Buying or selling a home is one of the most important financial and emotional decisions you will make. There is nothing in the law that prevents you from buying or selling your residence on your own. However, most real estate experts, sellers, and increasingly buyers employ the services of real estate brokers and lawyers to help them navigate through the often confusing world of real estate transactions.
Do I Need a Real Estate Lawyer if I Want to Buy or Sell a House? There are many steps and a lot of information involved if you wish to buy or sell a residence. A real estate attorney can guide you through the process. A real estate attorney will also review listing agreements with brokers, offers, and purchase contracts before you sign them to make certain that your requests are met. Further, a real estate attorney can advise you on financing the house of your dreams
Listing agreements A listing agreement is a contract between the seller and the broker that stipulates the parameters and rights of the relationship. It is best to consult with an attorney before signing any legal document or contract. The listing agreement includes information on the following:
What is a Real Estate Broker?
A broker is a professional who helps you buy or sell your home. Both buyers and sellers of residential real estate benefit from a broker. For example:
Disclosures About a Property
The seller is usually required to make specific disclosures about the property. This includes:
Encumbrances on the Property
An encumbrance is something that may prevent a buyer from taking the legal title or possession of the property. Most encumbrances are recorded at the county recorder's office. These encumbrances can include mortgages and other liens as well as easements. A title insurance company should inform you of any such encumbrances on the property.
Financing the Purchase
A buyer may not have enough cash up front to pay the entire purchase price for a property. A financial institution may be able to lend the buyer a portion of the purchase money and attach a mortgage to the property.