You’ve hired a real estate professional to guide you through the sale of your home. Good start. But there are other players who could help you along the way.
Picture yourself as the center on a starting-five basketball team. As a seller, you may be on offense but you still need to get the ball with an assist from others. In addition to a real estate broker, your team should include a financial advisor (an accountant or tax associate could do), real estate attorney and reputable home inspector. Now, that’s a Fab Five!
Real estate brokers can help you throughout the process and carefully provide guidance on real estate topics – but they cannot offer specific advice on financial and legal matters. That’s why it’s important to build out your team.
First, it’s prudent to contact a state-certified financial advisor (not your Uncle Merv, an insurance broker in Vermont) to help guide you with this large transaction, as well as discuss your next steps (Downsizing? Moving out of state?) and understand the tax implications. It’s best to know where you stand before putting your home on the market.
To be sure, not all real estate transactions are smooth. That’s why it’s important to have a real estate attorney – not just any person with a Law degree – to ensure your concerns are heard, legal complexities clarified and best interests protected.
Your legal representative can dribble the ball (extending the basketball metaphor!) to help you through that process. Your attorney can be there to:
- Review contracts and supporting documents, including the Seller Disclosure Statement;
- Inspect title reports for issues such as easements or liens;
- Negotiate concerns regarding a home inspection.
In some of the above cases, real estate, title and escrow professionals can help explain the process and probable outcomes. However, they will “stay in their lanes” and allow financial and legal experts to help you when needed.
“Although real estate agents know a lot about real estate, the law says they can’t write purchase and sale agreements – because that would be practicing law – but there is an exception for using preapproved language by the brokerage,” notes Lawrence Glosser, real estate attorney and partner at Ahlers Cressman & Sleight in Seattle. “If I understand what the intent is (written on a blank MLS form), I rewrite it so it reads clearly.”
Typical real estate attorneys’ fees can range from $300 to $900, depending on the frequency of the discussions and their level of professional experience. Although rare, fees for service can be attached to the closing costs – but be sure to ask before hiring an attorney.
In most scenarios, buyers will want to hire their own home inspector to ensure the property is sound. But it’s also a smart idea for sellers to bring in an inspector before their property hits the market to review the findings and consider repairs to any major issues.
Just as you agreed to work with a broker for real estate expertise, it’s wise to have specialized representatives ready to help with legal, financial and home matters. Your team will have your back and ensure the sale is a smooth process.