Has anyone used a Real Estate Lawyer to sell their home "by owner"? About how much did the lawyers services cost and was it worth it?
2006-07-09 11:12:40 · 3 answers · asked by con-man 1 in Business & Finance ➔ Renting & Real Estate
if allowed in your state try a title agency instead cheaper and should do the trick
2006-07-09 11:16:46 · answer #1 · answered by goz1111 7 · 0⤊ 0⤋
Usually the cost for the settlement agent (can be a lawyer or title agent in some states) is an expense of the Buyer. The Buyer has the right to choose who they want to close the loan. As to whether the cost is justified, it depends on how savy the parties are. If the seller knows how to read a HUD statement and can read and understand a Deed then the seller probably does not need a lawyer. Only a very sophisticated buyer should close without a lawyer present. If there is a loan involved in the purchase, then a licensed settlement agent will likely be required by the lender.
2006-07-09 11:24:24 · answer #2 · answered by spirus40 4 · 0⤊ 0⤋
Legal fees vary by region. In NJ an attorney usually charges from $400 to $800 to handle a sale.
Yes, it's worth it. A real estate attorney is experienced in handling the issues that come up, preparing all of the necessary documents and reviewing the closing numbers that are provided by the buyers' closing agent. You may be able to read a HUD but you may not know the proper way to do a tax adjustment, or who customarily pays transfer taxes, or the average cost for recording discharges of mortgages and liens. You may not know that the buyer is showing a charge to you for something that should normally be paid by the buyer. If you have an attorney they will be representing your interests and making sure that no one takes advantage of you.
2006-07-09 15:12:32 · answer #3 · answered by Anonymous · 0⤊ 0⤋