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Who is commercial lawyer?

I am selling my house on my own and was asked by the buyers who my lawyer is why to i need a lawyer ?

  • We are meeting tonite to sign the offer and was asked by the buyers who my lawyer was not sure why i would need a lawyer

  • Answer:

    Lawyers are a grossly over rated in our society. Selling real estate is not brain nor heart surgery. I don't know what state you reside in, therefore I am not sure if your state has an escrow procedure where the escrow and title company would handle all the legal documents and see that they are properly signed and recorded according to the federal, state and local laws. There are a few states where a lawyer is not even a part of the real estate transaction. I formerly resided in such a state. You would basically need a contract that both the seller and buyer agree on the sale price a date the transaction it to close. If the buyer is obtaining a mortgage loan the closing date should coincide with the closing date. You would also need to indicate who would be paying closing cost,or share in the closing cost. Take the signed document to an escrow closing agent. The escrow agent would prepare escrow instructions. If things are need to complete the escrow instructions both would be required to furnish the necessary information. This escrow instructions would basically tell the parties the basics of the agreement. Both parties would be required to sign these escrow instructions. As in any real estate transaction the sales contract is reduced to escrow instructions, even those prepared by an attorney or a real estate agent. The escrow closing agent would have a local title company that would make sure the title is clear and transferable to the new buyer. Prior to the closing of the escrow the escrow closing agent would then issue escrow closing instructions. Again both parties would be required to sign these escrow closing instructions. I hope this has been of some benefit to you, good luck. "FIGHT ON"

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Other answers

You are entering into a legal agreement to transfer ownership of property. This involves gauranteeing a clean title, an accurate property description, a legal and binding contract, etc. I would absolutely have a lawyer or a realtor represent me.

Rick B

Who is going to do the title search? Who is going to ensure the contract is legal & valid? Who is going to handle all the government forms, transfer of title, escrow matters, etc? Selling a house, transferring title to a property, is a legal transaction. If you do not have an attorney, and you clearly do not have the expertise to draw up a proper legal contract in your jurisdiction, the prospective buyer does not want to - and should not even consider! - doing any business whatsoever with someone so appallingly ignorant. Your prospective buyer clearly is aware of the risks of attempting to enter into a very costly legal transaction with someone who knows diddly about it. Get an attorney, have the attorney draft a contract of sale in accordance with the offer details and in accordance with your jurisdiction's legal requirements, and have the attorney & contract ready for tonight's meeting, or forget selling your house. Ignorance is far too costly.

ibu guru

You need a lawyer if you do not know how to transfer ownership of house.

miraloma

Are you serious, this is a legal transaction. What do you think will happen - that they will just give you the money and then you move out. ?

Kernow Lady

You need a lawyer to make sure you don't get screwed b/c the contracts are messed up.

Pascal the Gambler

Usually the seller's attorney or broker takes care of all the closing issues. You are trying to avoid those fees by not having their advice. How are you going about obtaining title insurance, pro rate taxes, document recording, etc. There is a lot to a real estate sale that people are unaware of. If you insist on not having a lawyer, just be very sure you read the contract to purchase very carefully, one sentence at a time so you fully understand it. Before you sign it, make sure you have added (or removed) any clauses, sentences, etc that you need to do. Once all parties sign it, that's it - it's carved in stone. Are you offering a buyer's agent commission. If you expect them to do all the work, you owe them something.

M W

you don't need a lawyer but if they wnt to be sure the contract that they sign is legal and they are not being swindled (or your not) you might want one, you can include the cost of a lawyer in the price of the home.... The Department of Consumer Affairs in your state has jurisdiction over real property, their site might have pointers to follow to be sure your contract meets all legal duties and that both you and the buyer are protected. Perhaps generic forms for sale/purchase might be available even if you must download it to CD and have it printed at a office store.

Rocky

I am sure that they want to make sure that the documents which they are signing to legally convey the house show that you own the house free and clear. In most cases an attorney would order a title search and survey of the property to verify that not only do YOU own the property, but that no one has filed a lien against it since it must be cleared before you can record a new deed on a home.

E&L

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