Home Buying in Boston>Question Details

Rss2t, Home Buyer in Roslindale, MA

Selling my home

Asked by Rss2t, Roslindale, MA Mon Sep 17, 2012

I am selling my home without an attorney and I do have someone who is buying and is using his banks attorney. Will their attorney charge me anything when we get to closing? since they will be recording transaction.etc.

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What typically happens is that the seller doesn't want an attorney, but if the buyer gets a really good attorney, once they get a copy of the P&S, the seller typically realizes he should get an attorney because the buyer's attorney typically has an addendum that covers the buyer's interest and then the seller's attorney has their own addendum to cover the seller's interest. Without your own attorney, the contract will basically favor the buyer. Typically seller attorney fees range from about $600-$900 depending on exactly what they do for you (prepare P&S, draft deed, go to closing). You may also run into issues about tracking down mortgage discharge, who knows what the buyer's attorney would charge for that while that should be included in the fee you pay if you select a flat rate attorney. At the very least, the buyer's attorney would probably charge you for drafting the deed which can be in the $100 range so you're not saving as much as you think by not having one.
1 vote Thank Flag Link Sun Sep 23, 2012
Get an attorney.
If the other side has one, you should too.



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0 votes Thank Flag Link Fri Nov 2, 2012
Rss2t

I would not think the banks attorney would charge you but I would recomend that you seek council to protect yourself in a transaction. There is a reason that most tranasactions have attorney's involved and to help facilitate the closing especialy if something unforseeable should happen during the transaction.
0 votes Thank Flag Link Mon Sep 17, 2012
Simple answer, if the buyers' attorney is doing anything that you (or your attorney) would normally do ... then chances are, he/she will most likely charge you for it unless you had made some previous arrangement otherwise.

Normally, the sellers' attorney would prepare the deed, you have a conveyance fee, also any balance of taxes and/or water/sewer bill and record the deed. You would have to pay for all these costs. If you do them yourself, you won't have to pay anyone else for their time. However, if someone else is doing it for you, most likely they will want to be compensated for the time and service above and beyond the costs incurred.

As the others have said, I do highly recommend that you seek your own legal counsel, not only to protect your own interests, but to be sure that all the paperwork is prepared correctly. If not, at best you'll have to correct it and incur extra costs in the process hoping that no one feels compelled to seek additional damages or reparation for any fall out that may result.
0 votes Thank Flag Link Mon Sep 17, 2012
You really should have your own attorney. The cost could be worth it in the long run. Call a few lawyers and get some quotes. Their attorney is looking out for the banks interest and the buyer first.

I used the banks attorney when I bought my own first home and he made a big mistake they caught when I sold it.
0 votes Thank Flag Link Mon Sep 17, 2012
Yes your cost will be recording of any discharges, along with deed stamps (state tax) approximately 4.56 per 1000 of sales price and to draw the deed about 100-150


Lastly and most importantly the brokerage fee's if you used a agent to represent you or are paying the buyers agents fee.
0 votes Thank Flag Link Mon Sep 17, 2012
I would strongly recommend retaining an attorney to represent you in the sale of your house. His/Her attorney will represent the buyers best interests - not yours.. remember that! For the short amount of money that it would cost you to retain an attorney, this will provide you with the added insurance that the buyers attorney isn't putting in any language that would put you in a negative situation. I know sometimes buyer attorneys want to put in something with regards to "home warranties" .. you don't want to be on the hook for something like that.. etc etc.

Good luck.
0 votes Thank Flag Link Mon Sep 17, 2012
Who is drafting your deed? If it is the bank's attorney you may have to pay for that. You will also have to pay recording fees for any discharges of your mortgages and tax stamps and there may be other recording fees that are individual to your specific deal. I highly recommend you have an attorney, especially if the buyer is using one. If you are unfamiliar with real estate transactions and closings, you are a large disadvantage going into it unrepresented and may cause a delay in the closing if you do not have everything in order.
0 votes Thank Flag Link Mon Sep 17, 2012
Hi Rss2t,

I highly recommend you retain an attorney. The bank attorney represents the lender and does not have your best interests in mind. Real Estate transactions can get messy even with the best professionals in place. To answer your question, you will have selling costs including but not limited to recording fees and tax stamps.

If you change your mind and would like an attorney consultation, feel free to message me.

Best of luck!

Jeff
http://www.jeffreyhcarter.com
0 votes Thank Flag Link Mon Sep 17, 2012
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