Selling Real Estate
Sean Robertson and Gateville Law Firm have a niche in representing sellers of single-family homes, condos, investment properties, and vacation properties. Unlike most real estate attorneys, Attorney Robertson has specific expertise in selling real estate, estate planning, and asset protection. This expertise is valuable for property owners that want to coordinate their estate planning and asset protection goals by using trusts, LLCs, and other strategies.
Our team of real estate professionals assist from contract to closing. We concentrate in residential and commercial real estate closings involving residential, commercial, vacation, and investment properties. We understand LLCs, Trusts, and other strategies to protect your family and your investments.
Gateville Law Firm also has real estate expertise in asset protection and estate planning for real estate owners. With knowledge gained through our years of selling real estate, we create LLCs and land trust to protect one’s real estate investments and their financial assets. We utilize cutting-edge asset protection strategies to protect your family’s economic security and liability concerns.
Real estate investors have great financial and liability risk while flipping properties and holding long-term properties with renters.
Selling Real Estate with an Attorney
When should I hire an attorney?
This answer depends on whether you are selling real estate by yourself as in a For Sale by Owner (FBSO) or working with a Realtor.
If you plan to go the FBSO route, it is best to hire a real estate attorney prior to listing your residence for sale. While selling real estate, the attorney can:
- Draft the Real Estate Purchase Agreement to ensure that the agreement legally protects you.
- Help you through the negotiation process with potential buyers
If you have engaged a licensed real estate broker, you will want to select your real estate attorney when your residence is listed for sale, so that you are not scrambling to find an attorney when you have your first offer from a buyer.
Gateville Law Firm has extensive experience with FSBO clients and clients who work with realtors. We understand that a first time FSBO client may require some additional guidance prior to the sale of their home.
What is the role of a seller’s attorney?
The sellers’ attorney works for you and in your best interest. Your attorney’s responsibilities include:
Reviewing the Real Estate Purchase Agreement
Once you receive a buyer’s offer and accept it, your attorney will review the terms of the Real Estate Purchase Agreement to verify that the terms are acceptable for you.
Standard Real Estate Purchase Agreement’s typically give each side (the sellers and buyers) five days for attorney contract review. It’s at this point that the seller’s attorney may request language and/or term modification for sections of the agreement.
Gateville Law Firm will draft a modification letter if we believe the terms of the Real Estate Purchase agreement are not in our clients best interested.
Reviewing and responding to modification and home inspection letter requests
Many buyers will hire a home inspector, to inspect the exterior structural components and interior electrical, gas and plumbing of the home. Based on the inspector’s report, the buyer’s through their attorney may request items be repaired or replaced prior to the closing. In addition, the buyer’s attorney may request changes to the language and terms of the real estate purchase agreement.
Gateville Law Firm reviews the buyer’s attorney modification letter, the home inspection report and the requested repairs and works with you to negotiate and resolve any outstanding issues.
Examining the Real Estate Title
The seller’s attorney reviews the existing title to identify mechanics liens, judgments against the property and any other title issues.
He or she verifies how the title is currently held to make sure it accurately reflects the current situation. Upon review of a real estate title, the seller’s attorney may find a quit claim deed that had been incorrectly recorded; the title may be held jointly, however one the property owners may be deceased; legal descriptions and surveys of the property are incomplete or inaccurate; and other title issues.
Gateville Law Firm’s team has substantial title insurance experience and know how to eliminate any title issues prior to your residential closing. In fact, a local title company is so confident in our ability, we represent them as general counsel.
Drafting and Finalizing Closing Documents
Preparing the Warranty Deed, Affidavit of Title and the Bill of Sale, prior to closing is the responsibility of the seller’s attorney.
In addition, the seller’s attorney will gather and prepare all documents and information needed for closing including but not limited to; real estate transfer stamps, mortgage payoff letters, calculated real estate tax pro-rations, survey ordering, MyDec or P-Tax.
It’s during this time period the seller’s attorney may need to negotiate with the buyer’s attorney related to mortgage contingency deadlines and financing issues.
Because Gateville Law Firm, understands that most sellers want to limit their role at closing, our clients can sign the closing documents prior to closing and we can represent them at the closing, in what is called a limited power of attorney.
Closing day is the big day where you receive all money do to you for the sale of your home. At times there may be last minute closing challenges such as, last-minute negotiated items; real estate title and tax issues; and other real estate closing matters.
From the initial Real Estate Purchase Agreement to closing day. Gateville Law Firm is with you every step of the way to ensure a successful and uneventful closing day