can i use my friend who is a non real estate attorney to close my deal

(However, in some areas, real estate agents now use standardized form contracts for home purchases that non-lawyers can legally fill out on their own.) Certain states may also consider performing a home closing to be a practice of law, and as such, an attorney may be required to be present during closing.

Full Answer

Do you need an attorney to close on a house in Nebraska?

Nebraska: Real estate attorneys are not essential for closing but may be advised by your real estate agent. Nevada: Real estate attorneys are not essential for closing but may be advised by your real estate agent. New Hampshire: New Hampshire requires a licensed attorney to conduct real estate closings.

Can a real estate agent sell a house without a lawyer?

For example, in many areas only a licensed attorney can put together legal documents related to the sale of a home, because they consider that to be within the realm of the practice of law. (However, in some areas, real estate agents now use standardized form contracts for home purchases that non-lawyers can legally fill out on their own.)

Do you need an attorney to close a house in NY?

New York: The New York Judiciary Law § 484 requires a licensed attorney to conduct real estate closings. North Carolina: The North Carolina State Bar APAO 2002-1 requires a licensed attorney to handle residential real estate closings, although they are not required to be physically present.

Can a real estate attorney represent the lender at a closing?

Or, in the case where an attorney is overseeing a closing where the home is being purchased with a mortgage loan, the attorney may actually represent the mortgage lender. Find out what you can afford. Use Rocket Mortgage ® to see your maximum home price and get an online approval decision. When Do I Need A Real Estate Attorney?

Is an attorney required for a closing in SC?

In South Carolina, any reputable mortgage lender will require that an attorney be selected to conduct the closing.

Can buyer and seller use same lawyer in NC?

Yes, Attorney may represent both Buyer and Seller if he can satisfy the conditions on common representation set forth in opinion #1 above.

Does NC require a closing attorney?

Many other states in the US operate their closings with a title company and no independent attorney is involved. However in North Carolina, this is not the case. North Carolina has a law that all real estate closings must take place with a North Carolina licensed attorney.

Do you need an attorney to sell a house in MA?

Do I need an attorney to sell my house in Massachusetts? There is no requirement that you hire a real estate lawyer in Massachusetts. But when selling a large asset, having proper legal protection and guidance is recommended.

Does buyer or seller choose closing attorney in NC?

Generally a seller will hire a real estate attorney once he or she has the offer to purchase on the table. A real estate attorney will help the seller negotiate the offer, so clearly buyer and seller would not use the same attorney.

Who chooses the closing attorney in NC?

the buyerThe closing should be scheduled at least 2 weeks in advance. Generally, in North Carolina, you as the buyer have the right to choose the closing attorney. Some lenders require you use certain attorneys. The seller can chose to have their attorney prepare the warranty deed and verify the settlement statement.

How much does a real estate attorney cost in NC?

Attorney fees in the Triangle NC area range from about $375 – 600. Be sure to ask if the lower fees include the cost of the Title Search. Many attorneys will price that separately and that could range from $125 – 250.

Is North Carolina a buyer beware state?

“North Carolina is a 'Buyer Beware' state, meaning it is your responsibility as a buyer to do your due diligence and know everything possible about what you are buying… the seller is under no obligation based on our NC Purchase contract to make any repairs. Properties are sold 'As-Is' unless negotiated otherwise.

Who handles real estate closings in NC?

In North Carolina, closings are usually handled by attorneys who specialize in real estate. In many other states, closings are handled by title or escrow companies; and in those states, the title search might be farmed out to lawyers or real estate paralegals.

Can someone sell a house if your name is on the deed?

You can only sell the house without consent from your spouse (this includes civil partnerships) if they are not joint owners. If you are the only person named on the official copies or title deeds for the property then you are the sole owner and you would not fall into this category.

Does seller need to be present at closing in MA?

The sellers agent needs to provide certain paperwork for closing, but these can be provided to the sellers attorney prior to closing, and if so, then the sellers agent does not need to attend but if they do then they are just there for moral support also.

How much tax do you pay when you sell a house in Massachusetts?

$4.56 per $1000In Massachusetts, on average it costs $4.56 per $1000 of the sales price. So for example, if you're selling your home for $500,000, the transfer taxes would be $2,280.

Can the same lawyer represent buyer and seller?

In most cases, each party to an Agreement of Purchase and Sale will be represented by their own lawyer. Aside from a few, very limited exceptions, according to the lawyers' Rules of Professional Conduct, a lawyer cannot act on behalf of both parties even if the Vendor and Purchaser wish to have the same representation.

Can buyer and seller of property use the same lawyer?

The answer is always YES—a BIG YES. According to the National House Buyer Association, you are allowing to appoint your lawyer when purchasing a property. That means no entity or individual can forbid you from doing so.

Can a buyer and a seller use the same solicitor?

Naturally, you can use the same solicitor to act for you in both the sale of your current property and the purchase of another property. The same solicitor is not generally used to act for two parties with conflicting interests (i.e the buyer and seller of the same property), however.

What does a real estate attorney do for the seller in NC?

Making sure the best interest of the buyer or seller is wholly addressed in the sale contract; Drafting error-free real estate documents that comply with local, state, and federal laws; Reviewing all documents for completeness; and. Assisting with and finding a resolution to any issues with the property title.

Which states require a real estate attorney to close?

Nebraska: Real estate attorneys are not essential for closing but may be advised by your real estate agent. Nevada: Real estate attorneys are not essential for closing but may be advised by your real estate agent. New Hampshire: New Hampshire requires a licensed attorney to conduct real estate closings.

Why do real estate attorneys help?

Provide peace of mind to all parties. Thanks to their experience and education, real estate attorneys can provide some peace of mind for all parties involved. They help protect clients from legal disputes and streamline the closing process for a smooth sale.

What is a fact checker in real estate?

In many ways, real estate attorneys serve as “fact-checkers.” Agents can often defer to an attorney’s better judgment, concerning everything from initial contracts to the breakdown of final closing costs.

How much does a real estate attorney charge?

However, some attorneys charge a flat fee for their assistance in real estate transactions, and these costs can range from $950 to $5,000. The buyer usually foots the bill for this expense, but they may negotiate for the seller to pay the fees in some instances.

What do attorneys do before transferring a property title?

Before transferring the property title, attorneys evaluate public records on a property’s history, to uncover any potential liens or other issues that might negatively impact the title for the new owner.

What is the job of an attorney?

According to Cowart, the attorney’s primary job is to review, and sometimes draft, the title and contracts and to facilitate the closing process; in states where an attorney’s participation is not mandated, title companies typically conduct these steps.

Do you need an attorney to close a home sale?

There are a number of laws responsible for regulating real estate transactions, and they vary nationwide. In fact, some states require a licensed real estate attorney conduct the closing of your home sale. Even if you don’t need an attorney, there are a number of complex scenarios in which agents often recommend hiring an attorney.

What does a real estate lawyer represent?

A real estate lawyer represents ONLY YOUR interest in a transaction that –for most people– is one of the largest financial transactions in their entire lifetime. An agent often balances many ‘interests’. A sales agent certainly has their own self-interest in mind.

What is a For Sale By Owner service?

My ‘For Sale By Owner Service’ – is for California property owners who –typically– already have their buyer in mind, know what their property is worth, and don’t require marketing assistance. The sale can involve land, commercial, residential, retail, or industrial property.

Do you need a real estate attorney to sell your home?

The process of selling or buying your home is quite complex. Many states 1 require buyers and sellers to use a licensed Real Estate attorney to close a sale. Western states, like California, have allowed buyers and sellers to used licensed real estate agents who are overseen by a DRE licensed Real Estate Broker without a mandatory real estate attorney. In California, having a real estate attorney representing YOUR interests is recommended but optional.

Do sales agents get commissions?

A sales agent certainly has their own self-interest in mind. Most agents desperately strive to close a sale resulting in getting a commission. Closing a sale is not always in the buyer or seller’s interest. Logically, a real estate agent wants the largest possible commission for themselves and their broker-boss.

Do realtors offer value?

Realtors, as expensive as they can be, do offer a value if you have not already located the home you want to buy privately, or have a buyer lined-up to purchase your home (FSBO). Their value includes helping you come up with your home’s listing price, their marketing resources, holding open houses, etc.

Do real estate agents have legal advice?

Real Estate Agents and their Brokers2 CANNOT offer LEGAL ADVICE. By law. They are always informing their clients verbally and in writing that they are NOT lawyers, and suggest to their clients to involve a real estate lawyer if they have ANY QUESTIONS about ANY part of the process: the listing agreement, the purchase and sales agreement, offers, counter offers, financing, mortgages, how to hold title, easements, disclaimers, title insurance, etc. Tragically, sellers and buyers sign numerous legal, binding, contracts they really do not understand clearly.

Is it escrow closing day?

Many real estate buyers and sellers find themselves without any legal advice or counsel throughout the entire real estate purchase/sell transaction. Then… it is ‘escrow closing day’ . Binge-Signing Day! You might sit down with a professional “signature gatherer” or at the desk of a busy escrow officer. Either way, if you’re normal, you’ll feel pressured that you should know what you’re doing (even if you don’t) and be feeling pressured to move through the stack of documents quickly.

Can a friend give you a reality check?

Your friend may not give you a reality check. You may not like hearing that the list price you want on your home is too high or your offer on a property is too low, but it’s your agent’s responsibility to give you the honest truth and serve as an objective outsider.

Can you hire a friend as a realtor?

As the spring house-hunting season approaches, many Americans will be buying or selling a home – and some will enlist the help of a friend or relative who happens to work in real estate. But experts caution that hiring a friend as your real estate agent could backfire.

What Is A Real Estate Attorney?

A real estate attorney, also known as a real estate lawyer, is someone who is licensed to practice real estate law, meaning they have the knowledge and experience to advise parties involved in a real estate transaction, such as a home sale or short sale.

How Much Does A Real Estate Attorney Cost?

How much you’ll spend paying your real estate attorney (or attorneys) will depend on what services they’ve provided for you and who is responsible for that particular closing cost. If your mortgage lender requires an attorney to be present at closing, whether the buyer or seller covers the cost of the closing attorney will depend on how your real estate contract has been negotiated.

Why do you need an attorney for a home purchase?

Here are a few reasons you might need or want an attorney to be part of your home buying team: State or lender requirement: Every state has slightly different laws regarding real estate transactions, and some states consider certain actions that are part of the process to be “practicing law.”. These regulations are often meant to prevent real ...

How to find out about an attorney?

Use an online legal review site: There are many online review websites that will give you information on attorneys in your area, including their specialties, fee structures and any reviews left by former clients.

How to find a real estate lawyer?

Utilize your state’s Bar association directory: Your state Bar association’s website can help you locate lawyers in your area who practice real estate law. Use the American Bar Association’s directory to help you find your state’s website.

Can a real estate attorney represent both the buyer and seller?

When a person is ready to buy or sell real property, a real estate attorney can represent the buyer or the seller but not both. Representing both is not allowed because it could lead to a conflict of interest.

Who is in charge of closing a home?

In some cases, a real estate attorney is also the person who’ll be in charge of your closing. In a home purchase transaction, both the buyer and seller can hire an attorney to represent their interests during the process. Or, in the case where an attorney is overseeing a closing where the home is being purchased with a mortgage loan, ...

What are the obligations of a real estate agent?

A real estate agent’s obligations to his or her client are somewhat limited, and he or she may not necessarily be working in your best interest. For example, a real estate agent can represent both the buyer and the seller in the same transaction, or could even be the buyer, which obviously could leave you in ...

Who is involved in the transactional phase of a property sale?

Furthermore, while it is typically advisable to hire an agent for the marketing and advertising portion of the sale of your property, it is the real estate lawyers who will typically get involved during the transactional phase.

How do real estate agents get paid?

Real estate agents are usually paid by commission, which they will only receive if the transaction closes. If the transaction doesn’t close, they aren’t paid. This means agents are motivated to “seal the deal,” which on the surface may sound like a good thing. But that motivation may cause an agent to push for a closing that might not be in your best interest.

Do real estate attorneys have a duty to their clients?

Attorneys, on the other hand, have a very clear duty to their clients. The real estate lawyer-client relationship provides for a high degree of privacy and confidentiality, which does not exist in a real estate agent-client relationship. A real estate attorney will be representing you and only you in the buying or selling of a house, ...

Do you need a realtor to buy a home?

Lastly, many transactions may not require a realtor or real estate agent to sell or help buy a home. This especially applies to “For Sale By Owner” arrangements, owner finance arrangements, and other direct buyer-to-seller or seller-to-buyer transactions.

Is a real estate attorney better than a real estate agent?

You can probably infer that a real estate attorney is better equipped to provide you with legal guidance than a real estate agent is. Agents can fill out forms, but they can neither draft forms nor modify existing forms. They also cannot provide legal advice regarding those “standardized forms”—only an attorney can do that.

Can an attorney draw up a contract?

Attorneys, on the other hand, can draw up a contract, explain its terms to you in detail, and give you all the legal counsel you might—and will—need as you go through the process of selling your home.

What does it mean to have an interest in a property?

In terms of disclosing any interest you have in a property, this includes any “legal ownership or possible future ownership, such as through inheritance.” If you’re acting on behalf of a friend or family member who has appointed you as a beneficiary in their will in a property transaction, this means you have an interest.

What happens if you don't meet expectations?

If they expect extra special effort from you, and high (even unreasonable) expectations are not met, it has the potential to negatively impact on your relationships in the long term. It can also be more difficult to tell a friend or family member something they don’t want to hear.

Do you have to disclose your personal interest in a real estate transaction?

The REALTORS® Code of Conduct has a clause (Article 4), which requires disclosure where a real estate agent has a “personal interest” in the property . This extends to any dealings where you are acting on behalf of immediate family in a property purchase (but not when family is the seller, unless you also have an interest in the property). “Immediate family” includes your spouse, parents, siblings, children, grandparents, grandchildren and other descendants. If you are representing friends in a purchase transaction, disclosure of your relationship is not required. But, you may choose to disclose in either case, to maintain full transparency and high ethical standards in your real estate business.

Does insurance cover a close friend?

Check your insurance policy to ensure that it will still protect you in a transaction where you have a personal interest, or where it involves acting on behalf of a close friend or family member. Some policies DO NOT cover such arrangements.

Can you work with a family member as a dual agent?

Working with a family member is not the time to consider dual agency. You need to tread very carefully, when dealing with situations involving family and friends in your work. Acting as a dual agent – where you represent both a buyer and a seller, where one of these is a friend or family member – is not recommended.

Can you tell a family member something they don't want to hear?

It can also be more difficult to tell a friend or family member something they don’t want to hear. For example, if the property is messy and isn’t looking its best for home opens. Or if your friend’s barking–but much loved–dog is scaring away prospects. With family and friends, it can be much harder to offer constructive criticism. Not only are they awkward conversations to have with someone close to you, but that person may be offended by your comments.

Is it stressful to buy a house?

Buying and selling a home can be a stressful experience. Often emotions run high, and buyers and sellers experience stress about finances and moving. This can include worrying about whether the timing of the sale is going to fit with their predetermined plans. As a real estate professional, you’re removed from this emotion to some degree. But as a friend and family member, it can be difficult to deal with your loved ones when things start to get tense.