2007-05-25 07:38:01 · 6 answers · asked by ImJustSaying 2 in Business & Finance ➔ Renting & Real Estate
While there most likely isn't any legal requirement for you to be represented in a purchase, the purchaser may want to consider representation to protect themselves.
A home purchase may be the largest single investment that a consumer may make and they should not take the decision likely. A real estate agent could provide information on comparable properties and other factors that could help the purchaser determine value as well as guide them through all of the steps involved from entering into a purchase agreement to closing of the purchase, including helping with financing options and facilitating inspections at a minimum.
An attorney could help the purchaser draft a purchase agreement and/or insure that terms of a purchase agreement used by the seller don't necessarily penalize the purchaser. The attorney may also be able to close the transaction.
2007-05-25 07:56:02 · answer #1 · answered by Stephen M 1 · 2⤊ 0⤋
Both Buyer and Seller should have a good real estate lawyer. That said, you really don't need an agent to represent you, the buyer. After all why pay for something twice!?The seller will and should have their necessary documents up to date. Once you put an offer in on the house--your lawyer can tell you how to write it up-- the buyer will look it over and either accept it, counter it or reject it. Once the two of you agree on a price the seller will sign it and send it to his lawyer. Give the seller the name of your lawyer and his contact info. You should also give the seller a written letter from a mortgage lender stating that you have a mortgage approval ( not just a pre qualification ) for the said amount. The layers will then take over and set up an agreed amount of time for inspections , contract signings ( with a down payment of about 10 to 20 %), and finally a closing date. Your lawyers will advise you all the way through this process. Remember selling a house is a big undertaking but anyone can do it with proper legal council. Real Estate Agents are really not necessary !
2007-05-25 15:47:53 · answer #2 · answered by ursaitaliano70 7 · 0⤊ 0⤋
I think it is a good idea to have an agent represent you whether the seller is represented or not. When they aren't represented I think it is even more important.
If you need legal advice, or you are in a state that requires a lawyer to write up a contract, then get a lawyer. In my state (NH) we have a basic fill in the blank purchase and sale agreement that we fill in with the details and most buyers don't use a lawyer.
You will need someone to handle the closing, performa a title search, and prepare and record documents. In my state we can use title companies, but not all states do and then you probably need a lawyer to handle this.
2007-05-25 07:53:57 · answer #3 · answered by Michael Iarrobino 2 · 1⤊ 0⤋
You need a lawyer, for your own protection. A title search has to be done to verify that the seller owns the property and that their are no liens or problems with ownership of the property. A sales agreement has to be drawn up with terms that the buyer and seller agree on. You don't need a real estate agent.
2007-05-25 07:48:29 · answer #4 · answered by regerugged 7 · 0⤊ 1⤋
In most states it is not required.with that --you may want an agent to do the required paper work and getting all inspections done to protect yourself. The agent may get their money from you and not the seller in this case so you may have to pay their commission.
2007-05-25 07:48:29 · answer #5 · answered by golferwhoworks 7 · 1⤊ 0⤋
no you don't.
but you don't need a dentist to get your teeth cleaned either but it makes things easier especially when a problem comes up.
2007-05-25 07:52:28 · answer #6 · answered by blackrealty 3 · 1⤊ 0⤋