Are you considering selling your home without a real estate agent? Understand your legal needs!
As real estate has changed in recent years, many people are trying to sell their homes without a real estate agent to avoid paying a commission. In the United States, you typically pay an agent 6 percent of the sales price in commission. With today’s home prices, this number is significant. Especially since many homes in the US have lost value and many homeowners have discovered that they own a home that is not worth what they originally paid for it.
When not using an agent, many residents will seek help from FSBO (For Sale By Owner) organizations and websites. These marketing tools still require a fee, but the maximum would be 3 percent of the sales price, and many are considerably less.
Real estate agents would also point out that by paying them a fee, you also gain access to a number of resources that are available to them. When selling a property, agents will also invest in advertising to help sell the house.
Many people believe that the commission paid to an agent is worth it. However, if he decides to try to sell his home on his own, it is important that he contact a real estate attorney who can help him navigate the legal aspects of selling property.
The legal necessities of selling a home include:
Purchase and sale agreement: This document is one of the many legal aspects involved in buying and selling property that require a lawyer.
Search and cleaning of titles: Before finalizing a real estate contract, you must make sure that the title is clear. An attorney will do the required title search and make sure the title is clear and the property is ready to sell.
Litigation: There are cases where property issues arise at the time of sale. This could be a boundary dispute or an eminent domain issue. You will want a qualified attorney to work with you if you encounter one of these issues.
Condo development: Condos require legal documentation unlike any other property. Real estate attorneys are well-versed in the legal requirements of condominiums and can help ensure the process goes smoothly.
Preparation and review of documents: If you are buying or selling a home, you want to make sure that all paperwork is complete and done correctly. It is the job of your real estate attorney to review all deeds, notes, and any other documentation related to the sale of a home.
Investing in a real estate attorney is an important addition to any home selling strategy. Buying or selling something as valuable as a home is a daunting prospect. If you plan on trying to go it alone, be sure to hire a real estate attorney to help supplement your selling strategy. Legal fees are a small price to pay to avoid a commission.