If the sale of your home is fairly simple, selling your home without a real estate agent can save a significant amount of money, but it’s important to know what you are getting yourself into before you start. In order to avoid pitfalls that may arise in a For Sale By Owner ("FSBO") deal, it is essential to enlist the help of an experienced real estate lawyers who can assist you during the process.
Know the Market Value of Your Home In order to price your home competitively, research the final selling prices of similar properties in your community. Starting at a fair price will help you sell your home more quickly. Online real estate sites offer sales trend information for local neighborhoods, sales prices for comparable homes in the community, and the average length of time homes have been on the market. It is also worthwhile to employ a certified licensed appraiser to obtain an appraisal before putting your home on the market. Showing an appraisal to potential buyers can help them determine how much they will need to borrow to purchase the home. Working with the Buyer’s Agent A potential buyer may have an agent representing his or her interests. If the buyer is using an agent, consider paying the agent a commission of about three percent of the final cost. If you do not pay the commission, the number of potential purchasers may shrink, as buyers’ agents will not have an incentive to show their clients your home. Sales and Marketing If you are new to FSBO, it is easy to underestimate the amount of effort it will take to market your home. Keep your home and yard clean, clutter-free and ready to show at a moment’s notice.
Putting your property in the Multiple Listing Service (MLS) can also help you effectively market and sell your home. Some real estate brokers will list the seller's home in the MLS for a flat fee of a few hundred dollars. Before paying any money to a third-party company, do your research to make sure it has a good reputation and favorable reviews. Don’t Take It Personally The emotional aspect of selling a home is an important part of the selling process. You may hear comments about your home's shortcomings from buyers trying to negotiate a lower price. Don't take negative feedback to heart. If you look at it as a product you are selling, it will be easier to have an objective view of your home’s value. Screening Potential Buyers Screening potential buyers may be the most important part of selling your home for sale by owner. Before you sign a contract with a buyer, make sure the purchaser will be able to come up with the necessary funds. You don't want to take your house off the market or waste time negotiating with someone who was never qualified in the first place. Ask for a current pre-approval letter from a reputable lender before accepting any offer. The letter should show that the buyer has been officially pre-approved for the purchase price of the home. A qualified contracts lawyer can help to craft a sales contract that will protect your interests should something go awry. The sale of your home is probably one of the largest financial transactions you will make in your lifetime. Carosella& Associates in West Chester, PA can help you determine the kind of sale that is right for you. We also have offices in Montgomery County and Delaware County to serve our clients. #salebyowner, #FSBO, #realestatelawyers
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A real estate purchase and sale agreement is the contract that is drafted after acceptance of an offer by both the buyer and seller. Whether you are selling or making an offer on a property, it is essential to engage the counsel of experienced real estate attorneys to make sure you have all your legal bases covered and ensure that your interests are protected during the transaction.
The specifics of purchase and sale agreements can vary by state, but usually include the following: Final Sale Price The agreed upon purchase price is included, in the agreement, but may change during negotiations before the closing date if issues arise such as the home inspection turning up a problem. Earnest Money Details The purchase and sale agreement includes information on the earnest money deposit, a small percentage of the purchase price which shows that an offer is serious and made in good faith, and is commonly held in escrow until completion of the deal. Experienced contracts attorneys can help create a document that will ensure that it will be returned to you in case the deal goes south. Closing Date On the closing date the transfer of property will be recorded with the local government and the seller will receive the money for their home. A knowledgeable attorney will prepare and review closing documents before you sign and assist you at the closing. Title Condition and Information about Your Title Insurance Company The purchase and sale agreement will state that the seller must provide a clear title of ownership to the buyer. Information about your title company will be also be included in the contract. A seasoned real estate attorney can assist you with choosing a good title company. Contingencies Contingencies are conditions that must be met in order for the purchase to be completed, and may allow the contract to be canceled by either party if they are not met. Always check with your attorney to make sure all the necessary contingencies are included in the contract, such as:
An addendum is any additional request from the buyer to the seller that is not included in the actual purchase and sale agreement. Skilled business lawyers can also advise you on which addendums to include, such as asking the buyer to pay part of the closing costs. Engaging the services of experienced attorneys will make sure your real estate sale and purchase agreement protects your interests in a real estate transaction. At Carosella & Associates we have knowledgeable and qualified lawyers practicing in Montgomery, Chester and Delaware counties who can help you through the process and realize your dreams of buying or selling a home. #RealEstateLawyers, #RealEstateContracts, #realestateagreements There are particular challenges and benefits when it comes to buying a “for sale by owner” (FSBO) home. Whether you are a first-time homebuyer or a seasoned property owner, having experienced real estate a looking out for your interests and guiding you through the purchasing process can save time and help you avoid costly pitfalls that may arise during the transaction. Here are just a few of the pros and cons of buying a FSBO property: Pros 1. Purchasing directly from the homeowner can help you negotiate a significantly lower purchase price and reduce fees and closing costs. Commissions charged by real estate agents are paid by the seller of the home, so sellers often include the agent’s commission in the price of the property. 2. Having more direct contact and rapport with the homeowner can lead to smoother negotiations, but it is very important to enlist the help of qualified real estate or contracts attorneys who will thoroughly peruse the sales contract to ensure it contains contingencies that will enable you void the contract if issues arise during the home inspection or appraisal. Your attorney can also determine if there are any liens or other problems that prevent the property from having a clean title, and can negotiate with the seller to determine who pays certain costs such as the title transfer fee and transfer taxes. 3. You may learn much more insider information about the house and neighborhood when buying a house directly from the owners. The seller may be able to indicate many little-known perks about the area that a real estate agent would not be familiar with, such as beautiful parks, stores or restaurants, and can also let you know which places to avoid. Cons 1. Both buyer and seller are often inexperienced in many of the details and processes involved in a real estate transaction. The paperwork can be time-consuming and difficult to understand, which can slow the process and lead to headaches that could have been avoided. Hiring a qualified real estate attorney will help you make sure that any and all documents governing the transaction are legally valid. 2. Misunderstandings between you and the seller can easily lead to a deal falling through and even legal action. Some homeowners may have an inflated or totally unrealistic idea of what their home is worth, and emotional attachments may also make it hard for them to negotiate price in good faith. 3. Not all homeowners are going to be honest, especially about things that may lower the value of their home. Enlisting the services of a licensed appraiser and having a formal property inspection to uncover any issues that need to be addressed is well worth the cost. Real estate agents usually facilitate this, but qualified attorneys should also have appraisers and home inspectors they can recommend to provide these services. A skilled attorney should provide support and legal counsel from your first offer to closing on the property. At Carosella & Associates we have experienced real estate and business attorneys who practice in Chester County, Montgomery County and Delaware County and who can help make the process of buying FSBO a stress-free experience. #RealEstateLawyers, #BusinessLawyers, #FSBO, #ForSaleByOwner Although many real estate transactions are fairly simple, having experienced legal counsel can come in handy when the unexpected occurs. Having skilled lawyers in your corner can help make some of these situations easier for everyone involved.
Your First Home Purchase Even though you probably have a real estate agent facilitating your purchase, skilled real estate lawyers can spot potential problems before they become bigger issues such as property line disputes and HOA regulations. Contracts lawyers can provide additional review of the purchase agreement and its contingencies. They can also catch any other potential issues and prevent you from signing documents that aren’t in your best interest. Investment Property If you are buying a property that you plan to rent, it is essential to find lawyers who are well-versed in local landlord-tenant law. A seasoned attorney can also advise you on issues such as:
Foreclosed Homes There are risks involved in buying a foreclosed property, and if you are unfamiliar with the process a seasoned attorney can help you deal with and understand those risks. Each local jurisdiction that holds a foreclosure sale has its own laws in place. In some foreclosure sales, homeowners whose properties are sold at auction are allowed to buy back their homes within a set time period. In others, property liens transfer along with the property--meaning that you will have to pay off the liens when buying the property. It is essential to seek the counsel of qualified lawyers who know the ins and outs of purchasing foreclosed properties in your area. Buying Land If you’re purchasing land to build a home or other property, you can often run into issues with zoning, titles, undisclosed environmental hazards, or eminent domain issues. An experienced real estate attorney can make sure you get clear title with no access issues, determine what kinds of structures can be built, and advocate for you if an inspection turns up serious environmental concerns. Short Sales A short sale means that the owner is selling a property for less than the amount that he or she owes on the mortgage. Sales of this type are known to be slow and may fall through fairly often, but can also be beneficial for both the buyer and seller. Short sales provide relief to sellers in financial distress, and buyers reap the benefits of reduced closing costs and other fees. Whether you are buying or selling, hiring a knowledgeable attorney is a must to help speed up the process and avoid the many pitfalls that can arise. When it comes to purchasing real estate, it is essential to have an attorney who is ready to handle any legal issues that may surface during the transaction. Experienced lawyers in Delaware County can help provide smooth sailing through the process. #RealEstateLawyers, #HiringRealEstateLawyers Most people call their real estate agent or broker when questions arise. Consulting with qualified real estate attorneys can help you make sure you've got all of your bases covered whether you’re involved in a sale or purchase. Asking these questions ahead of time can help make your life easier.
1. How long have you been practicing? Before you hire an attorney, determine how much real-life legal experience he or she has. Ask how long they have been practicing in your state, find out where they earned their law degree and whether it is from an accredited school. A list of American Bar Association-approved law schools can be found at the ABA's website. 2. How many cases like mine have you handled? The ever-changing field of real estate law can be complicated, so ask if the attorney has handled transactions similar to yours. Choose someone who has kept up with the changing market and is best prepared to protect your rights. Laws can often differ from one municipality to another so make sure your real estate lawyer is up-to-date on local law. You may also want to ask if they specialize in any particular area of real estate law. If you're looking for help with something simple like a purchase agreement, a contracts lawyer may do, but with something more complex like real estate development, hiring a seasoned real estate lawyer is the best path to take. 3. How will you handle my case? Ask the attorney for a brief overview of what they plan to do on your behalf. It can help you determine which attorneys are knowledgeable about laws in your area. Lawyers who are well-versed in real estate law will give you an outline of the actions that need to be taken, such as the filing of necessary documents. 4. Who else will be working on my case? Law firms often assign the initial work on cases to junior attorneys and paralegals. Experienced business lawyers also commonly work on real estate cases. During your initial consultation, ask who will be doing the most work on your legal matter. Make sure you're at ease with that person before continuing. 5. Do you have any conflicts of interest? Conflicts of interest can arise when using a real estate attorney. For example, you don't want a lawyer who regularly does business with the seller's real estate agent or who works for the builder or developer you’re using to build your home. 6. How will you bill me? Most attorneys work on an hourly basis, but may charge a flat fee for something simpler like drafting a purchase agreement. Thoroughly read the retainer agreement in which the attorneys spell out what services they will provide and at what fee. This will help you avoid any unpleasant surprises at closing. Real estate is usually the single largest asset that most Americans own. Hiring experienced real estate lawyers in Montgomery County, PA can help you avoid costly headaches, protect your investment, and allow you to fully enjoy your home for years to come. #RealEstateLawyers, #RealEstateAttorneys, #RealEstateContracts |
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