If you are into property investing, and have chosen to sell your property by for sale by proprietor then you better have legal representation. The real estate attorney/lawyers role that he or she plays in the selling of your home for sale by owner makes him/her a necessary addition to your team. Like any other aspect 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 need professional help . Below are some of the details that your Attorney/Lawyer will take care of .
Your Attorney/Lawyer will review the contract of purchase and sale and advise you of any potential problems. The seller isusually responsible for preparing the transfer, which is the paper that transfers the title of the land from the seller to the buyer.
Your legal voice will go over the transfer documents received from the buyers lawyer, which includes the statement of adjustments which shows credits and debits for seller and buyer , 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 ifneed be and resolve any problems or concerns regarding accuracy of figures and title issues. Your Lawyer/attorney will also obtain a mortgage balance statement from the sellers mortgage lender to determine the amount necessary 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 vitally important 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.
