It is customary practice for home and commercial real estate owners in Indiana and Michigan to utilize a real estate agent to sell their property. However, many real estate owners who intend to sell their property directly to another individual (and not list the property publicly) utilize the service of an attorney.
Real estate attorneys are well-versed in real estate law, can run title searches, draft real estate purchase agreements, draft the appropriate deed (e.g., warranty deed, quit claim deed) and assist with the closing process. In this capacity, a real estate attorney can help the Seller save thousands of dollars. Instead of being paid a percentage of the sale price, real estate attorneys are typically paid at a standard hourly rate. For example, if a home is selling for $500,000, a standard real estate agent commission of 3% results in an agent being paid $15,000.00. Contrarily, an attorney who spends 10 hours on the matter and charges $300/hr. will result in the Seller only paying $3,000 for representation with the sale.
Attorneys can also assist Sellers in responding to a Buyer’s inspection demands, aide the Seller in negotiating the sales price, and assist the Seller in the closing process. Moreover, if legal troubles arise concerning the sale of the real estate, an attorney is well-versed in the relevant law and equipped to immediately counsel the Seller accordingly.
Consider hiring a real estate attorney the next time you sell property.
This article is for information purposes only and is not intended to constitute legal advice