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The Importance of Using an Attorney

There are many situations that will happen in your life where attorneys are not necessary. A real estate transaction is not one of them. There are numerous reasons to enlist the help of an attorney as you navigate through the process of selling your home. Following are some of the more important things to consider when approaching this decision.

1. Protects you from being sued - this could be something as simple as an error on the part of a seller or buyer, a required form that wasn't filed, a disclosure someone failed to make or a hidden fault in a property that the seller wasn't even aware of. All of these scenarios and more have the potential to instigate an expensive and aggravating lawsuit. Having an attorney representing you significantly lessons the likelihood that this will occur.
2. Hold the escrow money - an escrow agreement designates a third party to hold the ernest money (down payment) on the purchase of your property until closing, when you receive the down payment and the remainder of the purchase price. Your real estate lawyer will hold this money in escrow for you and make sure you receive it in full at the closing.
3. Legal advice - real estate laws in every state tend to change quickly. Only an attorney can lawfully give legal advice. If you have gotten information from a party other than an attorney (including a real estate agent) and it turns out to be wrong, you could be held liable. Always refer all legal questions and requests for advice to your attorney.
4. Reconciliation of closing and settlement costs and pro-ration of taxes - these details need to be precise and in order to avoid any delays and possible complications at the closing. Real estate attorneys are trained and experienced in this process and will facilitate a timely and accurate finalization of all transactions needed prior to closing.
5. Communicate and negotiate with buyers attorney - again real estate laws tend to change quickly. Your attorney is much more prepared to negotiate legal questions and details with the buyers attorney than you are. You do your job and let them do theirs.

Having a competent real estate attorney represent your interests in arguably one of the most important transactions in your life is priceless. For between $300-700 you have purchased your peace of mind, knowing that all aspects of the transaction have been properly prepared and executed and nothing has been overlooked.

Copyright© 2008 FSBO Publishing Group, Inc., All rights reserved. This material may not be republished without written permission.