Neither the seller nor the buyer is required to employ a real estate broker or sales agent to represent either of them. If either side is represented, there is no legal requirement that the other side be represented.
Unless you have purchased and sold homes previously, more than just once, you really should have an experienced and trained real estate professional advise you, assist you, and answer your questions. It is one of the largest and most important purchases and investments in your whole life. There are a lot of issues and a lot of documents.
One of the things a real estate professional brings is the ability to see what is missing. You might be able to read every word and understand what is presented to you. Even that will be hard. There is so much of it. Even so, if the seller has left something out that you are entitled to or need, a real estate professional should notice it and let you know.
If you hire a broker, the brokerage commission paid by the seller will be split between the seller's "listing" agent and your buyer's "selling" agent. There's a good example of a real estate oddity. The buyer's broker is referred to as the "selling" agent.
On the other hand, hiring an experienced real estate attorney would probably be less expensive, but there is no custom which requires the seller to reimburse the buyers for their attorneys fees. It would make economic sense for a seller's listing broker to agree to reimburse your attorneys fees, because that would cost less than splitting the commission with a buyer's selling broker, but most brokers won't.
If you appreciate this free advice, please remember to refer me to any friends or acquaintances who need a lawyer. Referrals are still our best source of new business.
Do you have a revocable living trust to protect your heirs against probate? Probate takes forever, is expensive, and is annoying. Do your family a favor. Set up a trust, and put all your property, especially any real property, into the trust. Since it is revocable, you can change it, add to it, take property out of it, or even cancel it completely, at any time. We set up such trusts, provide a pour-over will as a back-up for any property that does not make it into the trust, provide you with blank durable powers of attorney for health care and financial decisions, in case you become incapable of making such decisions while still alive, and convey one piece of real property to the trust, usually the family home, for $1500.00. If you would like to hire me to do this, let me know, and I'll send you a list of the information I need.
Dana Sack...
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