how much is it to use a real estate attorney to sell a house

How much does a real estate lawyer cost?

 · Over the course of a sale, experts estimate you could pay $800-5,000 to a real estate attorney, depending on the complexity and duration of your case. That’s a wide range, but a real estate attorney will often provide a ballpark estimate of how much you might pay.

What does a real estate attorney do for a seller?

 · You can expect to pay between $150 and $350 an hour for a real estate attorney. However, there are also typically representatives who will charge a flat fee for a service like preparing documents of sale or reviewing a contract.

How much does a lawyer charge for a closing?

Sell Home using Lawyer Instead of Real Estate Agent and save $30,000 to $90,000 or more! No law requires you to hire a real estate agent when you sell a house or buy a house. Instead of using a real estate agent whose commission can deplete up to 6% of the home’s sales price, sell home using lawyer assistance.

How much are real estate attorney fees for closing?

 · Like tens of thousands of dollars, depending on the price of the house. Most buyer's agents are paid 3% by the seller. A real estate lawyer costs $2500 or so. On a $600,000 house, you'll save up to $15,000. Which sounds a lot like a bathroom remodel - or your first vacation away. Skip the Real Estate Agent and Use an Attorney

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...

How much does a real estate attorney cost?

According to Thumbtack, which collects millions of estimates their website visitors receive from local professionals for various real estate services, a real estate attorney costs $150 to $450 per hour. That makes a real estate attorney more expensive than a divorce attorney ($175-$325 per hour), criminal defense lawyer ($150-$300 per hour), and tax attorney ($75-$395 per hour).

How to sell a short sale property?

Selling property that’s under foreclosure or in the midst of a short sale:#N#If you’ve fallen behind on your mortgage payments, a real estate attorney is a good resource to help you navigate the details of these transactions. Your lender or bank has to approve your short sale, so you’ll have to provide detailed records supporting your financial hardship. An attorney can help you by: 1 Representing you at a foreclosure auction or when filing bankruptcy 2 Sifting through the contents of short sale documents 3 Explaining your personal liability after completing a short sale 4 Understanding whether your remaining debt will be forgiven, taxed, or require augmented payments

Who can point you to a good attorney?

Friends or relatives in your area who recently bought or sold a home can point you toward a good attorney (or direct you away from one you won’t want to use). Attorneys also tend to know or know about each other, so if you know a lawyer who doesn’t specialize in real estate, ask them about anyone who does.

How can an attorney help you?

An attorney can help you by: Representing you at a foreclosure auction or when filing bankruptcy. Sifting through the contents of short sale documents. Explaining your personal liability after completing a short sale. Understanding whether your remaining debt will be forgiven, taxed, or require augmented payments.

What to do if you are behind on your mortgage payments?

If you’ve fallen behind on your mortgage payments, a real estate attorney is a good resource to help you navigate the details of these transactions. Your lender or bank has to approve your short sale, so you’ ll have to provide detailed records supporting your financial hardship.

Does a lender have an attorney in Florida?

In New York, the lender has its own attorney, as does the buyer and the seller, says Nogee. An attorney isn’t required in Florida, but one of the biggest benefits to sellers who hire one is having dedicated legal representation on matters of contracts and title — which should not be confused with the services a third-party escrow company provides to all parties in a transaction.

Who does the title work for a home buyer?

Top-selling real estate agent Teresa Cowart of Richmond Hill, Georgia shares that in her market, the homebuyer hires the attorney, who technically works for the lender and handles the title work. However, the buyer can negotiate for the seller to pay the cost, Cowart says. She’ll encourage sellers to hire an attorney if they’re selling their home on their own or if there’s not a lender involved, such as in a cash deal.

How much does a real estate attorney charge?

How much does a real estate attorney cost? How much you’ll pay for real estate attorney fees depends on your market and how involved they are in the transaction, but they typically charge a flat rate of $800 to $1,200 per transaction. Some attorneys charge hourly, ranging from $150 to $350 per hour.

What is a real estate attorney?

Real estate attorneys help oversee home sales, from the moment the contract is signed through the negotiating period (aptly called the “attorney review”) to closing. A seller’s attorney reviews sales contracts, communicates terms in a professional manner and attends closings to prevent mishaps. Selling a home is a complex process ...

What is an escrow manager?

Escrow manager: The escrow manager, officer or agent is a third-party representative responsible for holding funds during the transaction and making sure every party gets paid the correct amount at closing. In some cases, escrow officers work at title companies, blurring the lines of which party is distributing funds at the closing table.

Who is responsible for underwriting title insurance?

Title company: A representative of the title company is responsible for underwriting the title insurance and transferring the clean title of the home to the buyer.

Who hires an inspector to inspect a house?

Inspector: The inspector is hired by the buyer. Their job is to make sure the buyer knows about everything that may need to be repaired on the home. Sellers also sometimes hire an inspector to do a pre-inspection so they can make any necessary repairs before putting the house on the market.

Who to ask when selling a house?

From a friend: Ask colleagues, family members, friends or neighbors who they used in their home sales.

Who do real estate agents refer to?

They may even have a referral for an attorney who is an expert in your specific type of sale.

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

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.

Can a real estate agent handle a home purchase?

Usually a great real estate agent can handle a home purchase, but in these situations you may want to consider using a real estate lawyer:

Can an attorney advocate for you?

You’ll want to try to secure the best terms with the lender . An attorney can advocate for you in either situation.

What to do if the owner of a trust has a trust?

If the owner did set up a trust, find a probate attorney with experience handling real estate in trusts. The attorney can help you understand and abide by the trust, and confirm it’s your right to sell the property.

Do you need a lawyer to inherit a house?

You might want a real estate lawyer if you inherit a house from a deceased owner, whether or not the previous owner set up a living trust.

Can an attorney help you unwind an easement?

For instance, if you’ve agreed to an easement that allows your neighbors to use your property, an attorney can help unwind or transfer that agreement before or when you sell .

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 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.

What is FSBO for sale?

For Sale By Owner – Selling a house without a real estate agent is called a FSBO (pronounced “fizzbo”). If you sell your home yourself without using a real estate agent, you can save $30,000 to $90,000 (or more) on a commission given expensive Southern California and particularly-pricey Orange County real estate.

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.

What are the skills of a lawyer?

They have their own professional skill set: Marketing and identifying properties, and assessing their current and likely future value. In addition, they get to employ the skills of lawyers - and the law is a far more complicated profession.

Is there a way to find house listings?

These days, house listings are online. It didn't used to be that way. A century ago, when the industry evolved, real estate brokers kept their own private list of what was for sale. If you wanted to know what was for sale, you had one option: hire a realtor.

Is it tough to buy a house?

On the other hand, it's a tough world out there for buyers. Buying a home oftentimes means having to outbid other buyers. So with every house on the market, there is one winner and a whole bunch of losers. Ouch.

Can a listing agent work with you?

The seller will be happy to work with you - but the listing agent? Well, he will gnash his teeth a little, but he'll get over it. Yes, he might have a little extra work, like giving you a tour or house-sitting for your inspection. But like the seller , the listing agent wants to sell, period.

Can you search for FSBO on Zillow?

Not any more. The "listings" - the houses for sale - are everywhere on the internet. And you can even search easily for "For Sale By Owner" (or FSBO) listings on Zillow. These sellers are also skipping the services of a real estate agent, and they can be good opportunities.

Is there a free website to find the market value of a home?

And there, too, the internet offers an alternative. No, don't rely on the Zestimate! But Zillow, Surefield , Redfin, and other web sites offer free tools to assist in determining the market value of a home.

What is the difference between a real estate attorney and a real estate agent?

Compared to an agent, a real estate attorney will give you the best and most unbiased representation possible.

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 ...

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.

Does Farah Law Firm work with real estate agents?

Oftentimes, the real estate attorneys at The Farah Law Firm work with agents hand-in-hand to transact a client’s purchase or sale. It is not necessarily a mutually exclusive relationship, and we happily work with some of the largest real estate brokerages in Texas.

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.

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.

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, ...

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 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 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.

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.

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 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.

What is the most important document in the home sale process?

It can help you avoid potential problems down the line by making the contingencies as favorable to you as possible. The contract is the most important document in the home sale process, and it includes several negotiable issues. Some of the most important issues in the purchase contract involve: Timing. Your timeline for closing on the property ...

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.

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.

Is it legal to sell FSBO on your own?

Real estate is a highly regulated industry, which is why it’s especially important to use a real estate attorney if you’re selling FSBO. To sell on your own, you’ll need to be conscious of things like fair housing laws in advertising the listing, paperwork requirements for listing and closing (things like deeds and land surveys), and disclosure laws.

How much commission does a FSBO agent pay?

Sellers often find that the 2.5% to 3% commission they pay their agent is outweighed by a higher sale price, quicker close or smoother transaction.

How much commission do you pay for a home sale?

Saving on commission fees is one of the most common reasons sellers decide to go it alone. But even if you can avoid the 2.5% to 3% of the sale price you’ll pay your own agent, you’ll still likely pay 2.5% to 3% of the sale price to your buyer’s agent — unless your buyer is also not using an agent. According to the Zillow Group Consumer Housing Trends Report 2021, 82% of home buyers are represented by an agent, so prepare to pay their commission.

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 happens if you overprice your home?

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