5 Important Questions Regarding Real Estate
Buying or selling a home or property can be a bewildering and overwhelming experience. Having an experienced lawyer to help guide you through the process helps you avoid future pitfalls. Attorney Dale Thorpe answers some key questions regarding real estate.
Do I need a lawyer to sell my property?
There is no legal requirement that you need a lawyer at your closing. It is entirely up to you. However, having a lawyer at your closing will enable you to have an independent expert read and advise you on the documents you will be signing and on the title you will be receiving as a buyer.
How much will it cost to have a lawyer assist me in selling my property?
The cost for an attorney to represent you at your closing will vary greatly based on the amount of work involved. It can range from just a few hundred dollars for a simple closing to much greater amounts if problems crop up and the closing is delayed or fails to take place. Under certain limited circumstances, some lawyers will quote a flat fee for a real estate closing.
How soon can we close on the sale of my property?
In most cases, a real estate closing will take place about 30 days after a contract to purchase has been signed. A closing can take place a little faster under ideal circumstances. However, it is far more common for closings to be delayed in order to satisfy contract contingencies such as the buyer obtaining financing or selling the buyer’s existing house.
What is a variance? Do I need one?
A variance is really permission from a governmental body, after a hearing, to undertake a use of your property that would normally not be permitted under the law. It is a legal proceeding, and in most cases you will be expected to explain how you are entitled to a variance. The standard for granting the variance is dictated by state law. You have to address each legal standard in order to be granted the variance.
What benefit is there in getting a survey?
A survey can be an invaluable way of confirming that you are buying (or selling) the correct property. Having a survey can clear up misunderstandings between a buyer and seller. It can also help to obtain better title insurance by getting coverage for possible encroachments by neighbors or other title flaws. The cost of a survey can often be well worth the extra protection you will receive.