Selling And Buying A House Without A Lawyer

| January 30, 2017

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For most people, buying or selling a home is the most expensive transaction they might have to conduct. It is very important that this transaction goes right without you ending up losing all that hard earned money and your savings. Some people see this as a good enough factor to hire lawyers to oversee each and every detail of their home buying process. It’s tedious, it takes time and it stacks on the extra cost that go from your budget of buying your own place, or if you are selling it could definitely mean that you don’t get to keep all of the money that the house was sold for.

The truth is that many people have bought and sold property simply relying on the legal advice they get when applying for a mortgage, or using a consultant lawyer for a particular situation in the transaction and not everything. Lots of states have standard contract forms; these are the ones that someone who has bought or sold a house before will be familiar with and therefore be more confident in the legal side of things.

The Important Thing

One of the things that people overlook a lot during these transactions is that if they are not hiring a lawyer, they will simply ask for advice from people who have done it before, or from someone who is close to the law practice. Though it is good that you do so, do not omit reading what you sign. Read and always ask about things that you don’t understand. You are not obliged to sign something on the spot.

Saving Money

When it comes to saving yourself some moolah, not hiring a lawyer literally means letting go of several thousand dollars. If you are selling, you can save further money by listing your house online at websites like The only thing that you should look out for is that when a seller or a buyer tries to go back on their deal and that too on a short notice, you may need to seek legal help then. You may further need a lawyer after you have sold your place and the buyer claims that the things you specified in the contract are not true about the house.

The above two reasons require immediate legal assistance; however, there are other factors that should prompt you to hire a lawyer from the start, without hesitation, when you decide to sell without a broker.

  • The sale of your property has particular complications, like as a seller you want to help the buyer apply for a mortgage.
  • You are either selling or buying a place together with a non-family member, and this complicates the ownership status.
  • The house you want to buy is under foreclosure or in probate.
  • For whatever reason you do not trust the party you are dealing with.
  • The lawyer’s fee is extremely low as a percentage to what the house is priced at.
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Category: Australia, For sale, Property

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Property man writes articles related to property , stock market and finance. if you like what you see do bookmark the blog and leave me a comment

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