Many Essig Law clients often ask our laywers, “Do I need a realtor to sell my house?” The simple answer is no. No real estate law requires that you must hire a lawyer to sell your home. In fact, you can save quite a bit of money by skipping payment of a commission if you already have a buyer in waiting. Instead, hire a real estate closing attorney to help you finalize the sale.
The Benefits of a Real Estate Closing Attorney
You can receive many benefits by hiring a real estate closing attorney if you decide not to hire a realtor. Attorneys can help you draft or interpret any confusing closing paperwork. In addition, a real estate lawyer can offer the following advantages if you are selling your own home.
Real Estate Attorneys Draft Beneficial Contracts
A real estate attorney can assist you by drafting an air-tight contract for the closing of your sale. That way, your sale can avoid hassles and delays. Well-crafted contracts will outline all of the following real estate transaction details.
- Inspection deadlines
- Appraisal deadlines
- Any conditions for the sale
- Caveats the buyer or seller want included
- Contingencies for inspections, appraisals, financing, or the buyer selling their own property
- Sale price details
- Real estate closing dates
Get Assistance Resolving Disputes
Real estate sales involve a large amount of money. Therefore, disputes between sellers and buyers can arise with such significant financial concerns at stake. A real estate lawyer can help you resolve common disputes that can delay or stop a real estate sale. Examples of typical real estate transaction disputes include the following.
- Failure to Disclose: Buyers may contend that a seller failed to disclose information that would have significantly affected their decision to buy or the purchase price.
- Purchase Contract Problems: Buyers and sellers may disagree on contract language. A sale may hinge on caveats or contingencies that either a buyer or seller wants included in the closing paperwork.
- Disputes Between Owners: In some transactions, disputes occur between multiple buyers instead of the buyer and seller. Parties can purchase real estate through a trust, as a tenant in common, as joint tenants, as an LLC, or as a partnership. In those situations, buying parties may not clearly understand their duties and rights regarding the land or home. Usually, the parties disagree about which gets right to rents or to possession of the property.
- Legal Disputes: Other difficulties can arise when a sale gets held up by a legal issue. For instance, a restrictive covenant could impact the closing. Meanwhile, other sales may require an easement when requested. With some sales, a deal gets delayed by a boundary dispute. Also, a buyer or seller may request the inclusion of a contingency not included in the initial real estate purchase contract.
- Communication Issues: Some real estate sales fail to get finalized by poor communication between buyers and sellers. A lawyer can clear up any confusion regarding real estate law, negotiate with the buyer on your behalf, and act as a point of contact for both parties. That way, both buyers and sellers can get feedback on important sticking points in the deal that need to get ironed out.
Attorney Fees Cost Less than Real Estate Commissions
We understand your skepticism about cost savings when you consider hiring real estate attorneys. After all, you are probably thinking about saving money when you ask, “Do I need a realtor to sell my house?” However, lawyer fees will cost you quite a bit less than the going cost of average real estate commissions. Did you know that average realtor commissions include up to 6 percent of the closing sale price? Consequently, you will pay a realtor over $15,000 on the sale of a $250,000 home. The hourly fees a real estate attorney will charge you will not cost you nearly that much.
Many people looking to sell their home think they must hire a realtor. If you find yourself asking, “Do I need a realtor to sell my house,” the answer is no. If you already have a buyer in waiting, you can save money by selling a home on your own. However, real estate sales can get delayed or fall through due to a variety of problems involving legal and contract issues. You can avoid unnecessary hassles and delays by hiring a real estate attorney.
Attorneys at the Essig Law Office specialize in real estate law. For more than 40 years, our real estate attorneys have helped Tazewell County and Woodford County homeowners and home buyers finalize their home sales. We can help you with drafting and interpreting complicated real estate closing contracts. That way, your real estate transaction goes quickly and smoothly without delays or disputes. Give us a call at 309-354-3898 or contact us online to schedule a consultation.