do we need a realtor lawyer when we sell our house?

Full Answer

Do I need a real estate attorney when buying or selling?

In addition to hiring a real estate agent before buying or selling, most buyers also will consult with an inspector and pay for an appraiser. Another expert who can play a pivotal role in the transaction is a real estate attorney.

Do you need a lawyer to sell a house in DC?

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. Do I need a lawyer to sell my house privately?

What happens when you buy a house without a lawyer?

Finally, the property is transferred from the seller to the buyer, and the seller receives the purchase price bargained for in the contract. The process seems simple, but without a lawyer, the consequences may be more disastrous than purchasing a car that turns out to be a lemon or a stock investment that was unwise.

How to sell a house without a realtor?

Verify buyers and agents by asking for driver’s license numbers. Put a spare key in a lockbox so buyers with agents can access the property. Consider hosting an open house. When someone is interested in buying the house, take their offer, but be ready to negotiate. It’s acceptable to counter offer when selling a house without a realtor.

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 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.

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 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 ...

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 could affect the timeline for closing on a home?

Your timeline for closing on the property could be affected by the sale of your own home or issues largely outside of your control, such as unexpected lender delays. Inspection. A home inspection can uncover many problems, and a seller and buyer could end up negotiating on who will pay for repairs.

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 ...

Can a lawyer review a purchase contract?

Although real estate agents usually play a central role in preparing purchase contracts, a lawyer could provide a review of the purchase contract terms. What’s more, real estate agents are generally limited to filling out contract templates, rather than drafting them from scratch.

What is real estate lawyer?

A real estate lawyer is trained to handle these problems and has the most experience to deal with them.

What happens if you are the only person in the US without a lawyer?

If you are the only person there without a lawyer, your rights may be at risk.

How to avoid problems with a home purchase?

Avoid Vague or Unclear Terms. A lawyer can help you avoid some common problems with a home purchase or sale. For example, a seller may sign a brokerage agreement that does not deal with a number of legal issues. This happens quite often as realtors often use standard forms, expecting that they will cover all situations.

What to do if a lawyer is not needed during the negotiation process?

Even if a lawyer is not needed during the course of negotiations, both the buyer and seller may want to consult with a lawyer to answer important legal questions, such as the tax consequences of the real estate transaction. The tax consequences may be of critical importance to a home seller.

What is the purpose of an attorney when signing a deed?

Once the deed and other closing documents are signed, an attorney can make sure that these documents are appropriately executed and explained to everyone.

What can an attorney do to help with title insurance?

Assuming you are in an area where title insurance is customary, an attorney can help review the title search and explain the title exceptions as to what is not insured. They will also determine whether the legal description is correct and whether there are problems with adjoining owners or prior owners.

Does a title search tell you about zoning?

The title search does not tell the buyer or seller anything about existing and prospective zoning. A lawyer can explain whether zoning prohibits a two-family home, or whether planned improvements violate zoning ordinances.

Why do you sell your house solo?

2. You’d like to sell the house for as much money as possible. Most homeowners consider selling solo in an effort to save money . By ditching an agent, they assume they can leave the commission costs at the door and generate a higher return on their home. However, this is not always the case.

What is an agent in real estate?

An agent is there to make sure you sell at the top of your price range, follow the required steps to sell in your state, and protect your sanity by acting as a buffer between you and demanding buyers. However, as Tokos explains, “the real estate industry is indeed a mixed bag, and not all agents are created equal.

How many pages of paperwork is required for a real estate transaction?

While it varies by state, a real estate transaction can require up to 180 pages of paperwork — which can feel like a daunting task for many sellers to sort through on their own.

What happens if a seller slips up on a home?

A slip-up can result in the seller being held liable for not disclosing important information to the buyer. According to the National Association of Realtors®, 30% of home sales were delayed in October 2020 due to various obstacles surrounding contracts, inspections, titles, appraisals, and financing.

Do real estate agents have to be objective?

The answer is yes, 100%, you do. A real estate agent brings an objective perspective, leaving the emotional baggage at the door and relying purely on professional instincts. The art of negotiation is a complex creature on its own. Throw some emotions into the mix and you’ve got yourself a whole new animal.

Is real estate a walk in the park?

While the life of a real estate agent may seem like a series of champagne-laden lavish open houses, the daily grind of a real estate agent is no walk in the park. Many people are unaware of the workload involved in selling a home and have misperceptions that being an agent is a part-time easy gig.

Is selling within the planned length of time a FSBO?

Selling within the planned length of time was reported as one of the top five most difficult tasks for FSBO sellers, which is not ideal if you are in a time crunch. Without the help of an agent, finding a buyer is one of the biggest challenges of FSBO.

Buying property? Selling your home? Or, thinking about doing either?

A closing conjures up a vision of you, your lender, and the other buyer or seller sitting at a table, exchanging certified checks.

Your own real estate lawyer may not be mandatory, however, it may be wise

Because Florida is one of the states that do not require a buyer or seller to retain a lawyer for a real estate closing, it may suggest a closing is not that big of a deal. Your broker has negotiated for you. You show up. And, you sign the paperwork. But real estate transfers have only become more complex with time.

Contact a Florida Board-Certified Real Estate Attorney

At Rabideau Klein, David E. Klein, Esq. and Guy Rabideau, Esq. are dedicated, Palm Beach County Florida Bar Board-Certified Real Estate Attorneys with extensive experience assisting clients with multi-million-dollar property transactions.

When selling a house without a realtor, should you take an offer?

It’s acceptable to counter offer when selling a house without a realtor. You do not have to take an offer you think is too low or unfair.

What does a real estate agent do when selling a house?

In a typical home sale, a real estate agent would: Help you determine a realistic price based on current market trends. If you’re highly organized and determined, you can handle these tasks on your own, but you need the right preparation and knowledge.

Can you price a home with an algorithm?

You can use the Internet and its many tools to give you a starting price, but no algorithm can perfectly price a home. Consider comp sales in your area, repairs, and upgrades the home needs, and the overall condition of the market. Hiring an appraiser can help with this process. Next, you need to prepare the home.