Selling your home is likely one of the most significant transactions you will be a part of during your lifetime; you want to make sure everything is legally and financially sound.
As your seller representation attorney, my job is to protect your legal and financial interests in the transaction, starting with the drafting and negotiating of the purchase and sale agreement (P&S).
Once the P&S is signed, my job is to maintain communication with the Buyer’s attorney, provide pertinent documents that will ensure a smooth transaction, and get us to the closing table.
I also communicate with all third parties related to the transaction, including realtors, homeowner’s associations, or condominium associations.
I’ll provide you with unlimited consultations to answer any questions ranging from the contract to title requirements from start to finish.
Most importantly, I will handle communication and negotiation with all third parties:
- The buyer attorney’s office
- All realtors in the transaction
- Your homeowner’s association or condominium associations
Negotiating Your P&S: What’s Involved
Seller representation starts with a review of the Offer to Purchase Agreement and draft of the P&S, to then be negotiated and finalized with the Buyer’s attorney.
At a minimum, your P&S will state:
- The final price for the house
- The purchase terms, as negotiated between the Seller(s) and Buyer(s).
- A list of contingencies or conditions, that if not met, void the agreement.
Terms include logistical matters such as how much of a deposit the Buyer will make, the timeline for when they’ll be approved for mortgage financing, and of course, the closing date of the transaction.
Other terms include:
Seller credits, or money that a seller gives a buyer as an incentive to purchase the property. Seller credits are not common, which is why it’s crucial that an attorney negotiates them.
For instance, say that during the transaction, the central air unit in your home breaks down. Waiting for a repair may hold up the closing, so the alternative is a seller credit for the amount that covers the repair cost.
Closing cost credits are another tool used in negotiating a P&S applied to transaction-related fees such as loan origination fees and appraisals. Again, while not commonplace, they are matters best dealt with by an attorney.
Agreed-upon fixtures that will remain with the property. Appliances are standard fixtures either included or excluded in a P&S agreement.
Reconciling any Title Issues
The Buyer’s attorney conducts a title search covering at least 50 years of ownership transfers. The title exam validates that prior mortgages were or are to be discharged correctly, and no tax or other liens exist on the property.
In most cases, the only mortgage that remains to be discharged is the one you may have on your home. But sometimes, there is a prior one that has slipped through the cracks. My job is to obtain that mortgage discharge from the lender in question and ensure it’s recorded so that title is deemed clear and free from outstanding encumbrances.
Drafting Documents Related to Property Transfer
As you likely remember, when you purchased your home, there was a lot of documentation associated with a real estate transaction.
Our office will prepare many of these closing documents, most notably the Deed, which transfers ownership from you to the Buyer. Affidavits, while not common, may also be required.
We will also give you the option to sign a Limited Power of Attorney (LPOA), whereby I can sign your closing documents on your behalf. Many sellers find an LPOA a considerable convenience and emotional relief, with some citing an LPOA is the #1 reason to hire a seller representation attorney.
Reviewing Closing Statement
For most of us, selling a home is the biggest financial transaction of our lives, and the closing statement sums up that transaction.
As your seller representation attorney, my duty is to ensure that the charges reflected on the closing statement are in fact your responsibility, and it is also my duty to rectify any discrepancies to ensure that your financial interest is protected.
The Closing Table
Come the day of the real estate closing, we have the choice of attending the closing together. If you’ve opted for an LPOA, I’ll attend, sign documents on your behalf and make sure you receive your sale proceeds.
Once the Deed and other pertinent documents are recorded with the Registry of Deeds, I’ll work with the buyer attorney to oversee money transfer and ensure that property access is granted to the Buyer.
Fees and Services for Buyer Representation: We offer a flat-fee service arrangement covering all of the services outlined above.