Real Estate Attorney Fees Selling House
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If you're selling a home, here's what a real estate agent is supposed to do for you:.. I fully realize that the agent has fees involved, especially the selling agent.. home maintenance, zoning, easements, legal recourse, inspections, types of.
A real estate attorney will be representing you and only you in the buying or selling of a house, and an attorney is not incentivized by increasing or decreasing the purchase price. Furthermore, while it is typically advisable to hire an agent for the marketing and advertising portion of the sale of your property, it is the real estate lawyers.
Most lawyers have worked up their own "standard" real-estate contract over the years, and this may be the document a seller prefers to use. The agent’s contract may be fine "as is," but the prudent seller should talk over its provisions with his lawyer in advance of using it with any buyer.
How much should I expect to pay for a real estate attorney when buying a coop? What is the average closing costs? Find answers to this and many other questions on Trulia Voices, a community for you to find and. Get answers, and share your insights and experience.
Transfer Taxes – As with anything there are taxes to pay when you buy or sell real estate. This is a cost of selling a house in Chicago that many sellers do not think of. There are 3 taxes paid upon the transfer of real estate; state, county, and city taxes. The seller is responsible for the state ($1.00 per $1,000) and county transfer taxes.
Real estate agent commissions. You, as the seller, will likely be paying the entire 5% – 6% commission, to be split between the buyer’s agent and yours. For ways to reduce this figure, see Negotiate the Agent’s Commission When Selling Your House. Other closing costs or credits to the property buyer.
Pricing. Attorneys usually charge by the hour, from $150 to $350. However, some real estate attorneys may have a fee schedule for certain services, such as preparing real estate closing documents. For example, real estate attorney John I. O’Brien in Wakefield, Mass., charges the same closing fee regardless of the cost of the house.
The real estate commission is usually the biggest fee a seller pays – 5 percent to 6 percent of the sale price. So, if you sell your house for $250,000, you could end up paying $15,000 in.