ATG News Release
SELLING A HOME: WHAT YOU NEED TO KNOW
Attorney Should Play Key Role
"In addition to financial considerations, there is often an emotional factor involved," said Peter J. Birnbaum, president and CEO of Attorneys' Title Guaranty Fund, Inc. (ATG). "Working with objective professionals, however, can eliminate much of the stress and uncertainty."
In order to ensure a smooth and successful transaction, ATG offers the following advice:
- Choose a competent, reputable real estate agent. A real estate agent can use his or her experience to advise you on market conditions, prices, and repairs or improvements that attract buyers. "Understanding the agents role is also important to protect your interests," Birnbaum said. "Learn if the agent is a member of the Multiple Listing Service (MLS), how he or she advertises listings, and what fees can be expected." Birnbaum also advises consumers to explore lower-cost options such as fixed fee placement into the MLS, or for sale by owner services.
- Select an experienced, knowledgeable real estate attorney. Select an attorney even before you sign a listing agreement, Birnbaum said, because an attorney can explain any terms or legal consequences, and make suggestions that will protect you and your investment. Qualified, experienced attorneys can be found using referral services from state or local bar associations and bar-related title companies, and through recommendations from friends.
- Determine what services the attorney will provide and what the charges will be. Before you begin working with your attorney, it is advisable to set up a preliminary meeting to discuss exactly what fees and services he or she will provide. "The more you know about costs and what to expect from your lawyer, the more smoothly your transaction will take place," said Birnbaum. "A good lawyer can save you many times the fee he or she charges by negotiating terms that will best protect your investment."
- Have your attorney review the listing agreement before you sign it. By having your attorney review the listing agreement, you are further safeguarding your investment, according to Birnbaum. An attorney should make the changes and recommendations that best suit your circumstances.
- Once an offer has been made, evaluate the offer, and discuss the contract terms with your attorney. Once a contract is signed by all parties, it is legally binding, so make sure your attorney reviews any contract before signing it. In addition, your attorney can evaluate the offer and terms of the contract while keeping your best interests in mind.
- Schedule, plan, and attend the closing. "There are many documents and fees associated with the transfer of ownership of a home," said Birnbaum. "Your attorney can provide you with a clear understanding of all the necessary documents and anticipate any charges so that you do not experience any surprises at the closing."