Why You Need a Lawyer to Sell Your Property May 29, 2015 While most sellers of real estate will not hire an attorney until the seller has accepted an Offer to Purchase, legal advice on a number of preliminary matters can protect a seller from loss down the road and help prepare for a stress-free closing.
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.
Full
AnswerDo you need a lawyer to sell land and property?
Do You Need a Lawyer to Sell Land and Property? From a legal perspective, you do not need to hire a real estate attorney when you purchase or sell land or property. In fact, you do not even have to involve a real estate agent as you can draw up a legal agreement directly with the other party involved in the transaction.
Why hire an attorney when selling a house?
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.
Do I need an attorney to sell my house in Texas?
May 21, 2011 From a legal perspective, you do not need to hire a real estate attorney when you purchase or sell land or property. In fact, you do not even have to involve a real estate agent as you can draw up a legal agreement directly with the other party involved in the transaction.
What does a real estate attorney do?
What does a real estate attorney do, anyway? 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.
Hire a Realtor
To start the process, you need to select a realtor to list your property. You will want to make sure that your realtor is licensed in the state and ensure that you sign a representation agreement that decides the realtor’s commission and the duration in which you want your house to be sold.
What can the attorney do?
The real estate attorney can work wonders for you. The contracts of selling the house need to be carefully examined, as they can be used against the seller in case of a liability. As a seller you want someone who can help you address any title issues that might come up during the selling process.
Why Hire an Attorney?
A real estate attorney will protect your rights and interests in the transaction. They have experience in issues of real estate transactions and can handle unique issues that might come up during the sale process. They are the best people to handle a crisis situation, so it is important you hire or consult them before starting the sale.
How to Hire an Attorney?
Most people tend to hire attorneys they know or have heard about, which is quite a safe practice. This should be done only if the attorney you know has experience and knowledge of the gritty details of the real-estate field, especially the laws specific to your area.
What state is the land located in?
Certain states require that a real estate attorney oversee the purchase and sale of land. In states that do not require an attorney, real estate transactions are handled by title companies.
Want to Sell Your Land the Quick and Easy Way?
Fill out our form and tell us about the land you want to sell. Get a cash offer to buy your vacant land fast.
How to schedule a free consultation with a real estate attorney in Chicago?
To schedule a free initial consultation with an experienced Chicago real estate lawyer, contact our office online or call us toll free at 312-815-6637. Meetings can be set up for weekdays, between 8:30 a.m. and 5 p.m. We charge reasonable fees for all services.
What does an attorney do for a buyer?
2. The attorney will look at the financial strength of the buyer and the amount of earnest money put down and possibly modify those terms to strengthen the contract. 3. The attorney will negotiate on your behalf any items related to the inspection such as repairs that are needed. 4.
Why do I need an attorney?
1. The attorney will go over the specific terms of the contract and look for any problems that may arise. This is a major transaction and you need an attorney to look over the terms of the contract. 2.
How long does it take to close a real estate transaction?
Closing. After you sign a contract in which you agree to a real estate transaction, you normally have to wait a few weeks for the lender to appraise the property and complete the loan underwriting process. On the day of the loan closing, you sign the actual sale documents.
Do you sign the deed at closing?
On the day of the loan closing, you sign the actual sale documents. Problems sometimes arise with regard to titling or the condition of the property between the contract date and the closing date. In some instances, unwitting buyers receive a quit claim deed at closing rather than a warranty deed.
Can you sue a real estate agent?
Legal issues can arise after you complete a real estate transaction and, in some states, you have the right to sue your real estate agent, the seller or even the home inspector if problems emerge with the home after the completion of the sale. If the real estate attorney facilitated the sale, then the attorney already has prior knowledge of the sale, which makes any litigation much easier to complete. While many real estate transactions move smoothly without the involvement of an attorney, people involved in sales that go awry often end up wishing that they hired an attorney.
Do real estate agents have lawyers?
However, real estate laws vary from state to state and most real estate agents are not practicing lawyers. While real estate agents have a broad knowledge of real estate transactions, an opinion based on prior real estate experience and state law are two entirely different things.
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.).
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.
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.
Popular Posts:
- 1. why would an attorney ask gor
- 2. who plays the attorney on big sky
- 3. how do i start power of attorney for my finances in wisconsin
- 4. what is the name of alan passaro's criminal defense attorney
- 5. how to file a citizen complaint us attorney general ohio
- 6. how to rescind medical power of attorney in california
- 7. how much should i pay for an attorney to get my drivers license back
- 8. why did attorney general resign
- 9. what does contingency mean as an attorney
- 10. how do i renew my notary if i am an attorney nc