f you are considering
selling your house, you The buyers’ lawyer typically
need to get a real estate completes the title search and
lawyer. The buyers will have verifies that there are no
their own lawyer. The roles of encumbrances on the property.
each lawyer is not set in stone,
but the traditional role of the It is important to give your
sellers’ lawyer include: lawyer all the necessary
information. Some of the
• Reviewing the sales contract documentation your lawyer will
• Making sure the titles and ask for includes:
documentation for any chattels
included in the sale are in • A legible copy of the accepted
order. offer.
• Reviewing mortgage information • The latest property tax bill.
and ensuring the calculations are • Utility bills for the past
correct. year.
• Reviewing property tax bills. • All your mortgage information.
• Pro-rating to the adjustment • Any transfer documents
date any utility costs, available from when you purchased
municipality fees and/or your home.
condominium costs. • Documentation for any items you
• Determining the amount of any agreed to leave in the house for
refunds due. the new owners
• Preparing a statement of • Any additional information that
adjustments. is relevant to the condition or
• Preparing the transfer deed. ownership of your property.
• Making sure you can deliver a
clear title to the buyer on the Giving your real estate lawyer
closing date. all the information he needs will
help make sure your deal closes taking over your fire and
as smoothly as possible. homeowners insurance, be sure to
get reimbursed for the unused
After the sale of your home, you portion.
need to keep some money aside to
cover the closing costs. Here is 5. Liens and assessments- You’ll
a list of some of the fees that normally be expected to pay off
will have to be paid. any liens or assessments before
the title can clear. Make sure to
1. Commission- If you used a real check that all the dollar amounts
estate agent, you can expect to are correct.
pay the agreed upon commission.
Always check to be sure the 6. Title Insurance/Escrow
amount is correct. Charges-You should know in
advance what portion of the title
2. Transaction Fee- Some real insurance and escrow charges, if
estate agencies have started to any, you need to pay. Be sure
charge a transaction fee in that you aren’t being
addition to commission. Check overcharged.
your original agreement. If you
didn’t agree to pay a transaction 7. Inspection fees-These include
fee, be sure to challenge this termite inspection fee, termite
charge. removal costs, recording deed
costs, home warranty plan costs,
3. Taxes-You are required to pay attorney’s fees, documentation
the taxes related to the period preparation fees and mailing
of time from the beginning of the costs ( if any).
year to the closing date.
There may be other fees and costs
4. Insurance- If the buyers are in addition to those listed here.
There is not much you can do to overcharges, or being charges for
eliminate the costs, but you can things that weren’t done.
watch out that you are not being
About the Author:
J.P. Lee published a resource site for people who want to sell their home privately at http://www.forprivatesalesite.com
Read more articles by:
J.P.Lee
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