Selling your home can be an overwhelming experience. There are many moving parts such as reaching out to a real estate agent, preparing your home for showings, figuring out where you’re going to live next and more.
It can also be a struggle wondering if you’re making all the right moves. Whether you’re selling your home yourself or working with a broker, a real estate attorney can guide and protect you.
3 Benefits of Hiring an Attorney When Selling Your Home
Real estate attorneys are well-versed in the home buying and selling process. They have the knowledge necessary to help you move forward in the best way for you and your family. A real estate attorney can:
- Advise you on the tax consequences of selling your home: Sometimes, capital gains on real estate are taxable. Unfortunately, this can leave you responsible for a large chunk of change after the sale of your home. An attorney can advise you on the steps to take to avoid or manage further financial liability.
- Help you draft a useful and protective purchase agreement: Many purchase agreements are simple, fill-in-the-blank documents used over and over again. Unfortunately, these agreements may not cover all the necessary factors involved in the sale of your home. An attorney can help you draft an agreement that protects your interests. This is especially helpful if you’re selling your home on your own.
- Help you avoid closing disputes: Sometimes, disputes may arise during the closing process. For example, you may find yourself in a dispute over closing costs or the misrepresentation of contract terms. An attorney can accompany you to the closing to ensure your rights as a seller are protected.
Some States Require Real Estate Attorneys
Some states, including Alabama, Connecticut, Delaware, Georgia, Kansas and others do require real estate attorneys for the hiring process. In Texas, you don’t have to have an attorney to sell your home. Yet, we recommend reaching out to an attorney if only for a consultation. It may help you avoid certain financial consequences down the road.