Residential Property
Buying or selling a home can be one of the most significant financial decisions you will make. Whether this is your first time buying a home or you're looking for that vacation property on the lake, our expertise can help protect your throughout the process.
If you're working with a Real Estate Agent, you can put us directly in contact to save you time and make sure your transaction is sound. If your selling or buying on your own, we're available to answer your legal questions along the way. We also offer full representation packages.
If you're working with a Real Estate Agent, you can put us directly in contact to save you time and make sure your transaction is sound. If your selling or buying on your own, we're available to answer your legal questions along the way. We also offer full representation packages.
Buying or Selling Real Estate in Ohio?
Q & A
Do I need a Real Estate Agent?
Maybe. A good Real Estate Agent can assist with listing and marketing your home, or help you find your dream home. This is something that some people often find challenging, and something that an attorney doesn't do. If you need help finding a buyer or finding a home, a reputable Real Estate Agent can be very beneficial.
If you have a buyer, seller, and have agreed on the basic terms of the purchase, you can save thousands of dollars by not using a Real Estate Agent. The rest of the process is based on a legal document called a Residential Purchase Agreement.
What basic terms do I need to agree on?
You will want to discuss terms such as the sale price of the property, who will pay closing costs which can include title search fees, title insurance, document preparation fees, home warranty, taxes, and other miscellaneous fees, if appliances are included, and even when the keys will be handed over. Shinaver Law Office, LLC employs a holistic approach when considering the terms of an agreement. Most often, the biggest concern for both parties is what the final numbers will be. There are some creative ways to achieve your goal while allowing the other party some flexibility to achieve their goals as well. Whenever possible, we aim for the win-win situation.
What if the other party has their own agent?
No problem. The other party is entitled to hire their own agent to help them list or find their home. However, just because the other party has an agent, that does not mean you need one. That also does not mean that their agent should represent you as well. You are certainly not obligated to pay a buyer's agent out of your pocket or from the proceeds of the sale if you're the seller. For more information on Dual Agency in the State of Ohio, please see page two of this form.
A typical sale that involves a Real Estate Agent on either side includes a commission for the Agent factored into the Purchase Agreement and supplemental documents. If you're selling your home without an Agent, you can either make it clear to the buyer that they are responsible for paying their agent, or the amount of fees that an agent would receive can be added to the purchase price to compensate for the difference. If you're buying a home without an agent, consider that the purchase price may be inflated to compensate a listing agent.
Should I sign anything?
It is highly advised that you have ANYTHING that is presented to you by a buyer, seller, or Agent reviewed before signing. Your signature can bind you to terms you may not have understood at the time you signed, even if it seems like something insignificant. If you are told that a signature is required before the buyer is allowed to see the home, or before you can make or receive an offer, beware. This is a common tactic used by Agents to get you to agree to allow them to be a dual agent, thereby obligating you to pay them for services that you may not need or they may not provide to you. If someone insists on a signature without allowing an attorney to review the document this is likely something you don't need or want to sign.
Do I need to involve a closing company?
Maybe, but maybe not. There are a lot of ways to put together a real estate transaction. As a general rule, if the buyer is borrowing money to pay for the home (which traditionally includes a mortgage) or if the seller has an existing mortgage or note on the property, the lender may insist that the transaction be handled by a closing company. This is likely a contractual requirement between the bank and the buyer.
However, if the sale is a cash transaction, if you're executing a land contract, or one of the many other ways to facilitate a real estate transaction, you may not need a closing company and you may be able to save on some of those extra expenses.
Shinaver Law Office, LLC uses numerous automations to keep our costs low, and we are able to pass the savings on to you. Feel free to contact the office to discuss ways to best execute your purchase or sale.
Maybe. A good Real Estate Agent can assist with listing and marketing your home, or help you find your dream home. This is something that some people often find challenging, and something that an attorney doesn't do. If you need help finding a buyer or finding a home, a reputable Real Estate Agent can be very beneficial.
If you have a buyer, seller, and have agreed on the basic terms of the purchase, you can save thousands of dollars by not using a Real Estate Agent. The rest of the process is based on a legal document called a Residential Purchase Agreement.
What basic terms do I need to agree on?
You will want to discuss terms such as the sale price of the property, who will pay closing costs which can include title search fees, title insurance, document preparation fees, home warranty, taxes, and other miscellaneous fees, if appliances are included, and even when the keys will be handed over. Shinaver Law Office, LLC employs a holistic approach when considering the terms of an agreement. Most often, the biggest concern for both parties is what the final numbers will be. There are some creative ways to achieve your goal while allowing the other party some flexibility to achieve their goals as well. Whenever possible, we aim for the win-win situation.
What if the other party has their own agent?
No problem. The other party is entitled to hire their own agent to help them list or find their home. However, just because the other party has an agent, that does not mean you need one. That also does not mean that their agent should represent you as well. You are certainly not obligated to pay a buyer's agent out of your pocket or from the proceeds of the sale if you're the seller. For more information on Dual Agency in the State of Ohio, please see page two of this form.
A typical sale that involves a Real Estate Agent on either side includes a commission for the Agent factored into the Purchase Agreement and supplemental documents. If you're selling your home without an Agent, you can either make it clear to the buyer that they are responsible for paying their agent, or the amount of fees that an agent would receive can be added to the purchase price to compensate for the difference. If you're buying a home without an agent, consider that the purchase price may be inflated to compensate a listing agent.
Should I sign anything?
It is highly advised that you have ANYTHING that is presented to you by a buyer, seller, or Agent reviewed before signing. Your signature can bind you to terms you may not have understood at the time you signed, even if it seems like something insignificant. If you are told that a signature is required before the buyer is allowed to see the home, or before you can make or receive an offer, beware. This is a common tactic used by Agents to get you to agree to allow them to be a dual agent, thereby obligating you to pay them for services that you may not need or they may not provide to you. If someone insists on a signature without allowing an attorney to review the document this is likely something you don't need or want to sign.
Do I need to involve a closing company?
Maybe, but maybe not. There are a lot of ways to put together a real estate transaction. As a general rule, if the buyer is borrowing money to pay for the home (which traditionally includes a mortgage) or if the seller has an existing mortgage or note on the property, the lender may insist that the transaction be handled by a closing company. This is likely a contractual requirement between the bank and the buyer.
However, if the sale is a cash transaction, if you're executing a land contract, or one of the many other ways to facilitate a real estate transaction, you may not need a closing company and you may be able to save on some of those extra expenses.
Shinaver Law Office, LLC uses numerous automations to keep our costs low, and we are able to pass the savings on to you. Feel free to contact the office to discuss ways to best execute your purchase or sale.
