Selling a Home

Real estate purchase and sale agreements, which control the terms of real estate transactions, are often complex and difficult to understand. Many terms contained in standard forms are not beneficial. Before you sign a real estate agreement, ask an attorney to look it over to ensure that it protects your interests. A residential real estate attorney can analyze the circumstances surrounding your transaction and will help you choose the best course of action to purchase a home for your individual situation.

Ready to Buy or Sell Real Estate in Detroit? Know What You Are Signing.

Whether you are buying or selling a house, have confidence in your real estate transaction. Our firm offers extensive experience and knowledge of Michigan real estate laws. We are ready to help you with your complete transaction, from purchase and sales agreements to titles and mortgage contracts.

The lawyers of Galloway and Collens, PLLC, want you to know what you are signing. We invite you to learn more about residential real estate transactions on this page. Contact our offices in Huntington Woods, Michigan, to arrange a free consultation attorney T. Scott Galloway today.

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At Galloway and Collens, PLLC, we provide quality representation and personal attention by treating each client as a unique individual with a unique set of concerns.

We will negotiate and draft a contract that addresses your unique needs and protects you from risks, such as losing your earnest money or being forced to buy despite lost financing.

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 Galloway and Collens, PLLC in Huntington Woods, Michigan 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 Galloway and Collens, PLLC 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 Galloway and Collens, PLLC in Huntington Woods, Michigan 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.

DISCLAIMER: This site and any information contained herein are intended for informational purposes only and should not be construed as legal advice. Seek competent legal counsel for advice on any legal matter.

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