As real estate has changed over the past few years many people are trying to sell their homes without a real estate agent in order to avoid paying a commission. In the United States you typically pay an agent 6 percent of the sale price in commission. With the price of homes today this number is significant. Especially since so many homes in the US have lost value and many homeowners have found they own a home that is not worth what they originally paid for it.
When not using an agent many residents will seek out the help of FSBO (for sale by owner) organizations and websites. These marketing tools still require a fee but the most it would be is 3 percent of the sale price and many are considerably less.
Real estate agents would also point out that by paying them a fee you are also gaining access to a number of resources that they have available to them. When selling a property agents will also invest in advertising to aid in selling the home.
Many people believe the commission paid to an agent is well worth it. However if you do decide to try and sell your home alone it is important to contact a real estate attorney who can help you navigate the legal aspects selling property.
The legal needs of a home sale include:
Purchase and Sale Agreement: This document is one of the many legal aspects involved when buying and selling property that will require an attorney.
Title Search and Clearing: Before finalizing a real estate agreement you want to be sure the title is clear. A lawyer will do the required title search and make sure the title is clear and the property is ready to be sold.
Litigation: There are instances where property ownership issues arise at the time of a sale. This could be a boundary dispute or eminent domain issue. You will want a qualified attorney working with you if you run into one of these problems.
Condo Development: Condominiums require legal documentation that is unlike any other property. Real estate attorneys are well versed in the legal requirements of condominiums and can help ensure the process moves smoothly.
Document Preparation and Review: If you are buying or selling a home you want to make sure all the documentation is complete and done correctly. It is the job of your real estate attorney to review all deeds, notes and any other documentation that is involved in a home sale.
The investment in a real estate attorney is an important addition to any home selling strategy. Buying or selling something as valuable as a home is a daunting prospect. If you plan to try and do it alone make sure you hire a real estate attorney to help supplement your sale strategy. The legal fees are a small price to pay to avoid a commission.
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Source by David Chang