbed in the foreseeable future – or even already subject to some impediment?  And, overall, has any factor that significantly affects the value and use been undiscovered or left undisclosed?

Thus, as I see it, your lawyer is an essential player in getting you what you’ve bargained for … free of all surprises.

If you'd care to call and discuss any of these points with me, I'll be only too pleased to hear from you.
Thank you for your time.

Duncan Pollock, Real Estate Broker,
427 Gate Street, Niagara-on-the-Lake, Ontario, Canada L0S 1J0
Tel: 905-468-3154   Fax: 905-468-3812 Cellular:  905-704-9037
e-mail:  duncanpollock@sympatico.ca
Note: E-mail addressed changed as above on Nov 3 2007
website:  http://www.duncanpollock.com