do i need a real estate attorney when selling my house

How much does a real estate attorney cost?

Real estate attorneys cost $150–350 per hour, and usually bill in six minute increments. Or, they may charge a flat fee for certain services. Costs...

Should I use a real estate attorney if I'm selling FSBO?

Unless you're an experienced seller, you should hire a real estate attorney to prepare the purchase agreement and other documents when you sell FSB...

How do I find a real estate attorney?

A great real estate agent can refer you to a great real estate attorney. You can also find real estate lawyers through professional organizations l...

What is the job of a real estate attorney?

The job of a real estate attorney is to negotiate and make a transaction come together in a peaceful manner that’s fair and amenable to all parties. A real estate attorney takes over after the selling price and terms have been established by the real estate agents in the contract and all parties have signed.

Why do you need an attorney when selling a house?

You’re the heir or executor of a property whose owner is now deceased. You’re selling a house with an uncooperative partner. You have judgments or liens on the property.

What is the education required for real estate agents?

As part of agents’ licensing education, they’re taught and tested on real estate contracts used within their state, many of which also require continuing education courses and/or certifications on subjects such as ethics, buyer’s agency, distressed property sales, and more.

How much does a scuba diver cost?

If you hire one, it will depend on where you live, but you can expect to pay $800 to $1,000.

Which states require a real estate attorney to be present at closing?

These include Alabama, Connecticut, Delaware, District of Columbia, Florida, Georgia, Kansas, Kentucky, Maine, Maryland, Massachusetts, Mississippi, New Hampshire, New Jersey, New York, North Dakota, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and West Virginia. Keep in mind that these rules can vary by region within states, too.

Who attends closing with real estate agent?

In case any last-minute issues crop up, the attorney will attend your closing along with your real estate agent and possibly a representative from your lender.

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Why is a real estate attorney important?

A good real estate attorney provides a backstop for your real estate agent, finding loopholes in the purchase agreement, saving you money with contingencies, and maybe even insulating you from lawsuits years down the line. Let’s go over some of the situations where hiring a real estate attorney is a good move, the responsibilities ...

How much do real estate attorneys make an hour?

Real estate attorneys are paid by the hour — market rates are between $150 and $350. You may be able to negotiate a flat rate, or a cap on the number of hours they work on your behalf.

Why do sellers need an attorney?

Some sellers also appreciate that an attorney can help navigate legal issues and protect them from future litigation or conflict.

How much does a real estate lawyer charge?

Real estate lawyers usually charge $150-350 an hour, or may offer flat fee rates for straightforward work

What can a real estate lawyer do?

A real estate lawyer can help you understand your rights as well as your tenants’ rights, and help protect you from litigation.

What to do if the owner of a home doesn't set up a living trust?

If the owner didn’t set up a living trust, you’ll want a lawyer to guide you through probate before you sell the home.

What is clever free agent match?

Clever’s free agent-matching service is a great way to find agents that specialize in sales like yours. With Clever, you’ll be able to interview multiple agents until you find the perfect fit for your sale AND you’ll only pay 1% or $3,000 in listing fees!

What does exclusive representation mean when buying a house?

Exclusive representation. When you are buying or selling your home, everyone has an interest in the deal getting done, including real estate agents and the lender. This can make you feel like you’re on your own at times. However, if you hire a lawyer, you’ll have access to an independent third party who can review the contract and represent your best interests throughout the transaction.

What are some situations that are unusual and might require an attorney’s advice and negotiating skills?

Here are some situations that are unusual and might require an attorney’s advice and negotiating skills: You’re buying a home that is part of a special type of sale, such as an estate sale, short sale, auction or purchase from a bank. You’re purchasing a home that’s in another state.

What is a real estate lawyer?

A real estate lawyer is licensed to practice law and specializes in real estate transactions. A real estate lawyer is familiar with all aspects of the home purchase process and can represent buyers, sellers or lenders. In states where a lawyer is required to be present at closing, it’s possible that the lawyer is there solely to represent ...

What is closing on a home?

Closing. The moment you’ve been waiting for— closing on a home sale or purchase —often involves dozens of pages of legal documents to review. A lawyer can help both the seller and buyer navigate the review, which can be especially intimidating and confusing to a first-time homebuyer.

Why is it important to have a lawyer in a negotiation?

This is important because when you’re in the middle of a potentially contentious negotiation that needs to be resolved quickly, you’ll want the lawyer to be available to advise you and negotiate with the other party.

How much does a lawyer cost?

The cost for a lawyer could be around $200 to $300 an hour, or just a flat fee of several hundred dollars that you pay at closing.

What could affect your closing timeline?

Timing. Your timeline for closing on the property could be affected by the sale of your own home or issues largely outside of your control , such as unexpected lender delays.

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 much does a real estate attorney charge per hour?

Fixed hourly rate: A real estate attorney who charges an hourly rate may charge $150 – $350 per hour, but this can vary a lot depending on how experienced the attorney is and what area you’re in.

What is a real estate attorney?

A real estate attorney 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.

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.

Do you have to have an attorney at closing?

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 contract was negotiated. If you want your own attorney in addition to the one required by your lender, you’ll also pay for any services they provide you.

What Does A Real Estate Lawyer Do?

When you hire a reputable real estate attorney, you expect them to prepare and review any documents related to your real estate deal, like transfer and title documents, purchase agreements, and mortgage documents.

Responsibility Of Property Seller

While you may think selling a home is mostly waiting on the right buyer to come along, you are legally responsible for a few things. State law in South Carolina (South Carolina Code Section 27-50-40) mandated the seller to provide a disclosure of the property.

What to do if someone threatens to sue you?

You may also need legal advice if the property is involved in a foreclosure or other litigation, or if you get into a dispute with the buyer or seller. Always talk to a lawyer if someone threatens to sue you. 5. You are concerned about the tax consequences.

What can a lawyer do for you?

A lawyer can help you resolve some of the tougher, more technical issues that might come up. These may include easements, rights of way, boundary disputes, or other issues involving the property the house is on. You may also need legal advice if the property is involved in a foreclosure or other litigation, or if you get into a dispute with the buyer or seller. Always talk to a lawyer if someone threatens to sue you.

What is a "for sale by owner" deal?

A “for sale by owner" deal can save you money on real estate commissions, but you still need someone to prepare the purchase agreement, deed, and other documents. A lawyer can get your paperwork in order, ensure the title is good, and help you with the fine points of negotiating the transaction. 3.

What happens when you hire a lawyer?

When you hire a lawyer, your lawyer only works for you and will make sure your interests are protected. 4. There is a problem with the property or the deal. A lawyer can help you resolve some of the tougher, more technical issues that might come up.

What to do if you are buying a home and have legal questions?

If you're buying or selling your home and have legal questions, check out our personal legal plan and talk to an independent attorney in your state .

What happens if you make an offer on a house and aren't represented by a real estate agent

If you make an offer on a house and aren't represented by a real estate agent, the seller's agent may offer to take care of everything. This is known as “dual agency," and it can cause problems because one agent cannot truly look out for the best interests of both you and the seller.

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What is the phone number to call to review a real estate contract?

So if you have a real estate contract and you’d like for me to review it, give me a call at (727) 847-2288. If you’re selling your own house, we’ll handle the transaction from contract to closing. I’m a title agent and can write the title insurance for you.

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How many sellers sell without an agent?

While many sellers ask themselves these questions, only a small number end up selling without an agent. Only about 11% of sellers go the for-sale-by-owner (FSBO) path, according to the Zillow Group Consumer Housing Trends Report 2019. Another 5% did most of the work on their own, but hired an agent at the end to finalize the sale. And 13% attempted to sell on their own before eventually hiring an agent.

Why do sellers hire listing agents?

The majority of sellers hire a listing agent because it’s a job that requires skill, dedication, patience and expertise. Most FSBO sellers have full-time jobs, family commitments and other limitations that make it hard to dedicate the time necessary to sell their home for top dollar.

What happens if my home doesn't sell?

If your home doesn’t sell within a reasonable amount of time, you need to be comfortable pivoting to a new plan. There’s a reason 85% of sellers end up using an agent — successfully selling a home is hard work. If your home sits on the market for too long, the costs you’ll incur paying a listing agent’s commission may be less than the reduced sale price you’ll receive on your stale listing — or carrying two mortgages for an extended period of time.

What is Zillow comps?

An agent will be your go-to expert who understands your local market, consults on home improvements to maximize your home value, provides tips for marketing your home, and pulls a comparative market analysis (“comps”) so you know how similar homes are selling. Zillow has a directory of thoroughly vetted real estate experts that lets you review and compare local agents, read reviews, see an agent’s current listings and past sales and allows you to connect with agents directly when you’re ready.

What happens if you overprice your home?

If you overprice your home, your listing may go stale, and you may have to cut the price.

How long does it take to sell a home?

Note that the average time it takes to sell a home nationally, from listing to closing, is between 65 and 93 days (in 2018), but it also varies based on where you live. So, expect to dedicate a lot of time to the process for at least three months, not including the time it takes to prepare your home for listing.

What is discount broker?

Instead of hiring a full-service agent, you could engage a discount broker. They usually provide limited services in exchange for a lower rate.

How long does it take to get a final HUD statement?

The buyer must receive a final Housing and Urban Development (HUD) statement within 24 hours of closing.

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Who pays for home inspections?

Home inspections, ordered and paid for by either the buyer or seller depending on the locality, must be performed and the results may lead to a further negotiation of price. Agree with the buyer who pays for further inspections, like septic tank, pests, and determine the limits for repair, if any are required.

Do you have to calculate taxes before closing?

All taxes must be computed before closing. Pro-ration of amounts is calculated and added to the closing statement of both seller and buyer. Calculate all state, county and city taxes. There is also a recording fee charged. Know what that is and how to record the sale once it’s completed.

Is an all cash deal the same as a mortgage?

An all-cash deal has many of the same contingencies as a mortgage-bound contract. Be sure you enter into the agreement with a state-approved purchase contract and that you read all the terms and conditions. Note the time frame of all contingencies and guide the process.

Do you need an attorney for a cash deal?

Does a Home Seller Need an Attorney for a Cash Deal? A real estate contract is complicated. Unless you’re a licensed real estate agent, an attorney or well-versed in the language of contracts, it’s a good idea to have a professional on your side when title changes hands, even if it’s an all-cash deal. Some states require a real estate attorney ...