2006-09-14 15:24:02 · 11 answers · asked by NICK 1 in Business & Finance ➔ Renting & Real Estate
Depends upon where you live. Many states use attorneys for the escrow, title, or notary functions.
There are also unexpected developments that can make it a smart idea to hire a good real estate attorney.
But in most states, other professionals handle these functions. I'd rather have a good policy of title insurance than an attorney's opinion on the state of the title. I'd rather have an escrow officer that does nothing but escrows forty hours per week or more than some staff person in an attorney's office, where the attorney may only provide general supervision.
2006-09-14 18:19:19 · answer #1 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
It really does depend on what state your transaction will take place. Some states require that an attorney handle part of the transaction. It is important to note that an attorney can not practice real estate without a real estate license and a real estate licensee can not practice law without a license. Given that we live in such a litigious society, these two industries over the years have become so intertwined that it is always a good practice to have both a real estate licensee and a lawyer involved in a transaction either by using your own attorney or allowing the realtor's attorney to handle the legal aspects while allowing the licensee to handle the real estate matters.
Buena Suerte
2006-09-15 03:56:10 · answer #2 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
You don't need an attorney to sell your home. The closing company will handle all of the legal details. Just be sure to carefully read the purchase agreement before signing. A real estate agent will help with all of this.
As for what is involved on your end depends on what the agreement between you and the buyer is. The buyer should fill out the first purchase agreement with their wishes. You would then respond in an "ammended" agreement and so on bantering back and forth until you both are satisfied with the agreement. It is an intimidating process, but can be done. You will also have a bigger profit from your sale if you do it on your own.
2006-09-14 15:44:03 · answer #3 · answered by Keri B 3 · 0⤊ 1⤋
Never, never, never go to a title company if you are unsure of anything. All they do is fill out the paper as it is. I highly don't recommend a title company. See a real estate attorney. Where I am, to do the closing it's about $300. WELL worth the money. They can tell you what is involved on the seller's side. Here it's mandatory for a Termite & Moisture inspection and there is a time stipulation as well. Most don't charge to answer questions either. You want to make sure that your side is taken care of and that years down the road, you are safe and won't be liable for something. PLEASE go to an attorney.
2006-09-15 02:38:38 · answer #4 · answered by jdecorse25 5 · 0⤊ 0⤋
Not sure if this would help. Usually, a housing market correction last for years. It is unlikely things will brighten up in a few months, afterall, this bubble took 5 years for form.
It might be better to give some discount so you unload the house quickly and can use the gain of the home to make money elsewhere quickly. At the same time, you will save money by not paying mortgage for the next 5 months.
For example, if mortgage is $2500/mo. and you have $300,000 gain sitting in the house, by selling it now rather than 5 months later will save you $12500. It will also earn you as much as $7000 from interests (Assuming CD are paying 5.5% or higher).
Total financial benefit for selling early would be $20,000. I would give buyer some discount just because of that.
Finally, keeping a house in selling condition is a lot of work. If your realtor does staging, it costs extra to rent furnitures. If you are living in the unit, it takes extra effort to keep it clean. So, sell it fast!
http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814
http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514
2006-09-14 20:17:11 · answer #5 · answered by Price is what you pay for value. 3 · 0⤊ 0⤋
It depends on where you live...and if you have needs that go beyond your real estate agent's expertise. I am a real estate agent in Washington, and if you were to ask me a legal question, i would ask you to seek an attorney's advice rather than accept full liability for answering your question improperly...however, if you are just selling your home with no special circumstances, your agent will be able to take care of everything for you.
As far as what is involved on your end, all you need to do is agree on an asking price with your agent, and sign off on, or counter an offer when it comes in. Everything else, your agent should handle for you, as long as you choose a full service brokerage.
2006-09-14 15:34:56 · answer #6 · answered by luv2play12344 1 · 0⤊ 0⤋
All you need a good escrow company. They will take care of all transaction. However you have to write the contract with the buyer and escrow instructions. You may use a lawer but Lawers are not worth for the money they charge. SO you can use some templates of agreement.
2006-09-14 15:33:03 · answer #7 · answered by Dr M 5 · 0⤊ 1⤋
Not sure if you need one legally, but its a damn smart idea anyway as so many things can go wrong with property purchases and transfers. Its worth the fee that you pay them. Perhaps you can find a para-legal or conveyancer who will be cheaper than a lawyer. Ask for references first though.
2006-09-14 15:29:32 · answer #8 · answered by analyst 3 · 0⤊ 1⤋
No, you don't need a lawyer, but if you're doing anything out of the ordinary, it might be a good idea. Usually, just show up - the title company does all of the heavy lifting.
2006-09-14 15:28:38 · answer #9 · answered by Anonymous · 0⤊ 1⤋
You do not need a lawyer but you should have a real estate agent. What aren't you using one?
2006-09-14 15:33:17 · answer #10 · answered by Island Queen 6 · 0⤊ 1⤋