Why You Need to Consult a Lawyer When Selling Your House
Today’s blog post is contributed by Vincent G. Spivey, a guest contributor. Please see the contributor’s details at the end of this post.
Probably one of the biggest decisions you might make in your life is putting your house on sale. But doing that can be challenging in itself especially for the first-timers. While selling your home involves the law of real property, which aims to address particular issues of practice, more often than not, a property sale will also include certain problems concerning the transactions you have to make.
To avoid any possible tricky scenario, you will need the right information and people to help you close deals. It is important to have all the necessary information beforehand, including an understanding of the legal parameters of the sale. That is where real estate lawyers can help you with most of the dirty work and paperwork of the dealings. The attorneys can help you identify which areas of your house need modifications or repairs, and they provide you with recommendations on the right people to contact for it.
Keep in mind that each sale and purchase people make involves the drafting and signing of a contract. That alone necessitates the expertise of a lawyer, should you want to avoid unprecedented events, errors, and oversights.
Get A Realtor
To commence the sale process, you first have to get in touch with a realtor who will list your property. Make sure that he or she has a license that the state recognizes. You would also need to prepare a representation agreement that will stipulate the commission of the realtor and the duration within which you want your property to be good as sold. With matters concerning the commission, a broker usually gets around 4 to 6 percent of the ultimate property price.
Make sure that you weighed your options well enough, and that you have considered some realtors in the area before you hire one.
Hire An Attorney
Once you have decided on a realtor, only then should you hire an attorney. Choosing a broker first will also give you some basic knowledge about your target market, and that information will help your attorney analyze the contracts you have set with the dealer. The attorney will go over the contract and will ensure that what you have is legitimate and not a fraudulent scheme. After the attorney has gone over your contract, you and the realtor may sign it so your house can officially go on sale on the market.
Hiring an attorney is about getting a third party who can help arbitrate the selling process by having no direct involvement in the transaction. That role can help you or any seller ease into the procedure of making a decision, which should ideally be beneficial to all involved parties.
How Can Your Attorney Assist You Further?
A real estate attorney can provide the assistance you need to ensure the smoothest transaction possible for you. As mentioned earlier, he or she will carefully examine all contracts for the selling of your house, so the documents won’t be used against you should you face cases of liability. And so, as a seller, you would want to overcome any and all issues on property titles that might come your way during the selling process.
There are rules and regulations you have to follow when selling your property. If you’re putting on sale a co-owned property that’s either commercial or private or you’re selling one that needs repairs and renovations, you would need to address particular issues first before you can make a deal with a buyer.
That is where your attorney can help you, aside from smoothing your contracts. Raise any questions you may have with your attorney to confirm a seamless transfer of your property.
What Makes An Attorney Valuable in A Seller-Buyer Transaction?
Real estate attorneys are there to protect your rights and interests as a seller. And their experience in handling real estate transactions as well as in addressing unique issues will serve beneficial for you while the sale process is ongoing.
In any transaction, you wouldn’t want to handle crisis situations. But sometimes, they are inevitable, and the best you can do is to prepare for such scenarios. In this case, getting a real estate attorney before commencing a sale is the best way to protect your rights and interests.
When you find the attorney of your choice, immediately book a consultation so you can move forward with the sale as soon as possible. Just remember that consultations may either be free or paid, depending on the attorney you selected.
Once you have polished the contract with your realtor, your attorney will also prepare the documents needed for your transactions with a buyer. Your attorney might draft and will review any purchase agreement you and a buyer will have to make sure there aren’t any glitches that could complicate matters along the way. That will also make sure whoever is buying your property will not use against you any likely problems they may find in the documents.
Aside from reviewing the relevant documents, a real estate attorney can also help you understand terms like mortgage loans, property surveys, and title insurance policies. These are the documents you would likely need to prepare to make a successful sale. And so, it is almost imperative that you, as a seller, understand what such documents mean.
When you’re about to close the sale, your attorney will let you review the documents as well as explain the content to you. Once you understand the provisions of the documents, you can then sign them to acknowledge the end of the selling process. Your signature will close the deal and transfer your property to the buyer.
Selling your house or property can be a complex, not to mention emotional, process especially for first-timers. But before beginning any transaction, it is best to hire professional and legal expertise to address any possible roadblocks.
To start the selling process, you would need a realtor to put your property on the list. Settle any agreements on commissions and sale period through a contract that an attorney will check. And so, you’d then need to find a real estate attorney who will guide you through the whole process. That same attorney will prepare and go over all the documents you need to close a deal with your buyer.
Contributor bio: Vincent G. Spivey is a passionate blogger, writer, and researcher of law-related blogs and sites across the internet. He is currently working with Livingston Loeffler. You can connect with Vincent on Twitter.
Photo credit: Malte Baumann