Selling a house can be a tricky scenario. You, as a seller, need to have all the information beforehand, including that of the legal parameters of the situation. Real estate attorneys help with a lot of the gritty details of the dealings. They can help decide which repairs need to be made and getting recommendations on the repair people. Every sale and purchase involves drawing up a contract, to begin with. This involves taking the help of a lawyer.
Hire a Realtor
To start the process, you need to select a realtor to list your property. You will want to make sure that your realtor is licensed in the state and ensure that you sign a representation agreement that decides the realtor’s commission and the duration in which you want your house to be sold. The commission is usually a percentage of the ultimate price of the property, which is ideally around 4-6%. Before hiring a realtor, make sure that you have looked around and considered your options. Only after deciding on the realtor should you hire an attorney so that you have some knowledge about the market, with the help of the realtor. After that the attorney can start looking over your contracts and even ensure that the contract between yourself and the realtor is legitimate. Once the contract is signed between the realtor and yourself, your house will officially go on the market to be sold.
What can the attorney do?
The real estate attorney can work wonders for you. The contracts of selling the house need to be carefully examined, as they can be used against the seller in case of a liability. As a seller you want someone who can help you address any title issues that might come up during the selling process. You might be selling a co-owned property or a property that is not in its best shape or it might be your first time selling a property – commercial or private. There are several questions that you will need to address before you settle the sale. These questions range from ‘how will I pay off my existing loans?’ to ‘how do I transfer the property seamlessly?’
Why Hire an Attorney?
A real estate attorney will protect your rights and interests in the transaction. They have experience in issues of real estate transactions and can handle unique issues that might come up during the sale process. They are the best people to handle a crisis situation, so it is important you hire or consult them before starting the sale.
The best place to get all the information about selling a house is with a lawyer, so contact the best one around you and book a consultation (free or paid) before delving into the procedure yourself. You will find that it is easier to take help from a learned attorney.
Your attorney will review your purchase agreement and find glitches, if any, to warn you beforehand. This will ensure that the person you are selling to does not find the problems and uses it against you.
The attorney will also review important documents like legal descriptions, mortgage loan documents, property survey and the title insurance policy. All these documents cumulatively make for a successful sale. Understanding them can be quite a task, so it is important that they be carefully reviewed and studied before being signed.
At the closing of the sale, your attorney will review all documents with you. He or she will explain the documents to you before you sign so that you are in full knowledge of the entire procedure.
The attorney will ensure that all the state and county laws are met before the property is even put on the market. This includes rules regarding the kind of paint in the house, the gas line or the fire protection system. The attorney will help purchase the title insurance for the property.
By hiring an attorney you are hiring someone who does not have any direct involvement with the transaction and hence can view the transaction as a third person party. Their levelheaded counsel will ease you into the decision-making process.
How to Hire an Attorney?
Most people tend to hire attorneys they know or have heard about, which is quite a safe practice. This should be done only if the attorney you know has experience and knowledge of the gritty details of the real-estate field, especially the laws specific to your area. The bar association will be able to provide you with a list of attorneys who specialize in your area and the state bar can be used as a resource to add to the benefit of hiring a properly licensed attorney. You must make sure that you consult more than one attorney so that you know what the field entails and what different services will be provided to you. Only then can you make an informed decision.