If you're talking about a house on a city lot, I can quote you a fixed price of $1000.00, or our usual hourly rate of $300.00 per hour plus expenses. Unless the two sides get involved in a lot of changes to my draft of the agreement, the hourly rate is likely to be less.
The purchase and sale agreement is only the first step. The seller is required to provide a completed and signed Transfer Disclosrue Statement, which is a form adopted by the state legislature, and a Hazards Disclosure, which is available from several online companies and the title companies, for about $100.00.
The buyer should obtain a title report, a termite report, and a home inspection report. For property in the Oakland Hills and some other areas, the buyer should pay particulare attention to any indications of soil subsidence or slippage, foundation settling, and surface water runoff issues. If there is any evidence of any of them, additional experts should inspect the property. Someone should check the records of the city planning department and the city building department regarding permits, which might disclose previousl attempts to fix problems. They might also reveal any improvements constructed without permits.
Regarding all of the items listed above, if the buyer does not have a lot of experience regarding such matters, and there isn't a trained and experienced real estate broker or agent reviewing such documents and advising the buyer, then the buyers should have their attorney review the documents to look for potential problems. After the sale is completed, if a problem arises and it was mentioned in any of the disclosure documents or the buyers should have noticed it when they inspected the property, then the buyers can't win a lawsuit against the sellers regarding that problem.
Dana Sack
510-286-2200
Answered on Apr 12th, 2015 at 6:27 PM