Financial Coaching Blog

Buying & Selling Real Estate As a Landlord & Tenant

Did you know?

Buying & Selling Real Estate As a Landlord & Tenant…

I’m going to leave you with a single pro-tip that you might not have considered if you are a landlord selling to your tenant or if you are a tenant looking to buy from your landlord. Use a REAL ESTATE ATTORNEY instead of a Realtor/Agent/Broker. Here’s why…

Most realtors/brokers will negotiate for an overall percentage of somewhere between 3.5%-6%. Depending on the sale or purchase of the home, this can climb quite significantly for the realtor to simply organize the paperwork.

Save your money…

If you utilize a real estate attorney, you’ll save thousands as you merely pay them a time based fee. Most have a flat rate per hour, some may have a flat fee. If you use a realtor, instead of a $1k-$2k fee, your looking at 3.5%-6% from the sale. That’s a HUGE difference.

But what about the paperwork, appraisal, closing, & the home titling work?

All will be scheduled with and by your real estate attorney. Many attorneys have a title agency either directly associated with their practice, or one they partner with. This completely expedites the process and in many instances it also speeds up the time to close too.

As a buyer and a seller, especially in this instance there is zero reason not to use an attorney to close. You both want a pain free process, save as much money on closing, and make as much money from the sale as possible. Attorneys are hardly considered as resources for closings as most consider using an attorney when there’s an issue that needs legal assistance, but you can have every aspect of the buying and selling process covered by an attorney.

Have any of you sold or bought property using a Real Estate Attorney?

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