Posted on May 20, 2011 in Real Estate
By selling your home yourself, you avoid the realtor’s commission, typically 6 percent. This allows you to either lower your asking price, making your house more attractive to potential buyers, or to complete the sale and pocket the commission that would normally go to the realtors. For instance, on a $350,000 house, a 6 percent commission is $21,000.
Although an attorney is not required in Virginia to assist in real estate transactions, a “for sale by owner” seller can benefit from using one. A real estate transaction attorney can draft for sale by owner contracts, help you understand and evaluate complicated offers you might receive from the buyer, handle the closing and act as the escrow agent by holding payments, documentation and earnest money deposits.
When you hire an attorney specializing in real estate, you can be confident that your best interests are being met in the transaction, even without the services of a realtor.
Charlottesville business and real estate transaction attorney Carol M. Caesar, Tucker Griffin Barnes P.C., Charlottesville, Virginia 434-973-7474, CCaesar@TGBLaw.com www.TGBlaw.com www.TGBlaw.blogspot.com
Legal disclaimer: This advice is based on Virginia law and is not meant to apply to any other state. If you have questions that apply to another state, please contact an attorney who is licensed to practice in that state.