You may think that real estate transactions require a real estate agent, but that is not true. In Connecticut, real estate transactions involve an attorney, but agents are optional.
Many buyers find it beneficial to have a real estate agent guide them through the process. Real estate professionals can be a valuable source of information, especially for first-time buyers or those new to an area. However, if you are selling your home, you may not need a similar degree of service. Here are some questions to help you decide whether to sell your house without an agent.
What do real estate attorneys do?
Real estate attorneys can offer legal advice that real estate agents cannot. Before you sell, your lawyer may conduct a title search or clear up issues regarding lot lines or easements. Getting that taken care of first can help the sale go more smoothly once you find a buyer.
Real estate lawyers also draft necessary paperwork such as the seller’s disclosure statement and the sales contract. Your lawyer can also examine existing contracts before you sign. Most importantly, your attorney will likely be present during the close of sale. It is reassuring to have someone in your corner who understands the complexities of real estate law.
What do real estate agents do?
Real estate agents can provide advice, too. They compile a list of comparable properties to help you calculate an asking price. Many use their knowledge of the market to help you market and stage your home for a quick sale.
Do lawyers cost more?
No; in most instances, your real estate lawyer will charge far less than a real estate agent. Attorneys typically assess a flat fee or an hourly charge, whereas agents charge a percentage of the selling price. With an average selling price of more than $250,000, a Connecticut seller is likely to pay at least $12,000 in total real estate commissions. A real estate lawyer’s fees are usually a fraction of that, resulting in much higher profits for you.
