You have decided to sell your home or a piece of property in Miami. You have a remaining home loan of $300,000, and you plan to sell for $500,000. That will leave you with a nice $200,000 profit, right? Actually, no, you have to remember to factor in seller closing costs. Closing costs are made up of many different fees, covering a range of services. One such service is the attorney fees. Although not every state requires an attorney for a real estate transaction, if you live in one that does, an experienced attorney like Arturo R. Alfonso, P.A., will leave you with peace of mind that any unexpected legal problems will be handled correctly. But what exactly does a real estate attorney do, and who pays for their services? Read on below to learn more.
About How Much Are Attorney Fees
The fees can fluctuate a fair amount depending on a few factors. Experience is one thing to consider. Is your lawyer a seasoned veteran with well over ten years of experience or relatively new with only a year or two of experience? You will be paying more for the experience, but with experience does come a wider breadth of knowledge.
Another factor is how you decide to pay for the attorney’s services. Are you going to pay hourly, possibly $150 to $350, or go with a flat fee? Many experts agree that you save money if you pay a flat fee. These numbers can vary around the country and again with attorney experience.
Could Go Either Way
Typically fees are paid by the seller at the time of closing. But depending on the part of the country you live in, the buyer may be the one responsible. The real estate agents will negotiate who pays or if the cost will be split among both parties.
What You Get For The Money
Having an attorney assist with selling or purchasing property can indeed add quite a bit to closing costs. Their services are well worth the money, though. Here are some reasons why both parties may choose to include an attorney.
Buyer reasons include:
- If an area is prone to flooding or tornadoes
- Property with structural issues
- Property in a short sale or bank-owned
Seller reasons include:
- Property with liens or a judgment
- Being unsure if there are any outstanding legal issues with the property
- Any repairs that you will not be able to make before selling.
For every reason listed, the attorney’s role is to ensure you are protected from all possible legal issues and make sure all documentation is accounted for and lawful.
Selling a property in Miami can be a stressful situation in the best of times. Also, an expensive process to top it all off. Attorney fees add to closing costs, either for the buyer or seller. No matter how the real estate agents negotiate who will pay these costs, you need expert legal representation; you need Arturo R. Alfonso, P.A. If you’re buying or selling a property, protect yourself; call us today.