When i bought my house i let the realtor take care of everything. Now i am selling my house to my coworker who wants to buy my house using a real estate attorney instead of a realtor to cut cost. I am for cutting costs too but was wondering what i need to prepare for this whole process. I was gonna call the real estate attorney and ask but want to see what people on yahoo answers have to say for advice.
2007-10-30 01:21:12 · 5 answers · asked by d w 2 in Business & Finance ➔ Renting & Real Estate
I did'nt have a problem useing the outher guys realastate attorney
2007-10-30 01:30:34 · answer #1 · answered by doc_holliday1863 7 · 0⤊ 1⤋
First of all, if the buyer is using HIS real estate attorney, then he (the attorney) is a Buyer's Agent technically. If you didn't sign a Listing Agreement with the Attorney, then you have no listed / legal obligation to pay the attorney a commission, unless you subsequently agree to via the terms of a sales contract that include a commission payable to him from the seller (you). My guess is he asks for one anyway which could be up to the 6% total commission that you might have to pay using a Realtor.
Ask yourself this question - Are you SURE you're getting fair market value for your house? Check www.realtor.com to see what prices are (at least the ask prices) in your area. Maybe you aren't asking enough? Also, are you really "cutting costs" using this atty? Most states have standard 'fill in the blank' cookie cutter contracts that most anyone can fill in, so if the attorney puts in a lot of ancillary clauses or conditions, then you may want to reconsider. Realtors keep up with market conditions and can provide sales comp's to see what your home is worth. Also, are you SURE your co-worker can qualify for the new mortgage? Suggest a 3rd party finance addendum to the contract (unless you want to seller finance?).
Things I don't know and only you can answer - why are you selling your house (bad mortgage terms, divorce?), and how do you know you're getting the best price?
Move cautiously as you go forward.
2007-10-30 01:31:23 · answer #2 · answered by gato_del_sol_3 4 · 0⤊ 1⤋
I'm a realtor in Rhode Island. I ALWAYS tell my clients to use an attorney when preparing documents and going to close. I help my clients through all stages of the home buying process..but the attorney prepares the documents in a manner that will protect your rights should something go wrong. You should EACH get your own attorney...that way you have someone with a fiduciary responsibilty towards you and not your coworker.
2007-10-30 01:26:32 · answer #3 · answered by Cheryl S 5 · 1⤊ 0⤋
You should not be relying on your co-worker's attorney. That attorney represents your co-worker, not you. You need your own attorney who will be looking out for your interests. The good thing is that an attorney will cost you far less than paying a commission to a realtor and you know that you will be protected.
2007-10-30 01:48:39 · answer #4 · answered by Anonymous · 3⤊ 0⤋
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2016-10-03 00:28:42 · answer #5 · answered by ? 4 · 0⤊ 0⤋