Do I Need A Real Estate Lawyer When Selling Privately?
November 27, 2008 – 1:36 pm
More and more people these days are opting to not use a real estate agent when selling their home and are instead listing their homes as for sale by owner. There are many benefits to selling your home yourself rather than going through a real estate agent. When you sell your home yourself, you do not have to worry about listing fees, commissions and other charges that a real estate agent may incur. You keep more of your money and make much more profit from the sale of your home.
Real Estate Lawyers Understand Complicated Contracts
Unless you are well schooled in the art of real estate transactions however, it is in your best interest to hire a real estate lawyer when you are selling your home privately. There are many fine details involved with selling your home that the average person is not aware of. Additionally, when you sell your home privately, you will need to have contracts drawn up with the seller in order to complete your sale. These contracts are legally binding documents, so it is important that you completely understand them before you put your John Hancock on them.
Understand Sales Contracts So You Don’t Get Abused
A real estate lawyer can help you to comprehend these documents, so that you do not enter in to an agreement that you are unaware of. When you hire a real estate lawyer, they will be looking out for you to ensure that you do not end up in a bind, and that you get the most financial benefit from the sale of your home. Your real estate lawyer understands real estate taxes, closing adjustments, titles and surveys, all things which are necessary to selling your home privately. If you do not understand these things, having a real estate lawyer is an absolute necessity.
Any contracts or documents that are drawn up regarding the sale or agreement between you and a potential buyer should be read over and checked out by your real estate lawyer. This will help prevent you from getting tricked into any agreement you would rather avoid, and help prevent unfavorable conditions from popping up in the contract documents. Some real estate lawyers will draw up these contracts for you, so that you can rest assured that the documents have been created with your best interest in mind.
Choosing to sell your home privately is definitely a good idea for some. If you are avoiding using a real estate agent because you do not want to spend extra money, you may balk at the idea of having to put out money for a real estate lawyer. If this is your stance, you should most certainly think twice about it. A real estate lawyer generally charges extremely reasonable fees for what they do (typically less than $1000 to help you close a real estate deal), and they can mean the difference between saving a great deal of money by making sure your contracts are in your best benefit. Even if you are well schooled in real estate transactions, if you are selling your home privately you should inquire with local real estate lawyers to find one to assist you.
More Information:
For all of your real estate questions please call PropertySold.ca Inc. today at:
1-866-686-9929 and speak to a customer service representative. We have licensed real estate professionals on staff ready to take your call right now.
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