Attorney to Sell Property
We assist sellers in residential real estate transactions. If you plan to sell property, Murray Law Group can help you make sure your interests are protected.
The Murray Law Group is familiar with the local market as well as customary real estate sale procedures. If this is the first time that you plan to sell property, you will have lots of questions and occasional anxious moments. Having an experienced real estate lawyer to assist you can make a difference.
For someone who would like to sell property, it is important to be sure that the buyer is credit-worthy. Without good credit, your buyer may be unable to obtain a mortgage loan. Even in a cash deal, you will want to be sure the buyer can come up with enough money to conclude a sale transaction. You will have to obtain a certificate from your local municipality that there are no outstanding property violations. As a seller of ordinary residential real estate, you also will need to supply potential buyers with a state-required disclosure statement, identifying in detail the condition of your property.
Sellers often retain real estate agents to find potential buyers. If you hired a seller’s agent you will be asked to sign a listing agreement with the agent’s office. Typically, the agent’s commission is 6% of the sale price. Agents often ask that you sign an agreement that will be in effect for a full year but most will agree to a shorter period, such as 6 months. A shorter period is desirable because if you are unable to find a buyer you might decide to try another agent.
Besides paying for a sales commission, most agreements to sell property provide for the parties to split state and local transfer taxes equally. These taxes are tied to the value of the property that is being sold. If you are transferring title to a member of your family, the transaction may be exempt from transfer tax.
The Murray Law Group can furnish you with a lawyer to write or review a contract to sell the property. Your sale agreement must be negotiated carefully to make sure your interests are protected. The buyer’s mortgage commitment will have to be examined to make sure it does not impose conditions the buyer cannot meet prior to closing. We will also go to closing with you to make sure it goes smoothly and to help you address any last-minute issues.