First and foremost, you absolutely need the assistance of a real estate attorney to ensure the sale is done in compliance with all California laws. Real estate agents cannot give you legal advice, so if you have questions about the sale agreement, or are not using a Realtor, you will need to contact an attorney.
Do I need a lawyer to sell my house?
If you live in one of the states mentioned above, you’re required to use an attorney, whether you’re selling your home on your own or with an agent. If you’re selling on your own and don’t live in a state that requires hiring a lawyer, it’s up to you. Use your best judgement on whether your situation requires the help of a legal professional.
Do you need to hire a real estate attorney at all?
If you’re buying or selling real estate, you may have heard you should hire a real estate attorney. “Should” is a squishy term, though. Do you need to hire a real estate attorney at all? Granted, real estate deals are complicated transactions, so the last thing you want is to land in legal hot water.
Should I hire an agent to sell my house?
Early in the sale process, agents spend their time marketing. To sell successfully on your own, you may want to pay an agent a flat rate to get your listing on the MLS (where many agents and buyers look first to find homes).
Do I need a real estate attorney to close my house?
States that require the use of a real estate attorney for closing are 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.
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...
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.
Why do I need a real estate attorney?
Reasons to hire a real estate attorney even if it’s optional 1 You’re an out-of-town buyer. 2 You’re buying a property that is a short sale or bank-owned. 3 You’re buying a property that is part of an estate sale. 4 You’re buying a commercial property. 5 You’re buying a property that could potentially have some structural issues. 6 You’re buying a property in a problematic area such as a flood zone or areas with adverse conditions (tornado-prone, radon, toxicity levels, etc.).
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.
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 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.
What can a lawyer do?
A lawyer can interpret and explain these rules, advise you on the feasibility of your plans, and help you structure the transaction and gain the approvals you will need to move forward. 7. Your instinct tells you to talk to a lawyer.
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 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.
Do I need a lawyer for a home sale?
If you have a good agent and things are running smoothly, you may not need a lawyer.
Can you deduct home office expenses if you are a seller?
If you are the seller, you could be liable for capital gains tax if the home has increased in value. If you are the buyer, you may be able to deduct mortgage interest, home office expenses, and some or all of your property tax.
Why do I need a real estate attorney?
Many experts argue that one of the best reasons to hire a real estate attorney is that they’re the only party who isn’t working on commission – meaning that , since they don’t have a financial stake in the final sale price of your home, they’re the only truly neutral third party.
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 agents work on commission?
Works On Commission. Because most agents work on commission, they make more money the higher the final sale price goes. That’s great if your priority is extracting every possible dollar from your sale. But sometimes sellers just want a quick sale, or want their property to pass onto someone who appreciates it.
What are the benefits of being an agent?
A great agent doesn’t just help you buy or sell a property; they also offer a sympathetic ear, gentle advice, and all around emotional support. A huge financial transaction can be a huge source of stress, and a good agent knows how to reassure their clients.
Is a realtor a negotiator?
Real estate agents may be skilled negotiators, but their leverage is limited. An attorney wields the threat of litigation, which is expensive and, if the other party is in the wrong, potentially disastrous. That means they wield significant influence in any negotiation.
Do I need a commercial real estate attorney?
This isn’t the case when it comes to commercial real estate . Commercial real estate deals are much more complicated and risky, and there’s usually a lot more money involved, so hiring a commercial real estate attorney for a commercial transaction is basically required.
What to do if you have a lien on your property?
If you have any outstanding liens or judgments against your property, you’ll need to resolve them before you go through with any sale, and might want to take care of any problems even before engaging with a buyer. An attorney will help you by negotiating with lienholders or creditors to ensure they’re paid what is owed and these encumbrances are removed, for the sale to go through.
Should I hire a real estate attorney to sell my house?
Hiring a real estate attorney to help with selling your home might seem like a luxury, and an expensive one at that, but a home sale can come with any number of complicating factors that are beyond the knowledge or skill of the average homeowner or even real estate agent. In those instances, you’ll be glad to have a lawyer on your side to work through issues on your behalf.
Do I need an attorney to sell my house?
Depending upon where you live , it might be required by law that you use an attorney for at least part of the process of selling your home; check with your real estate agent or look at the laws in your area to see if attorneys are required in your state.
Can I sell my house under FSBO?
If you’re opting to forego working with a real estate agent in selling your home, then you’ll almost certainly want to find an attorney to aid you in selling your home under FSBO. Whether you have an agent or not, there’s still considerable paperwork to prepare and review in the process, plus laws, disclosures, and regulations to be aware of, and those aren’t items you can likely navigate alone. A lawyer can help you through the documentation portion and numerous steps of the process and can prove invaluable if other issues arise during the sale.
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.
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.
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.
Can I sell my home on Zillow?
With Zillow Offers, instead of finding an agent, listing your home and waiting for a buyer, you can sell directly to Zillow. If your home qualifies, we’ll send you a no-obligation cash offer, and if you need to close quickly, you can schedule a closing date as soon as seven days after accepting the final offer.
Do I need a real estate agent to sell my house?
Do I legally need a real estate agent to sell my house? No, you are not legally required to hire a real estate agent to sell your home. FSBOs are perfectly legal in all 50 states. However, depending on the state where you’re selling, you may be required to hire a real estate attorney to handle the paperwork.
Can I use a discount broker instead of a full service agent?
Instead of hiring a full-service agent, you could engage a discount broker . They usually provide limited services in exchange for a lower rate. For example, for a few hundred dollars, you can have an agent list your home on the local MLS while you do the rest.
Is it easier to FSBO in a sellers market?
It can be easier to FSBO in a sellers market, because homes typically sell faster and closer to asking price, with fewer price cuts. Selling in a buyers market can be more challenging, because it may take longer to get a good offer, and many other listings have a professional agent doing the marketing over the long listing period.
What can a real estate attorney do?
A real estate attorney can help you through all of the paperwork required to make the sale. He or she usually comes in after you have determined the selling price and terms of the sale. Even in states where you are not required to hire a lawyer, you may want an attorney to look over the contract.
Why do you need an attorney for a trust?
You will also want to use an attorney to make sure that you are complying with the terms of any trust that may have been established. There may be fiduciary responsibilities for the property that you may not be aware of. An attorney will help you determine what your obligations are for the trust.
What to do if you get a foreclosure notice?
It's always best to contact a real estate attorney if you get a foreclosure notice. They may be able to find a way to stop foreclosure through an injunction. You may also want to hire an attorney if you are going through a divorce or separation. The attorney can help you negotiate the sale with an uncooperative partner.
What to do if you sell a rental unit on behalf of a deceased owner?
The last thing that you want is a legal entanglement due to your rental unit. You may also want to hire an attorney if you are selling on behalf of a deceased owner. It's best to talk to a lawyer to ensure that, if the property is inherited, the rightful heir is legally determined.
What to do when selling a house with an uncooperative partner?
The attorney can help you negotiate the sale with an uncooperative partner. An attorney will also be able to you determine what your legal rights are (and those of your spouse) during the selling process. You will also want to contact an attorney if you are selling a property that has tenants.
What does a partner agent do?
In most cases, a Partner Agent will be able to help you through all of the legal requirements of selling your home, in addition to finding you a large pool of potential home buyers. But spending a few hundred dollars for an attorney to check over all of the fine print in the final deal can be worth it.
Do you have to contact an attorney if you are selling a property?
You will also want to contact an attorney if you are selling a property that has tenants. There are a myriad of local and state laws when it comes to tenants rights. Most have legal requirements that you must meet (and notices that you must provide to tenants) before tenants have to vacate.
What to ask a seller about when selling a house?
A seller must also ask about charges for associates, paralegals and miscellaneous costs. A property owner who is considering selling her own property without a real estate agent should also realize that a real estate attorney is not likely to have the same knowledge about the housing market in a particular neighborhood.
What is the highest duty a real estate agent can owe?
In California, a real estate agent owes her client a " fiduciary duty .". This is the highest duty one person can owe another under California law. It imposes on the agent the highest degree of loyalty and obligation to the client, requiring her to put the client's interest above her own.
What does a seller have to tell prospective buyers about a property?
California real estate law requires a seller to tell prospective buyers a lot about a property's condition, features, issues, defects, pest problems and, essentially, anything else he knows about the property that might influence a buyer to purchase or not to purchase.
What are the responsibilities of a real estate agent in California?
They simply help a seller set a price for a property and find a buyer, often scheduling open houses to show the property. The seller in these states hires an attorney to handle the closing paperwork.
What does a real estate agent do?
A real estate agent can handle both the marketing and the transactional work. The agent negotiates the sales contract and also handles the exchange of disclosures , including timely completion of all required forms. As a result, many sellers don't hire an attorney for a sale of real estate in California.
What is commission for real estate?
Commissions for Real Estate Agents and Brokers. If a property owner wishes to use a real estate agent to sell his property, he will have to pay a commission from the amount of the sales price. A real estate agent earns her living by selling other peoples' property and taking a percentage of the sale price.
Can a seller consult with a real estate attorney?
A seller can consult with a real estate attorney however, and there are several circumstances in which this can be a good idea. One such situation occurs when an owner decides to sell her property herself rather than using a real estate agent. Another is when legal issues arise in a potential real estate sale.
Local Laws
- Depending upon where you live, it might be required by law that you use an attorney for at least part of the process of selling your home; check with your real estate agentor look at the laws in your area to see if attorneys are required in your state.
For Sale by The Owner
- If you’re opting to forego working with a real estate agent in selling your home, then you’ll almost certainly want to find an attorney to aid you in selling your homeunder FSBO. Whether you have an agent or not, there’s still considerable paperwork to prepare and review in the process, plus laws, disclosures, and regulations to be aware of, and those aren’t items you can likely navigate alone…
Liens and Judgments
- If you have any outstanding liens or judgments against your property, you’ll need to resolve them before you go through with any sale, and might want to take care of any problems even before engaging with a buyer. An attorney will help you by negotiating with lienholders or creditors to ensure they’re paid what is owed and these encumbrances are removed, for the sale to go throu…
Title Issues
- Liens or judgments are the most frequent issues that are found when a title search is done, but aren’t the only problems that can be uncovered. Clerical errors, illegal deeds, or even previously unknown heirs to the property can bring the sale to a halt, and all require the help of an attorney to navigate.
Easements
- Your property might have an easement upon it that gives another party access or right to use some portion of the land, which, depending on the nature and extent, may not be an appealing feature to a potential buyer. Sellers may want to determine the durability of that easement in event of sale, or see if there is a way to terminate the easement in advance, and an experienced attorn…
Divorce
- Many couples that buy a home together eventually split up, and handling the eventual sale of the home can be tricky if both names remain on the deed and mortgage. If you’ve gone through, or are going through a divorce, and are looking to sell your shared home, you’ll need to untangle the home’s ownership and coordinate the closing signatures, disposition of the home, and proceed…
Foreclosures/Short Sales
- If you’re experiencing financial trouble and are far enough behind on your mortgage payments that foreclosure is a reality or a very likely possibility, you’ll likely want help to figure out what your options are. An attorney can help you negotiate with your mortgage company to determine if there is a way to modify or refinance your loan to avoid foreclosure, or if not, can help negotiate a shor…
Tenants
- Renters might prove an unwanted complication for anyone selling what is not explicitly a rental property, and dealing with tenants requires caution to prevent violating their rights. The fact that the property is for sale doesn’t necessarily mean you can tell them to pack up and leave; the lease terms and tenant’s actions must be considered. In addition to the lease, there are laws governin…
Estate
- Not every home sale is your property or at least the property you call your own. Inheriting a home from a family member as a trustee or beneficiary is complicated in and of itself, and trying to sell that home, with any of the trust and tax implications to go along with the standard home-selling challenges, is going to make things exceedingly difficult to manage on your own. Complex sale…
Legalshield Attorneys Want to Help You Through Your Home Selling Journey
- LegalShield real estate attorneys can offer assistance with a home sale as part of an individual plan. Sign up for a membership today; plans start at 24.95 per month. LegalShield provides access to legal services offered by a network of provider law firms to LegalShield Members through member-based participation. Neither LegalShield nor its officers, employees or sales as…
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