Selling a home or other property in Minnesota is a big task. Most people hire a realtor but having the assistance of a real estate attorney is an alternative option. The state attorney general publishes an online guide to selling your own home, outlining the important steps, yet there are many nuances like negotiations and disclosures that demand more than following DIY instructions.
An experienced real estate attorney can guide you through the process of selling your property, consulting on as much or as little of the process as needed. Handing over some of the significant tasks to a trusted professional allows you more time and freedom to conduct the advertising campaign and home showings as you see fit.
Key Tasks for a Real Estate Attorney in Your Home Sale
Finding a buyer for your property is only an intermediate step in the process of selling. When you partner with a lawyer who knows the Minnesota real estate market and is well-versed in the process of buying and selling, you can have confidence that your transaction will go smoothly.
Hiring a real estate attorney is a good investment that saves much of the time and effort involved in a For Sale By Owner (FSBO) transaction. It can save money over a realtor’s commission, and their experience and professional credentials provide valuable peace of mind that everything was executed correctly.
Your real estate attorney has a significant role to play in your sale, including many of the following tasks:
- Drafting and executing the purchase agreement is key; this document contains the buyer and seller’s names and addresses, the agreed-upon purchase price, and any conditions or terms of the sale, including the closing date.
- Title searches are conducted to make sure there are no obstacles to a successful sale. A thorough examination of the property records and knowing what to look for with each of Minnesota’s two types of title records (Torrens and abstract) is necessary to smooth sales. Any disputed titles, unrecorded easements, or liens can derail the transaction. Your attorney will also draft the deed to transfer title.
- Compliance with disclosures is best completed with legal guidance. Minnesota sellers must provide buyers information on material issues with the property. This can mean that owners of homes that were used to make methamphetamines, have leaks, zoning irregularities, or are affected by flooding must provide known information to the buyer within a specific timeframe. Your real estate attorney will help you complete this directive to meet the legal requirement.
- Reviewing offers is a critical point in a sale, as professional expertise can determine which buyer is in the best financial position to take ownership with the least amount of negotiating.
- Negotiations are a common part of home sales that benefit from professional experience and the knowledge of legal parameters. Understanding the process of negotiating within the context of the local real estate market is a particularly important aspect of agreeing on a selling price, advising the seller on contingencies, and working out any post-inspection issues. Being inflexible can kill a sale, but bargaining with non-monetary and intangible leverage, such as closing dates, leaving appliances, and making specific improvements can win concessions and smooth over any issues.
- Closing documents must be accurate and complete because a misspelling or wrong address can cause a big setback. Your real estate attorney will assure error-free paperwork while overseeing transfers and arranging the escrow account and title company’s participation.
Buying or Selling, Put an Attorney on Your Team
Property transactions are the biggest contracts that most people sign in a lifetime. Having the peace of mind that a real estate attorney brings to a private property sale is incalculable. The experienced real estate attorneys at Waypoint Law can provide a mix of personal attention and professionalism for the successful execution of your sale as well as the personal fulfillment that comes with its completion. Start planning your sale with a free consultation.