I plan to sell my house without a lawyer to represent me. What exactly does he do in such a transaction to be worth his fee? Are there any rule or law that require one to have a lawyer, or it is just a tradtion? May be buying a house is a litle different because you are liable to a large sum of money. You collect when you sell.
2006-12-02 10:10:39 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
No, not the seller. The buyer needs one IF he is buying the house without financing. Most people buy homes with the help of a mortgage company and they will ALWAYS be represented by an attorney. So the buyer gets the benefit of the mortgage company's lawyer, but since the buyer is actually paying those costs anyway that is as it should be.
There are a few odd circumstances where a seller might need to consult an attorney, especially if he is taking something in trade or is concerned about disclosure issues such as lead based paint or defects that the seller knows about. Most states require some disclosure and a real estate attorney will know what needs to be done. Most real estate brokerages have all the canned forms that take care of those things.
2006-12-02 10:33:01 · answer #1 · answered by plezurgui 6 · 0⤊ 1⤋
It's not a requirement to have an attorney when you buy or sell a home. If both parties are using the services of a licensed real estate broker, most of the relevant legal language in the paperwork has already been vetted by attorneys so there shouldn't been any gross errors. That said, brokers and sales people are cannot give legal advice. If you have a legal question (how should we hold title, etc.) then an attorney is the way to go.
Many attorneys do do real estate closings and their fees are probably no worse than the typical title company WITH the benefit of legal advice! So there's certainly an argument to be made there.
If there is any chance of any legal questions, you should have an attorney involved from the start. And if either party is proceeding without the services of a licensed real estate professional, an attorney is really mandatory for your own protection. This is especially true if you are going to try and write up your own contracts, deeds, etc or use canned ones from a stationary store.
Even when you're selling a home you're still dealing with a lot of money -- your money! And there are potential pitfalls that a good attorney can help you avoid. Who needs the grief of being sued several years after the sale because you cut corners to save a few $$$ and dug yourself a legal hole?
Keep in mind that the broker, title company, mortgage company and possibly the other party all have attorneys looking out for THEIR interests, not yours. The title company's attorney protects the title company's interests, NOT yours! If you don't have one, you're possibly at a significant disadvantage.
2006-12-02 10:59:36 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
You don't need a lawyer when you buy or sell a property. But it is a good idea to have him look over the papers to make sure your interests are protected. Some title companies have attorney's on staff who may be able to do this for you.
2006-12-02 10:15:01 · answer #3 · answered by Flyby 6 · 0⤊ 1⤋
Nope, no law! Not buyers either! If you're savvy enough to know what you're doing, you'd be fine! Perhaps you should go to "homes by owner" sites. They always have useful tools and information available to sellers!!!
2006-12-02 10:22:06 · answer #4 · answered by ALEGNA 3 · 0⤊ 1⤋