Selling your property privately has a number of advantages from your end–and one of the most important is that you’re able to reduce your overall costs to sell, which means that you end up with a larger percentage of the sell price of the property. A real estate lawyer isn’t essential, but it can help protect you during and after the sale of your residence. Do you need a lawyer to review your private sale? The short answer is, yes!
Save Money in the Long Run
Having a lawyer might cost you more money up front, but in the long run, it can save you a ton–especially if undisclosed problems arise with the property or with an unfamiliar law during the selling process. When you work with a lawyer, you can rest assured that you’ve covered all the important points and that your contract will protect you instead of tying you into something that you weren’t prepared for. In the long run, having a lawyer review your private sale can save you quite a bit of money!
Understand Your Tax Liability
When you sell a property, there is tax liability that goes along with it. Do you fully understand how that tax liability is going to effect your taxes for this year? Do you know when the associated fees have to be paid? Consulting with a real estate lawyer will ensure that you fully understand your tax liability, which can be critical in ensuring that you’ve budget appropriately for the financial repercussions of the sale.
Make Sure You’ve Covered All the Details
Has your title change been filed with all the proper local authorities? Is the contract between you and the buyers official and legal, or have you missed some detail that would make it effective? By working with a real estate lawyer, you can ensure that all the paperwork and all the important details have been taken care of so you can relax in the knowledge that your sale is complete and won’t come back to cause problems in the future.
Are You Prepared for Contingencies?
That private sale sounds great right up until the buyers back out. Suddenly, you’re not sure what to do! Do you get to keep the down payment, or do you have to refund it? What if a problem is discovered with the property at the last minute or shortly after the sale: is it your responsibility to take care of it, or did the seller sign a contract accepting the property as-is? Where does your liability end?
Even the simplest sale can turn into a nightmare if you aren’t prepared for all of the relevant contingencies. Working with a real estate lawyer will ensure that you’re covered–and that if problems do occur, someone knows how to keep you on the sunny side of the law during the process. They’ll review your contract and make sure that you understand what you’re signing and what liability issues could arise down the road.
Working with a real estate lawyer is the best way to ensure that selling your home is as stress-free as possible. Buying and selling a home is a complex process with many elements that must be considered. Your real estate lawyer will ensure that all of your bases are covered and that you’re not going to end up with a headache instead of a sale. If you’re ready to start working with a qualified real estate attorney who will help you get the best value out of your private sale, contact us today to learn how we can help you avoid problems and ensure that your contract is in your favor.
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