what type of attorney do i need to sell a house

Why should you hire a lawyer in selling a house?

Aug 17, 2021 · You need a real estate lawyer if you’re selling in a state where it’s required by law. Each state that requires sellers to lawyer up does so for different reasons, but the ultimate aim for all is to protect the integrity of home sales in that state. The states that require you to use a real estate lawyer are: Alabama.

Do we need a real estate lawyer for buying a house?

If I have an attorney, do I need an agent or broker to sell my house? Whether you need an agent or broker depends on your comfort level with managing all of the listing, marketing and showing …

Do you need a lawyer to sell your house?

Sep 25, 2020 · If a limited POA includes handling real estate transactions, you'll be able to sell the other person's home. A general power of attorney allows you to do anything the principal can …

What does a real estate attorney do for a seller?

Jun 28, 2019 · You may not need a probate attorney depending on your loved one’s estate planning and your own experience in such matters—but you do need to be legally authorized to …

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 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 is the process of selling a home?

Selling a home is a complex process that requires knowledge of and familiarity with local, state and federal laws. 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, ...

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.

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.

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 the job of a home inspector?

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.

What to do when selling a house with a POA?

The first thing to do when you are using a POA to sell a home is to carefully do your homework regarding the wording the power of attorney to make sure there are no limits on your activities. If possible, get specific wording in the POA mentioning that you can handle real estate transactions for the principal.

What can a realtor do for you?

A professional realtor can help you understand what repairs need to be made and what changes won't really matter to buyers. Don't assume you have to pay an arm and a leg to get full-service real estate help, either.

What is a general power of attorney?

A general power of attorney allows you to do anything the principal can do. That includes handling all finances and transactions, including a home sale. Depending on the situation, some banks may be uncomfortable with a large transaction like a home sale done with a general POA and may ask you to have a specific POA for real estate created.

Can a power of attorney be used if the principal is incapacitated?

A durable power of attorney will continue even if the principal becomes incapacitated or mentally unable to carry on their own affairs. You may have this in place if your family member has Alzheimer's, for instance.

What is the fiduciary responsibility of a power of attorney?

As the agent in a power of attorney document, you have a fiduciary responsibility to do what's in the best interest of the principal. For instance, you cannot use a POA to sell a home to yourself for far less than market value if that's not in the best interest of the seller.

What is POA in law?

Power of attorney (POA) rules vary depending on the state. There are several types. A POA can be limited or general. It can also be durable or non-durable.

What is limited POA?

Limited powers of attorney are specifically created to allow you to do one or several tasks for another person (the principal). It may give you access to a specific bank account, authority over certain bills, and more. If a limited POA includes handling real estate transactions, you'll be able to sell the other person's home.

What is probate attorney?

A probate attorney is a valuable resource who works with the executor of an estate, sometimes called a “nominated personal representative,” regarding tax deadlines, outstanding debts, and the distribution of assets, Brislawn said.

What is probate in real estate?

Probate is a formal legal process that recognizes whether a will is valid and appoints an executor or personal representative to administer the estate and distribute assets to intended beneficiaries. Probate frequently occurs when real estate and real property are involved, regardless of whether the deceased had a will, said Dennis Brislawn, ...

What are the requirements for probate?

An estate is required to go through probate if: 1 There is no valid will to name an estate executor 2 There are problems with an existing will 3 When there are no beneficiaries 4 When a valid will needs this process to facilitate paying debts and transferring ownership

Who is Sue Smith?

For a real estate agent such as Sue Smith, who specializes in probate and serves Arlington and northern Virginia, a probate attorney can provide direction, especially when multiple heirs disagree. “They all have to sign a listing agreement. They all have to agree on me,” said Smith, an agent for 31 years.

Do you need probate if you have a deceased spouse?

You won’t need probate if the deceased had a transfer-on-death deed or a living trust, or if a house was held in joint tenancy with a right to survivorship. You also can avoid the probate process if you’re the surviving spouse of the deceased in a community property state.

How long does probate take?

They have to work together,” Smith said. “During a real estate transaction is not a time to bicker about a price.”. Probate can take three months to several years , depending on the value of the estate and whether your state has adopted the ABA-approved Uniform Probate Code.

What happens if you blow a deadline?

If you blow a deadline, you’re liable. If you fail to do a tax filing or pay creditors, you’re liable,” Brislawn said. “There are time frames that people have to be aware of; there are tax deadlines. Creditor notices. Veterans’ benefits.

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.

What does it mean when you are selling a house?

You’re selling a property that is in some state of distress. 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.

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.

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 is an affidavit for sale?

These legal documents are sworn statements and may be created on behalf of either party, such as an affidavit on your behalf that states that you have not incurred any liens on your property.

What is a deed in a house?

A deed is a legal document that is filed with the county that documents your ownership of the property. When you sell your house, the buyer will sign the deed and it will be officially recorded by the county. Your sale transaction may also include affidavits.

What is property tax information?

Property tax information, including most recent tax statement. Homeowners insurance information. Any reports or documentation that relates to the property. Lease agreement, if currently renting the property.

Can a power of attorney be used to sell real estate?

In certain states, like California, “General or durable power of attorney cannot be used to sell real estate ” says Glen Henderson a top-selling real estate agent in San Diego who also specializes in probate sales.

How to get a power of attorney?

How to get power of attorney if you need it 1 Understand the obligations of being an agent in a POA arrangement. 2 Evaluate that the principal has the capacity to sign a power of attorney agreement. 3 Discuss the issue with the financial institutions (mortgage holders) and physicians (whenever there may be questions about capacity). 4 Hire an attorney or contact a legal website like Legal Zoom, online on-demand legal services with a 100% satisfaction guarantee on all their filings. 5 Be supportive. Giving up control of a real estate transaction can be a hard adjustment for an elder family member. 6 Ask a lot of questions and make sure you understand the obligations for all parties under the document. 7 Make sure that the document outlines actions with as much detail as possible to avoid any gray areas that can be misinterpreted. 8 Get the final document notarized or witnessed — depending on your state’s requirements if they haven’t enacted the Uniform Power of Attorney act of 2006. 9 Record the power of attorney with the county clerk office where the home is located — depending on your state or county requirements. 10 Make authenticated copies of the document for safekeeping. 11 Always present yourself correctly as someone’s agent.

What is a POA in real estate?

“Power of attorney” (POA) is a flexible legal tool that grants permission for someone to act on another’s behalf on a temporary or permanent basis. In real estate, this can be an incredibly useful option for all sorts of situations, like if you had to sell your house but couldn’t be there due to a job relocation or deployment.

What is an agent in fact?

The agent or attorney-in-fact is the person who receives the power of attorney to act on someone else’s behalf. The agent will have a fiduciary responsibility to always act in the best interest of the principal for as long as the power of attorney is valid. A fiduciary, according to the Consumer Financial Protection Bureau (CFPB), ...

What happens to a non-durable power of attorney?

Similarly, with a non-durable power of attorney, once the transaction is complete, or the time period ends, the power of attorney is revoked. A durable power of attorney is when an agent can take over all aspects of someone’s affairs, in case he or she were to become incapacitated. This type of power of attorney kicks in ...

What is a special power of attorney?

A special or limited power of attorney is a different kind of non-durable power of attorney used in states like California for real estate transactions when the seller can’t be present due to absence or illness. Because it’s limited in both time and scope, it’s a great tool when you want to give someone a very specific responsibility.

Why is a power of attorney important?

Because it’s limited in both time and scope, it’s a great tool when you want to give someone a very specific responsibility. A medical power of attorney gives an agent (often a family member) authority over someone’s medical care once a doctor determines they are unable to make decisions on their own.

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.

Is a real estate contract complicated?

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.

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.