Free Real Estate Legal Advice
From Adviceopedia
If you are buying or selling a home, take advantage of any free real estate legal advice you can find.
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Free Real Estate Legal Advice and Tips
Hire a Real Estate Agent
One of the best ways to find a real estate agent is to ask your friends, family members, and co-workers if they can recommend someone. If these people are not able to help, contact a local real estate office and ask to speak with the broker.
Be prepared to explain your situation:
- You are interested in buying or selling a property
- What type of property it is (single family, multi-family, urban, rural, etc.)
- How much you are looking to spend or sell for
- The area you are looking at
Ask for someone who is familiar with this area to work with. The broker will be able to give you the name of an experienced realtor who can help you with your needs.
Realtors Act for the Seller
Keep in mind that a number of real estate agents act in the best interests of the seller. You may be asked to sign a document acknowledging this fact.
Consider Hiring a Lawyer
Given the fact that the real estate agent is acting for the seller of a particular property, it is a good idea for the buyer to hire his or her own attorney. For most people, buying a home is the largest purchase they will ever make and it's important to be sure all the bases are covered properly.
- A potential buyer will want to have a title search done to ensure that no liens have been registered against the property by creditors or previous owners.
- A lawyer will not be able to provide his or her client with free real estate legal advice, but you will find that retaining an experienced real estate attorney is money well spent.
Real Estate Commissions
If you are working with a realtor to buy or sell a home, his or her commission will be paid from the proceeds of the sale. In the event that the property is listed by one agent and sold by another one, the commission payable remains the same. This figure will be shared by both the listing and the selling agent.
Fixtures can be Included in the Sale Price
When fixing an asking price for your home, you can choose to include appliances or other fixtures as part of the sale. Built-in furniture or equipment may also be offered to a potential purchaser to "sweeten the deal."
Disclose Defects About the Property
The seller of a property must disclose any defects in the property to a potential buyer. This doesn't mean that a seller should not make any necessary repairs to the property to make it more attractive to a potential buyer. That is just smart selling.
Get it in Writing
Some good free real estate legal advice is to get all the points that have been agreed upon in writing. This is included in the agreement of purchase and sale. That way, there will be no confusion about the terms of the sale.
The signed agreement should include items such as:
- Closing date
- Possession date, if different from the date of closing
- Who is responsible for paying the closing costs
- When the agent's commission will be paid (when the contract is signed or on closing)
- Whether the buyer wants to have an inspection conducted
- If the offer is conditional on the buyer arranging for financing
Closing the Deal
On the date of closing, all documents pertaining to the transfer of title are signed by the purchaser and the seller of the property. The deed is transferred to the new owner. Financial adjustments may have to be made to compensate the seller for property taxes already paid on the property or unused fuel oil in the tank.
