Buying a home is typically a good investment, but real estate transactions are frequently complicated, with numerous potential traps for the uninformed. Contact an experienced real estate attorney to help you protect your rights and structure your home-buying transaction to your benefit.
Arizona Home Ownership
Since 1999, the attorneys at McCain & Bursh, PLC have assisted home owners throughout the Greater Phoenix and Scottsdale areas. Our clients come to us with concerns regarding real estate transactions, foreclosure, loan modifications and workouts. The following is general information regarding home ownership. To discuss your specific situation with one of our attorneys, please call 602-604-2138 or contact us online.
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Our lawyers have the experience and the desire to help Arizona home owners with a variety of legal needs — from real estate transactions and leasing to foreclosure assistance, loan modifications and workouts.
With over three decades of combined legal experience, Marc D. McCain and Darius Bursh can help you with your legal goals. If you legal assistance regarding your home or home loan, call us today at 602-604-2138 for a free case evaluation.
Selling a Home
Selling a home is exciting, but it takes some work. A seller will need to make many decisions, including whether to make delayed repairs and whether to use a professional real estate broker. The process can be complicated, with many potential pitfalls. An experienced residential real estate attorney at McCain & Bursh, PLC in Phoenix, Arizona can offer essential advice and guidance throughout the process.
Decisions
A seller must consider the following:
- Whether to use a broker, and if so, the broker's commission
- What personal property will be included in the sale
- What repairs and cosmetic changes should be made
- What is an appropriate asking price and what is the lowest acceptable price
- What defects the seller must disclose by law
- Whether the title to the property is marketable
An attorney at McCain & Bursh, PLC can assist a seller in making these decisions and help place the seller in the best possible position to negotiate the sale.
Pricing the property can be tricky. The seller wants to get as much as possible for the home, but the seller does not want to scare off potential buyers. Also, setting an artificially high price may cause the property to languish on the market, and reducing the asking price may lead buyers to wonder if something is wrong with the property. The seller should consider the property's location, the general economic conditions, supply and demand, the community and schools, the average price in the neighborhood, and the condition and amenities of the home in setting an asking price.
Timing
A seller generally should place his or her home on the market before trying to purchase a new home. A seller who locates a new home first and then tries to sell the old house may end up paying two mortgages. Simultaneously buying and selling a home can create a domino effect. Closing and moving dates for several parties may have to be coordinated. The seller will want to document all dates carefully and should consider including in the purchase agreement financial penalties for failure to comply.
Choosing an Agent
Some homeowners decide to sell their homes without an agent to save the commission. The commission rates may vary, depending on the locale and the agency, but they are always negotiable. A seller that chooses to handle his or her own sale must be prepared to place ads, answer phones, and show the home. Also, buyers who know that no agent is involved often expect to benefit from the lack of a commission, so they may offer less for the home. If the seller chooses to use an agent, the agent will generally be responsible for helping to establish a fair asking price, showing the home, promoting the home to other agents, listing the property in multiple listing services, advertising the property, and scheduling appointments to show the home. A seller who engages an agent should carefully consider and negotiate the broker's commission and the term of the agency before signing a listing agreement.
Legal Representation
A person selling a home should be represented by an attorney who has experience in real estate transactions. If a potential buyer presents a written offer that the seller accepts, it becomes a binding sales contract. An attorney should review the offer before the seller signs it. Also, an attorney can help the seller at closing and determine what federal and state tax effects may result from the sale.
Conclusion
Many factors and decisions are involved in selling a home. The experienced residential real estate lawyers at McCain & Bursh, PLC in Phoenix, Arizona can offer advice to help a seller negotiate the best agreement for the sale of his or her home and ensure that the closing goes smoothly.
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