Five Reasons to Hire a Lawyer When Selling Your Home

November 02, 2021

Five Reasons to Hire a Lawyer When Selling Your Home

Selling a home can be exciting, but it can also seem overwhelming. For many people, their home is the most valuable asset they will ever own. Whether you are selling your home or buying a home, hiring a real estate lawyer can help you protect your interest and engage and ensure a smoother closing process. Your real estate lawyer can help you answer important questions and protect your legal interest, especially if any unexpected legal issues arise before you close on the home.

Your Real Estate Lawyer Will Represent Your Best Interests Alone

Real estate agents must work on behalf of their customers, but they do not owe them the same type of fiduciary legal duty that attorneys owe their clients. Real estate agents have a financial interest in making sure you sell your home for the highest possible price so that their commission rate will be higher. On the other hand, your lawyer will not have any financial interest in the transaction. Instead, your lawyer’s job is to represent your rights and your rights alone. They will advise you so you can make an informed decision on whether to buy the property or not.

Real Estate Transactions are Often Complicated

Real estate transactions are often incredibly complicated. Even real estate transactions that seem like they will be simple and straightforward can become complicated. Your experienced real estate lawyer will help you understand all of the terms in your real estate contract. When complicated legal issues arise while you are trying to sell your home, your lawyer will be able to analyze the situation and offer you advice as to the best path forward.

Your Real Estate Lawyer Will Handle Legal Issues That May Come Up

When you sell your home, you could become aware of legal issues that you did not even know about, such as easements, zoning restrictions, title defects, or liens. A real estate attorney will be familiar with all of the different complications that can arise when you are trying to sell your home. They have the legal knowledge and expertise to address complicated legal issues quickly. Realtors and title agents do not understand common law or statutory real estate law, and their knowledge and ability to resolve a complicated legal issue is limited.

Your Lawyer can Create, Review, or Modify Your Real Estate Contract

Your real estate contract is incredibly important, and it is wise to allow your real estate lawyer to review the contract and modify it so that your best interests are protected. Many real estate agents use boilerplate real estate contracts, and these contracts are not tailored to the specific sale of your home. Real estate agents may not understand many aspects of contract law or real estate law, and they are unable to draft real estate contracts that adequately address your legal rights. Your real estate lawyer will be able to read your contract, modify it, and explain all of the terms for your benefit.

Your Lawyer can Help You Draft Contingencies

Your real estate transaction may require contingencies or concessions. Whether your transaction requires a buy-leaseback program, a short sale, or any other type of complicated transaction, your real estate lawyer can help. He or she will understand all of the terms and legal concepts in your contract and advise as to the potential risks involved in your contract.

Your Lawyer can Explain Your Legal Obligations

What if you sell your house, but then you need to back out of the sale? What if an issue arises with your real estate deal, and you are unable to sell? While many people expect that their real estate transaction will go smoothly, it is always possible that you may need to back out. Your real estate lawyer will be able to explain all of your legal obligations to you as well as the consequences you may face if you decide to change your mind. Before taking the next step, talk to a real estate lawyer.

Your Lawyer can Negotiate on Your Behalf

Real estate agents often negotiate on behalf of their clients, but they always have one objective at the forefront, and that is selling your home and receiving their commission. On the contrary, your real estate attorney will be negotiating for your benefit alone. Real estate lawyers have extensive experience negotiating with insurance companies, defendants, the government, and real estate buyers and sellers. Your real estate attorney will also be able to coordinate the entire real estate process by working with your loan officer, the other party’s attorney, and the real estate brokers to make sure your home sale proceeds without any unnecessary delays.

Your Lawyer can Take Legal Action

When legal issues arise, a realtor is limited, and the types of actions they can take on your behalf. On the contrary, your lawyer will be able to take legal action in your defense should the need arise. Many different moving parts happen at once when you are trying to sell your home, and you could potentially find yourself defending your legal rights in court. 

Your Lawyer Will Ensure You are Not Underpaid

Your real estate lawyer can review the HUD-1 real estate financial settlement statement to ensure that you will receive the agreed-upon price for your home. Many people are surprised to find out that they are underpaid because these documents are so complicated.

Peace of Mind

When you work with a real estate lawyer, you will receive peace of mind. You will know that throughout the process, your legal rights have been protected.

Contact Our Experienced Real Estate Lawyers Today

If you are selling a home, you need an experienced real estate lawyer on your side. Contact Bannon Law Group, LLC, today to schedule your initial consultation.