Real Estate News

If you are into property investing, and have chosen to sell your property by for sale by owner then you better have legal representation.  The role that the Real Estate Attorney/Lawyer plays in the selling of your home for sale by owner makes him/her a all-important addition to your team. Like any other facet of the law, real estate law should be left to the professionals .   Unless you are legally entitled to practice Real Estate law in your State/Province you will require legal representation . Below are some of the details that your Attorney/Lawyer will handle for you .

Your Attorney/Lawyer will review the contract of purchase and sale and advise of potential problems. The seller is typically responsible for preparing the transfer, this is the paper that transfers from the seller the title of the land to the vendee.

Your legal interpreter will go over the transfer documents received from the buyers lawyer, which includes the statement of adjustments which shows credits and debits for buyer and seller , for items such as purchase price, property tax, strata fees where applicable, water account, tenant rent or damage deposits, commissions to be paid to Real Estate Agents, down payment paid by buyer and transfer of title.

They will approach the buyers Lawyer if necessary and resolve any concerns or problems regarding title issues and or accuracy of figures. Your Lawyer/attorney will also obtain a mortgage balance statement from the sellers mortgage lender to determine the amount required to pay and clear the mortgage balance on the day of closing.

If you are selling one property and purchasing another property with closings on the same day, you may need to arrange interim financing. This is a temporary loan to insure that monies are in place to complete your purchase.

Obviously you can plainly see the Attorney/Lawyers role is vital when you are selling a house for sale by owner , make sure you have one on your side before you attempt to sell your property.