Home Buying and Selling Guide

Navigating Your Home Sale and Recent Real Estate Changes for Buyers

1. Adhere to Local Laws:

• Consult with a lawyer to ensure compliance with local real estate regulations and avoid potential issues during the sale.

2. Navigate a For-Sale-By-Owner (FSBO) Arrangement:

• Selling without an agent involves significant paperwork and legal intricacies. A lawyer experienced in real estate matters can help guide you through the process and ensure a smooth transaction.

3. Resolve Liens and Judgments:

• Address any outstanding debts or liens on the property before selling. A lawyer can assist with negotiating payments and clearing up any complications.

4. Settle Title Issues:

• If there are title complications (e.g., illegal deeds, clerical errors), a lawyer can work to clear up clouds on the title.

5. Address Easements:

• A lawyer can evaluate easements on your property and offer solutions to resolve or mitigate their impact, preventing potential buyer concerns.

6. Handle Divorce-Related Property Sales:

• Selling property during or after a divorce can be emotionally challenging. Legal guidance helps navigate ownership issues and ensures a smoother sale.

7. Prevent or Ease Foreclosure Burdens:

• If facing financial difficulties, a lawyer can negotiate with mortgage lenders for loan adjustments or facilitate short sales, potentially preventing foreclosure.

8. Manage Tenants Without Headaches:

• If your property has tenants, a lawyer ensures compliance with lease agreements and eviction laws, avoiding complications during the sale.

9. Simplify Complex Estate Sales:

• For inherited properties, a lawyer can handle the legal complexities and tax implications, ensuring a smooth estate sale process.

Recent Changes in the Real Estate Market You Should Know About:

1. New Commission Structures:

• As of August 17, 2024, buyers must sign a Buyer Agency Agreement before viewing properties. Buyers are responsible for their agent’s commission, which was previously covered by sellers. However, this responsibility can be negotiated and shifted to the seller in the purchase agreement.

2. Impact on Buyers:

• Buyers should negotiate commission fees directly with agents and consider alternative options, like purchasing homes directly from sellers or using an attorney, to reduce costs.

3. Impact on Sellers:

• Sellers can save money by not paying the buyer's agent commission, but offering to cover some fees may attract more buyers. Sellers may also consider for-sale-by-owner options with online platforms to avoid agent fees.

Negotiating Tips:

For Buyers:

• Interview multiple agents, negotiate commission terms upfront, and target listings where sellers offer to cover some or all the agent's fees.

For Sellers:

• Strategize your commission offers carefully, balancing savings with attracting more buyers. Consider selling without an agent, but make sure  you have legal support for the transaction.

Navigating these changes in the real estate market and the complexities of a home sale is easier with the proper legal support. If you're a LegalShield member, work with an experienced provider lawyer to guide you through these new processes. If not, consider enrolling for assistance in future transactions.

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