is it good to consult a lawyer when selling a house

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 Answer

Do I need a lawyer to sell my house?

Feb 28, 2014 · The best place to get all the information about selling a house is with a lawyer, so contact the best one around you and book a consultation (free or paid) before delving into the procedure yourself. You will find that it is easier to take help from a learned attorney.

Why do I need a real estate attorney?

Apr 04, 2022 · Many buyers might not think that this is something to discuss in advance with an attorney, but an attorney can advise on how to best handle this situation with the seller and how the contract can be modified to protect the buyer’s interests.

How much does a real estate attorney charge to sell a house?

Mar 16, 2021 · Do you have any plans to sell a house? Then you must think about seeking the assistance of a property lawyer. It will provide you with the chance to go through a smooth process and experience numerous benefits that will be sent on your way.

Should I hire a property lawyer?

A title search is routine before a purchase, and might turn up a lien on the property you’re selling or buying, which a lawyer can help investigate. A lawyer also could help ensure the title...

What to do after selling a house?

You can get a clear picture about taxes. After you sell a house, you might have to deal with taxes. It is important to have a clear picture about these taxes in your mind. The property lawyer will be able to help you in here. In fact, the property lawyer will provide you with a clear picture on how taxes are applicable to your transaction ...

Is it mandatory to hire a property lawyer?

When you take a look at the state law that exists in some of the states, you will figure out that it is mandatory to seek the assistance of a property lawyer. Hence, you will not have any other option available to consider than hiring a property lawyer to proceed with completing your transaction. Even if hiring a property lawyer is optional, it is ...

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 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.

Can a lawyer draft a real estate 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. For that reason, more complex contracts may need to be drafted by an attorney.

Can a buyer withdraw from a contract without penalty?

In some cases the buyer—if the contract allows it —could withdraw from the contract without penalty. Title. A title search is routine before a purchase, and might turn up a lien on the property you’re selling or buying, which a lawyer can help investigate. A lawyer also could help ensure the title insurance on your new home adequately protects you ...

Do you need a lawyer for real estate?

Some states require real estate lawyers to be part of the process, while attorneys are not used much, if at all, in other states. Here is a look at why hiring a lawyer might be a good idea—or not—from a buyer’s and seller’s perspectives.

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.

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.

Why do agents make more money?

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.

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.

Can a lawyer fight on your behalf?

But it’s understood a lawyer’s demands are backed up by the threat of costly litigation. Simply put, a commercial real estate lawyer can fight much more effectively on your behalf than a commercial agent.

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 ...

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 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.

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.

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.

Should I hire a real estate lawyer if I have a lien on my home?

Finally, you should hire a real estate lawyer if you have liens or judgments awarded against you and you still want to sell your home. A lien or judgment essentially allows a creditor to claim money that you receive from the sale of property or the liquidation of assets.

Do I need a lawyer to sell my house?

You also may want to retain a lawyer if you are selling a home that you inherited as an heir or an executor of a will. Probate laws vary from state to state, making it difficult to know what they entail particularly if you do not live in the state in which the house is located. You need a lawyer to help you navigate the probate laws and also ensure that the funds of the sale are dispersed according to the execution of the deceased owner’s will.

Do you have to disclose the condition of a home you are selling?

If the home you are selling is distressed or in a state of disrepair, you may be required by law to disclose its condition to potential buyers. A real estate lawyer can help you comply with local, state, and federal laws that pertain to distressed properties. This information can be included in the written contract that you utilize to finalize the sale with the buyer.

Legal and practical considerations when selling a house or property that you're currently renting out

Legal and practical considerations when selling a house or property that you're currently renting out.

Can I Sell a Property With a Tenant Living in It?

This is usually the first question that arises when a landlord wants to sell. The simple answer is yes, you can sell a property with a tenant still living in it. In fact, most states' laws give tenants the right to remain in a rental property after a sale until the lease or rental agreement expires.

Should I Sell My Property With a Tenant Living in It?

Before you put your property on the market, you'll want to consider the pros and cons of selling while a tenant is still living in it. In some situations, having the tenant remain during and after the sale might work out perfectly.

What to Do When Having a Current Tenant Would Hurt Your Chances of Selling

Once you've examined the pros and cons, what are your options if you decide that selling without a tenant is the better option?

Marketing Considerations When Selling With a Tenant in Residence

Assuming the tenant will be staying on post-closing, and depending on your property's size and layout, you might want to market it as both a primary residence and a potential investment property. Let the buyer decide how to use it.

What does a real estate agent do?

A good real estate agent will help price your house, based on a comparative market analysis (or comps), effectively market your house to prospective buyers, and handle other tasks, such as review ing house purchase documents and negotiating with buyers.

What happens at closing of a house?

At the closing itself (sometimes a meeting of the parties, other times conducted in separate locations), all final documents and funds will be exchanged between buyer and seller. The buyer pays you the purchase price, and you give the buyer a deed and other transfer documents and clear title to the house or condo.

How long does it take to close a house in New Jersey?

The closing normally takes over the course of one day. Sellers do not usually need to be present at a New Jersey closing so long as all costs are paid and documents are signed.

What is a listing agreement for a realtor?

Once you find a real estate agent you want to work with, you’ll sign a “listing agreement” giving the agent the right to market and handle the sale of your house. Most real estate agents use standard forms created by their state or local Realtor association, such as the New Jersey Association of Realtors.

What happens at escrow closing?

At the closing itself (sometimes a meeting of the parties, other times conducted in separate locations), all final documents and funds will be exchanged between buyer and seller. The buyer pays you the purchase price, and you give the buyer a deed and other transfer documents and clear title to the house or condo. You pay off any outstanding loans on your property and pay commissions to the real estate agents (per your listing agreement).

What is escrow in a house?

Escrow is the time period between signing the purchase agreement and closing on the house. You will choose an escrow or title agent, a neutral third party, to serve as intermediary and supervise the process (preparing title reports, processing loans, removing buyer contingencies, and so on).

What is a legally binding contract?

A legally binding contract, typically called a purchase agreement , is formed when you accept a final offer (agreeing to any changes from the original offer). Your agreement will contain key terms of the sale, such as the agreed-upon price, contingencies, financing terms, dispute resolution, and closing date.