Before you put the finishing touches on your home spruce-up and repair projects, take a well-deserved time-out to consider a few legal matters involved in selling your own home.

Do You Need an Attorney?

You probably do, unless you feel competent to manage the legal and technical issues of selling your own property. Because selling your house is a legal transaction, you’re better off hiring a real estate attorney to help you. Some people successfully sell their homes without one, but in today’s complex market, it’s smart to have an attorney on your team.

The best time to contact an attorney is now. For approximately $500 to $600, a real estate attorney can provide many services, including explaining the selling process, providing legal and real estate advice, and attending the closing.

• You should expect a real estate attorney to:
  
• Explain local truth-in-housing laws
• Explain the selling process
• Assist with the Real Estate Transfer Disclosure Statement
• Assist with qualifying buyers
• Draft or review a purchase agreement before you sign
• Arrange for escrow of earnest money
• Explain all contingencies and addendums
• Be available to answer all your questions
• Arrange to have your title updated
• Arrange for the closing
• Review all closing documents
• Attend the closing

Tips on Finding a Qualified Real Estate Attorney

• Ask for recommendations from friends, family, and colleagues.
• Call a few attorneys. Ask them about their experience and availability.
  Inquire about their fees: ideally, you should arrange to pay a flat fee instead of paying an hourly rate.
• Make sure they’ll be available when you need them. Ask them how they feel about working nights and on weekends.
• Choose someone you can trust.
• If you prefer, call HomeAvenue for the name of a reliable, experienced real estate attorney.

Protect Yourself

Once you’ve sold your home and moved in to a new one, you don’t want the buyers to accuse you of not telling them about a costly problem. So it’s important to disclose and explain, in writing, the condition of your property. On a form called a Real Estate Transfer Disclosure Statement, you should explain which property items have been repaired and which ones need repair, as well as document the general condition of the property. Typical structural and mechanical items that should be included are the roof, plumbing, heating and cooling systems, foundation, and basements. Both the sellers and the buyers sign the completed form. Make sure to keep a copy for your records; if problems arise after the closing, you have proof that the buyer was aware of their potential. You can also make copies available to prospective buyers at showings and open houses.

Tips for Writing a Disclosure Statement

• Contact your city or state offices to learn what type of code or truth-in-
  housing compliances are required in your area. Visit our Web site at www.HomeAvenue.com for a guide to city inspectors and phone numbers.
• Document in writing every known defect, problem, or deficiency in order to
  protect yourself.
• Contact a real estate attorney. He or she can tell you what the disclosure
  laws are, guide you through the compliance process, and write or review your disclosure statement.
• You can either make the disclosure statement available to everyone who looks
  at your house, or you can wait and provide it to potential buyers during the negotiation process.
• Be prepared for buyers to ask you to reduce your price for problems you’ve
  disclosed or that have been found during an inspection.
• Require buyers to sign the Real Estate Transfer Disclosure Statement and keep a copy for your records.

Truth-in-Housing Report
Some local municipalities have a required truth-in-housing or code-compliance inspection. Call your city inspection department to find out what’s required in your area. Some cities require that the inspections be completed before you put your home up for sale.

As you continue to prepare your house for sale, you’ll need to discover its true value so you can… Price It Right.