One of the best tips for selling your home is to hire a lawyer. Buying or selling a home will be the most significant and the largest trade you will ever make in your life. It involves the real estate law which is unique in nature and raises special issues. You can encounter some problems that are not present in other transactions. You will need a real estate lawyer who is trained to deal with some of these problems.
Buying a home
The seller enters into a contract with a real estate agent in the typical home purchase. The contract is usually in writing. When the real estate agent finds a potential property buyer, negotiations are done through the agent. The agent acts as an intermediary. After reaching an informal agreement, the seller and the buyer enter into a formal contract that is normally written. This is the purchase agreement. The home buyer then gets a commitment for financing. In order to satisfy the buyer and the lender, a title is agreed upon. The property is then transferred from the home seller to the buyer and the seller gets the money bargained for in the contract. This may seem simple but there could be disastrous consequences without a lawyer.
Avoid unclear or vague terms
A real estate lawyer can help you avoid common problems related to home sale or purchase. For example, a home seller may sign a brokerage agreement that doesn’t deal with a number of legal problems. This is one of the reasons why I sell my house myself because real estate agents often use the standard forms. They do this expecting that they will be customizable for unusual circumstances or that they will cover all circumstances.
When there is no agreement to the contrary, the home seller may become liable to pay a commission to the real estate agent even if a sale doesn’t occur. If the agreement permits the seller of the house the right to negotiate on his behalf, you may avoid this problem. This is when a lawyer comes in. a layer can explain the effect of having multiple listings. A lawyer can also negotiate the rights of the real estate agent if the seller withdraws the house from the market.
It is, therefore, important for the seller to get the guidance and advice of a lawyer with respect to the brokerage agreement. The agreement may not be a standard form but the terms should be revised and explained to the seller whenever necessary. A lawyer should determine if the brokerage agreement was signed properly.
Consider a consultation
When looking for tips for selling your home, you should also look when a lawyer is needed. Sometimes you don’t need a lawyer but you may need to consult with a lawyer to get answers to important queries that you may have such as tax consequences of your transaction which may be of critical importance. A lawyer can advise whether the home seller can take advantage of tax provisions.