how to sell a house without an attorney for a cash sale

by Karlie Murphy 10 min read

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 happens when you sell your house for cash?

When selling for cash, all of that speed and convenience comes at a cost: You’ll generally sacrifice a chunk of the equity in your home, as cash buyers are typically looking to pay below market value.

How long does it take to close a cash sale?

That’s much quicker than a closing for a conventional sale — according to Ellie Mae, the average time to close a purchase loan is 45 days.

What are the benefits of cash closing?

In addition to speed, a flexible schedule is another benefit of a cash closing. For example, if the seller needs to close before moving to their next home, an investor or flipper will be more likely to delay possession after closing than a traditional retail buyer would.

How long does it take to get a lien search?

In some municipalities, he notes, a lien search only takes a few days, while in others, it can take up to three or four weeks. Despite any possible delays, “a cash sale will always be faster than a conventionally financed transaction in the same situation in the same municipality,” says Machado.

Can a cash buyer waive a home inspection?

Some cash buyers will waive the home inspection, while others will still opt to get one, and may negotiate the contract price to cover any required repairs. In some cases, Steinemann points out, a cash buyer might make a “sight unseen” offer without doing an inspection.

Do cash buyers need a loan?

Cash buyers share a few common traits: they don’t need lender financing to pay for your house, and typically they will buy your house off-market. That means that you’ll get an offer with far fewer contingencies (you won’t need an appraisal to appease the bank, nor will the buyer need to sell their existing house before they can get a loan, for example). The absence of a loan reduces a lot of the unknown on your end as a seller, and — the good news is — you can skip the stagings and showings rigamarole.

Why do you need to sell your house fast?

You need to sell fast to accommodate a relocation or other change in circumstances. You don’t have the time, energy or patience to get your house ready, accommodate showings and then wait on the appraisal, inspection, financing, and closing processes.

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.

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 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 ...

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.

What is a purchase agreement?

The purchase agreement is a legal contract that outlines the rights of the seller and the buyer. A lawyer can review this contract and make sure you’re receiving all the protections and assurances that you should be. Signing an incomplete or sloppy purchase agreement can leave you vulnerable later, even if you abide by your state’s disclosure laws.

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.

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.

Where did Jann Seal get her degree?

An English degree from the University of Maryland and extensive travels and relocations to other countries have added to her decorating insight. Related Articles.

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 ...

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.

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.

Who is Julie Ryan Evans?

Julie Ryan Evans is an editor and writer who has covered everything from politics to pop culture and beyond. She loves running, reading, cold wine, and hot weather. Get Pre-Approved Connect with a lender who can help you with pre-approval.

How long does it take to sell a house for sale by owner?

And "for sale by owner" houses tend to sell more quickly, sometimes in as little as two weeks, according to the National Association of Realtors' 2018 Profile of Home Buyers and Sellers (which notes, however, that the brief time frame is often because the seller and buyer know one another). Before you decide to sell your home without an agent, ...

What should be included in a Malkasian listing?

The listing should include all the basics, such as price, location, age of the home, and the number of rooms overall, as well as bedrooms and bathrooms. But Malkasian advises also highlighting any improvements, such as a new roof or water heater. Be Patient.

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.

Why do you need an attorney for real estate?

An attorney helps you protect your investment and assets while ensuring you’re conducting your side of the transaction legally — which can prevent costly missteps. Real estate attorneys are required in many states, but even if you aren’t legally required to use an attorney while selling, it can be a good idea.

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 to do if you inherited a home?

An attorney can help you navigate the complexities. Estate sale: If you inherited the home you’re selling, hiring an attorney to sort through ownership documents can ease the burden, which is especially helpful when you’re grieving the loss of a family member.

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.

Do you need an attorney for a closing?

In 21 states and the District of Columbia, attorneys are legally required as part of the closing process. Attorney-required states include: As a best practice, if the other party in your transaction has a lawyer representing them and supporting their best interests, you should too.

Who holds title to a home?

Title can be held by a sole owner.

How to get a copy of a deed to a house?

Retrieve your original deed. If you’ve misplaced your original deed, get a certified copy from the recorder of deeds in the county where the property is located. You’ll need to know the full name on the deed, the year the home was last bought, and its address. Expect to pay a fee for a copy of the deed.

What is warranty deed?

The general warranty deed promises that no unmentioned lienholders exist who might have claims to the property; it means the owner is free to sell the home . Warranty deeds are used in “arm’s length” transactions — between people who don’t know each other apart from the real estate deal.

What is a quitclaim deed?

Quitclaim deeds are cost-effective tools for transferring interests in real property when there is no need for researched guarantees. Always consider potential tax implications before you decide to transfer real estate, including tax on the deed transfer itself.

What to do before transferring a warranty deed?

So, before transferring a general warranty deed, the owner has to resolve all mortgages, tax liens, judgment liens and other relevant debts and encumbrances. If you are transferring property under a general warranty or similar deed, it’s wise to seek professional assistance.

What is the correct language for a conveyance?

The correct language, including words of conveyance, must appear: a statement from the grantor conveying the interest to the grantee, and the amount of consideration. The consideration is the value exchanged for the deed. If the grantee pays, the payment amount is included.

What is community property?

Community property: In community property states, spouses own the home 50-50. Each may leave their part in a will. Some states offer community property with survivorship rights, which avoids probate. A title may be in people’s names, or the name of a business.