Millions of homes are sold in the United States every year. If you're ready to sell your property, you likely hope that you will make enough profit to buy another home or invest in another project. You're likely also hoping for a smooth transaction where a buyer approves of your home's asking price, financing goes through without a problem, and you walk away with the money you deserve.
Unfortunately, selling your home isn't as easy as you may think. Here are four reasons to hire a real estate lawyer when selling your home.
1. Home Sale Taxes
You don't want to be left having to pay taxes on your home after you sell the property. If your home sells for more than a certain amount and your profit is over $500,000 (or $250,000 if single or married filing separately), you may have to pay taxes on the property.
If your home sells for a profit less than the above-stated amounts but you haven't owned your property long, you may also have to pay taxes on the sale. A lawyer is needed to help you negotiate any lingering tax obligations so you don't end up having your future taxes garnished or receive threatening letters from the IRS.
2. Home Flaws
If you are selling a home that has been flooded or has encountered another kind of damage, you may have to bring the home up to safety codes in order to sell the property. If you have made home repairs in the past, you don't want to have to pay more for renovations in order to sell your home.
Your lawyer will prove that you have already made the necessary upgrades and renovations to your home to make the property safe for sale. Without a lawyer's assistance, you may be forced to pay for upgrades you shouldn't be responsible for or which are not even necessary to legally sell your home.
3. Home Upgrades
If the buyer raises questions about recent renovations, you will need to prove that all home upgrades were performed by a licensed professional. If you do not have the paperwork to prove upgrades are up to current municipal codes in your area or if you did the renovations on your own, your lawyer will need to know.
Your lawyer will work with you to hire licensed inspectors to privately approve your home for selling purposes. If changes need to be made to your recent upgrades in order to make your home sell-worthy, your lawyer will negotiate the costs you put into the residence into the final selling price so you can make as large a profit on your home as possible.
4. Closing Negotiations
Buyers have the right to demand that certain changes or upgrades be made to a home in order to finalize their purchase, just as you, as the seller, have the right to negate any more costs and sell your home as-is. Your lawyer will stand by your side until closing negotiations are complete to ensure that both parties involved in the transaction are satisfied.
Lastly, some states require that a lawyer be involved in the closing process of any home sale. Even if you live in a state that does not require a lawyer be present during closing, it's wise to hire a real estate attorney to assist you throughout your home selling process.
The right lawyer will protect your rights as a home seller while assisting you in making the most profit off of your home. Contact our associates at Armstrong, Betker and Schaeffer, PLC, for all your real estate needs. Our professional lawyers will stand by your side throughout the home selling process.