QUESTION:

I met a real estate agent at a an open house near me a couple of weeks ago, and mentioned to her that I was thinking of selling my place (I really want to move to the city that most of my family lives in), but was considering my options. She gave me her card, and arranged to have a developer look at my property last week. That developer made me an offer today, and this agent wants 3% for finding this deal.

That is all fine, but my question is: I don't really view this agent as my seller's agent (we don't have a contract). She has a prior relationship with that developer, and so I think she has a conflict of interest, and thus I should not use her to handle my side of this transaction, as one might in a normal listing.

I think my most prudent move here is to hire a Real Estate Attorney to handle my side of this transaction? ...which I've never done before (I've never sold property before). I'm curious what I should expect? Do such Attorney's charge a flat rate? Or is it a % of the sales price? And other than using the yellow pages or google, what is a good way to find a good one?

ANSWER:

The attorney v. agent questions is something that we've covered before, but not in this context.

We would recommend that in this instance you should ABSOLUTELY use an attorney for the deal.  Developers do this for a living every single day and it is always in their best interests to issue the most favorable terms to the buyer.

An attorney will usually charge a flat fee.  We tend to see anywhere from $750 to $5,000 per closing, depending on your location.

Unfortunately, there is no quick and easy place to turn, currently, to find a closing attorney (outside of your network, the Yellow Pages or maybe Avvo), but we're working on that... Stay tuned.

Comment