Do I Need a Real Estate Lawyer to Sell My House?

Table of contents

What Does a Real Estate Lawyer Do

What Does a Real Estate Lawyer Do for a Buyer?

What Does a Real Estate Lawyer Do for a Seller?

Costs of a Real Estate Lawyer

How to Sell Your House Without a Real Estate Lawyer

When to Consider Hiring a Real Estate Lawyer

FAQ

What is a real estate lawyer?

Do you need a Real Estate Attorney when buying or selling?

What kind of attorney do I need?

When to hire a real estate attorney?

How to sell property without a lawyer?

Do you need an attorney to sell a house in Florida?

What does a real estate attorney do?

How much does a real estate attorney cost?

What does a real estate attorney do for a buyer?

What does a real estate attorney do for a seller?

How to find a real estate attorney?

Is a real estate attorney required in Florida?

Can an attorney act as a real estate broker?

Do I Need a Real Estate Lawyer to Sell My House? Selling your home, especially during a market where you see profitability, can be an exciting realization. Whether you’re ready to downsize, offload an investment or finally sell to move into that dream home, you want to keep as much money in the bank as possible for your next renovation, retirement, or investment venture. The first thing technology-savvy property owners can do is list their home for free on MLS to avoid paying thousands in commission.

The second thing you can do – is sell your home without the services of real estate lawyers. But is that wise, worth it, and possible? With the internet, online signing services (or classic pen to paper), anything is achievable. Let’s look at what they do and what they cost and compare that to the kind of sale you’re embarking on.

What Does a Real Estate Lawyer Do

Think of your real estate lawyer as basically a closing attorney. You don’t require a Florida real estate attorney to complete the sale, but you will need a residential real estate lawyer if your purchase or sale is located in one of these States:

1. Connecticut
2. Delaware
3. Georgia
4. Massachusetts
5. North Carolina
6. Rhode Island
7. South Carolina
8. West Virginia

A few other states require a lawyer for property transactions in order to certify the title rather than using a cost-effective title settlement company. If you’re buying or selling property here, you’ll have to pay the cost regardless of listing on MLS for free:

1. Alabama
2. Louisiana
3. Mississippi
4. North |Dakota
5. Oklahoma
6. South Dakota
7. Wyoming

Housing lawyers have similar tasks for assisting buyers and sellers, of course, with a real estate attorney cost. Let’s dive in to see what they’ll do for you, and if that’s worth sacrificing the extra cash you could use.

What Does a Real Estate Lawyer Do for a Buyer?

Buyers, especially first-timers, can find a residential real estate lawyer to help them navigate through the transaction, protect them from real estate fraud, and answer questions that may come up about the legal contract. If you’re hiring a land attorney because you prefer an expert to guide you through it, even at a cost, this is what you can expect from them:

• They’ll help you as a buyer, understand the contract, your obligations, what the legal documents mean, inspections, etc.
• Check for claims, liens or missed property taxes on the property. Debts follow the property, not the homeowner in some cases!
• Arrange for your title insurance and transfer the title at closing.
• Protect your best interests.
• Close the transaction on the agreed-upon date, ensuring that financial and legal conditions have been met.
• Arrange for the keys and documents to be transferred on closing day.

What Does a Real Estate Lawyer Do for a Seller?

An estate attorney helps property owners get their paperwork in order, manage the transaction and deal with unexpected problems that may arise. Whether it’s a realtor lawyer, for sale by owner real estate attorney or usual realty lawyer, they’ll be performing the same duties and responsibilities:

• Review the offer/agreement before you sign.
• Handle any title issues that occur and navigating it to a smooth close.
• Assist you with negotiations of the terms and conditions.
• Keeping track of all the legal and financial conditions, ensuring they are met before the property closes or their due dates.
• Give any legal documents along with the keys to the Buyer’s lawyer.

Costs of a Real Estate Lawyer

Do I always need a real estate lawyer to sell my house? The real estate attorney fees for sale by owner could be worth your savings on the commission if you have a complex deal, such as a foreclosure or quick sale. Suppose understanding the legal terminology, what is required from you within the contract, and the buyer’s legitimacy pose stress. In that case, your fees vary depending on where you’re located, the company you choose, and how complicated the deal is.

Real estate attorney fees range from $950-$1500 when considering a real estate attorney fl rather than NYC, which has some firms quoting between $3,000-$5,000.

How to Sell Your House Without a Real Estate Lawyer

It’s no secret that the real estate attorney fees selling house can put property owners in a position where they can’t purchase the dream home because of the added closing attorney cost. But just like we showed you how to sell your house without a realtor to save on commission, you can sell without a property attorney too. Here are the steps you need to take to sell without land lawyers:

1. Get your house ready for showings and then list on MLS for free
2. Go through the offer and acceptance process as a for sale by owner
3. Negotiate the best deal
4. Get title insurance and settlement through a low-cost, one-time fee

When working with a Free MLS company like Richr, they provide all of the legal documents you’ll need to successfully sell your home without an agent or a real estate lawyer.

When to Consider Hiring a Real Estate Lawyer

If this is your first real estate sale or your seventh, hiring a business real estate attorney can be the costly safety net most property owners opt-in for. But are they totally necessary?

While it’s up to the seller’s comfort level, forgoing a real estate lawyer can save you hundreds to thousands of dollars if the sale is straightforward and you have access to a reputable title settlement company.

A common misconception is that you’ll need a lawyer on hand the second you put your home on the market. Not true! Lawyers don’t come into the picture until you’re ready to start reviewing offers. Until you have an offer you’re prepared to take seriously, there’s no need to retain them. Real estate lawyers can explain the contracts to you, what the legal procedures are and close the deal. But if you already understand the agreements, know how the process works, and only need title settlement, a lawyer may be redundant to your situation.

FAQ

What is a real estate lawyer?

A real estate lawyer is someone who specializes in residential or commercial properties to ensure all the procedures are followed, and paperwork is signed in order to successfully transfer the sale.

Do you need a Real Estate Attorney when buying or selling?

In some states, it is required that a real estate lawyer is present at closing. In Florida, it’s not mandatory as long as you have a title company. Having an attorney can give you peace of mind, especially when handling complicated deals, but it is an added cost that some buyers or sellers will forgo if they are confident that it’s a traditional sale.

What kind of attorney do I need?

If you’re looking to hire a lawyer to process your real estate purchase or sale, you’ll want one that specializes in real estate – otherwise referred to as a real estate lawyer. You wouldn’t want someone that is dealing with custody battles and divorces all day to handle your real estate transaction. An expert in the field that knows the real estate law inside and out is your ideal choice.

When to hire a real estate attorney?

If you’re in a state that requires you to hire a real estate lawyer to close the transaction, it’s best to contact them after an offer has been accepted. However, if you’re in a state that doesn’t mandate the lawyer’s review, but you don’t know the ins and outs, it may be worth considering. The more complex situations, like a foreclosure or quick sale, may warrant an expert opinion.

How to sell property without a lawyer?

In order to sell your property without a lawyer, you want to list it on the MLS for free to get as much exposure as possible to secure the best offers. Once you accept an offer, you will have to hire a title settlement service in order to transfer the property and funds legally.

Do you need an attorney to sell a house in Florida?

Florida does not require property owners to have an attorney to represent them during a real estate transaction. You don’t even need an agent. All you need is exposure, the proper paperwork, and the involvement of a title company.

What does a real estate attorney do?

A real estate attorney looks over the purchase/sale of real property – meaning the land and any structures on it. It also covers anything attached to the property, such as certain appliances or fixtures. The real estate lawyer will be reviewing:

• Purchase agreements
• Mortgage documents
• Title documents
• Transfer documents
• Complete title searches

How much does a real estate attorney cost?

Do I need a real estate lawyer to sell my house if the costs are high? The cost of your real estate attorney depends on who you hire, how complicated the deal is, and what negotiations involve. You can find quotes for a real estate attorney in Miami anywhere from $950-$1,500, but the rule of thumb is that you’re looking at $150-$450/hour.

What does a real estate attorney do for a buyer?

Do you need a real estate lawyer to buy your house? When you’re purchasing a property, the most important thing that a real estate attorney would do for you is to ensure that you’re buying the property legally from someone who can sell it legally. Real estate fraud is a real thing, and attorneys step in to review the chain of title, purchase documents, and more. Here are a few of the items they’ll be taking care of for a buyer:

• Help the buyer understand the contract, inspections and legal documents involved.
• Arrange for title insurance when required.
• Protect your best interests – they’ll be on the lookout for anything shady coming from the seller.
• Check to make sure property taxes are up to date and that there are no claims listed against the property.
• Calculate the land transfer tax that will be due on closing.
• Close the transaction with all the financial and legal conditions met.

What does a real estate attorney do for a seller?

When you’re a seller, you want to make sure the person who agreed to buy your property is in a position to do so. You also want as much off your plate as possible so you can focus on packing. If you’re looking to save in real estate lawyer fees, you can certainly do these yourself, but this is typically what a seller’s real estate attorney would do:

• Review the agreement of purchase/sale before you sign.
• Help with negotiations.
• Find and fix any title issues if they occur.
• Close the transaction with conditions met.
• Exchange the legal documents and keys with the buyers’ lawyer on closing day.

How to find a real estate attorney?

You can use a few resources to find a suitable real estate attorney if you require one to complete your transaction. The best place to start is by contacting the Bar Association for a list of lawyers in your area who practice real estate law. Your next step should be looking into their websites, reviews, and analyzing which may be the best fit for you.

Is a real estate attorney required in Florida?

A real estate attorney is not required in Florida in order to have a legal transaction. All you need is a title settlement company and the correct paperwork fully executed.

Can an attorney act as a real estate broker?

Do I need a real estate lawyer or a real estate broker to sell my house? An attorney can act as a real estate broker but may have to meet different requirements, depending on their location. In Florida, for example, an attorney can act as a real estate broker (and possibly even take a commission) if they take the 72-hour pre-licensing course and 60-hour post-licensing.

As a property owner, you want to maximize the profits from the sale of your home. After all, you’ve been paying off the mortgage, paying the maintenance fees, and upgrading the property over the years. You deserve it! In order to save as much as you earned as possible, explore Richr’s options that allow you to list for free and have a one-time title settlement service charge that wraps your transaction up in a neat bow – without the lawyer fees.