The research to secure the safety of the real estate transaction has been mainly focused on the introduction of the escrow system from the developed countries. However, the costs involved in the introduction, setup, and maintenance of the new system may be higher, and may take longer than expected. Furthermore, it puts burden on the persons involved in the real estate transaction to pay an extra fee for the use of the new system.
In this thesis, the co-operation of the lawyers and real estate agents is described for the safety of the real estate transaction by authorizing the lawyers the closing steps, including the escrow for the balance of the transaction.
By doing this, the additional financial burden can be minimized, and decrease the uncertainty on the people which may occur from the new system introduced, a Real Estate Escrow, even though this system is well established in the developed countries. Especially England and America are the world’s top transparent countries in the real estate transaction and introducing this system to the country where the transparency is too low such as Korea may not guaranty successful establishment.
And the co-operation between real estate agents and lawyers helps promote protection from socially widespread crimes, such as downsizing contracts, double contracts, and document forgeries, and so on. Therefore, this co-operation may be named a “dual safety system” in the real estate transaction, which combines real estate agents and lawyers.