|
Selling Check-List!
Need for a Lawyer: In many
states and most circumstances you can sell a home without a lawyer. We
recommend a real estate lawyer for the following services*:
- Acting as Escrow Agent
to hold a down payment, binder, or
earnest money deposit.
- Evaluating complicated
offers from potential Buyers.
- Hosting and handling
the
Closing, or representing you if the Closing is to be handled by
the lending institution's lawyer.
- Evaluating and filing
Seller financed mortgages or Lease with Option to Purchase
Agreements.
- Evaluating any other
document that has to be filed with County or Court.
* Note: An increasing number of states
now stipulate the use of an Escrow Agent or Title Company to handle all
transfer of real estate. In these states the Escrow Agent performs all
the functions our web site ascribes to the "closing attorney." The
seller's need for a lawyer is diminished in these states, but in our
opinion, still a good investment at the $350-$650 level.
Type of Lawyer:
You want a lawyer who handles real estate as
a significant part of his practice. Don't hire a criminal or corporate
lawyer who has never handled a real estate closing.
How to find a good Lawyer:
- Talk to neighbors and
other people with "For Sale" signs.
- Ask a real estate
agent to refer you to a lawyer.
- Ask your pastor, rabbi
or other people where your worship.
- The
American Bar Association will refer you to local real estate
attorneys, but,
- The
Lawyers.com site seems better
designed to help you find a local attorney. The site is loaded with
information for people seeking legal help.
Price* negotiations with a prospective lawyer:
- Determine the fees
for:
1. Reading a document and giving advice concerning that document.
2. Representing you at the Closing.
- You should get a
significant discount for documents you prepare and fill out versus
those the lawyer has to prepare.
- If the fees seem too
high, find another lawyer. The Supreme Court has ruled it illegal
for bar associations to fix minimum fees, so feel free to bargain
and shop for fees you can afford. * ($350 to $650 for handling a
basic real estate closing in the Atlanta area)
Back to Educational
Menu
|