Real Estate Lawyer
What is the difference between a real estate lawyer and a real estate broker?
In Washington, the key difference between real estate lawyers and real estate brokers is how each is paid. A real estate lawyer is paid directly by the client and often for a flat fee. On the other hand, a real estate broker takes a cut of the deal, usually being paid a fee at closing by the escrow company that absorbs approximately 6% of the closing price, generally tens of thousands of dollars.
What is the difference between a purchase and sale on the marketplace and a private deal?
A marketplace real estate sale generally relies on a real estate broker to list a property, respond to the listing, and then prepare and explain standard forms to the buyer and the seller. In a private sale, the agreement is made between two parties without listing the property on the marketplace using a commercial broker.
A popular alternative for many homeowners looking to sell is “for sale by owner” or FSBO. With the increased accessibility to the marketplace using popular public websites, many homeowners are deciding to roll up their sleeves and take on listing their own property without the help of a broker.
How real estate lawyers help Sellers in an FSBO transaction
Engaging a Washington For Sale by Owner lawyer to help protect your legal and financial interests in the sale of your property is money well-spent. When you work with a real estate lawyer, you remain in control of your sale. The real estate lawyer’s job is not to set the sale price or pressure you into selling at a certain time of year. Instead, the real estate lawyer’s priorities are to avoid legal pitfalls and maximize your financial result when you sell your property. Selling property can be a very a lucrative transaction for the seller, especially when the legal and financial implications are well explained.
FSBO real estate transactions require a comprehensive understanding of the extensive paperwork and any legal issues with the property. Initially, a North City Law real estate lawyer will review the contract to ensure it conforms to the industry standard, and then handle other important details as needed, which may include:
- Title insurance
- Purchase agreements
- Legal compliance with required disclosures
- Property inspections
- Transactional paperwork
North City Law takes all of these steps to protect your best interests so you can effectively sell your home independently.
How real estate lawyers help Buyers in an FSBO transaction
Whether you are looking to purchase a single home, townhouse or a condo, this is a large investment. Enlist an experienced real estate attorney to protect you from any legal or financial implications.
North City Law will review the terms of your contract, making sure proper contingencies are addressed. An important issue to address early on is often to push for appropriate inspections to disclose any property damage. In many transactions, buyers are waiving many contingencies lately to secure a competitive advantage in a hot market. An attorney can help a buyer make sure not top waive certain rights that could end up being very costly, such as the loss of earnest money.
Real Estate Document Services
- Quit Claim Deed
- Bargain and Sale Deed
- Real Estate Excise Tax Affidavit
- Promissory Note
- Deed of Trust
- Land Sale Contract
- Warranty Fulfillment Deed