Tips For Selling Real Estate

As real estate attorneys, The Donaldson Law Firm regularly works with clients selling single family homes, condos, coops, etc. Here are some top tips for local sellers.

Work Closely With Your Realtor

It’s always a good idea to analyze and even question the advice and opinions received from the professionals with whom you cross paths. That applies to realtors and real estate attorneys alike. However, it’s crucial to keep a few basic facts in mind when it comes to choosing and/or working with a local realtor.

Above all else, your realtor spends a ridiculous amount of time with buyers and sellers alike, so they’re best positioned to speak to the overall trends of the local real estate market. That said, it’s advisable to follow their general lead when it comes time to put your property on the market.

To add to that, it’s probably just as important to always keep in mind that (a) your realtor (and your attorney, most likely) is not compensated until your property actually sells, and (b) their compensation and the sale price are directly proportional, meaning the higher the sale price, the higher your realtor’s commission.

That model makes a lot of sense for a seller because a seasoned realtor will be financially incentivized to sell for as high of a price as possible yet he/she will also have a good sense of what buyers may be willing to pay based on their knowledge of the local real estate market. Therefore, any concern a seller may have that their realtor has set an unrealistic asking price is counterbalanced by the fact that, if the price tag is too high, the property won’t sell and the realtor (and the real estate lawyer) may never realized his or her fee.

There’s No Such Thing As The Perfect Real Estate Attorney

To the contrary, what you should look for in a real estate attorney is what’s most important to you.

Many realtors will recommend one or more real estate attorneys with whom they’ve had favorable experiences in the past. And there’s a lot to be said for that although it would behoove any seller to conduct some due diligence and check out that attorney or law firm online to see what other sellers have had to say about working with your realtor’s recommended professional.

Real Estate Attorneys | The Donaldson Law Firm, PLLC

Otherwise, finding a real estate attorney isn’t much different than looking for a physician or even a plumber: you’ll want someone with experience who can get the job done efficiently yet thoroughly.

Also, if you’re buying in areas including Somers, Katonah, Yorktown, Goldens Bridge, Pound Ridge, Bedford, etc., retaining a real estate attorney who deals mostly with coops in Manhattan’s Financial District isn’t going to have the same know-how as a real estate lawyer in Westchester.

Finally, you’ll likely want to avoid an attorney who has the professional demeanor comparable to a rabid wolverine. Your average real estate transaction involves enough stress, so why hire a real estate lawyer who’s only going to add fuel to the flames. Rather, check to see if other clients took the time to leave reviews online and look for language like, “friendly,” “responsive,” and, “took the time to explain the process.”

Consider Investing In A Home Inspection

In many transactions, a buyer will conduct a home or engineering inspection either immediately before or after submitting an offer to purchase. The purpose of the inspection is to check the integrity and functionality of the structure, electrical, plumbing, and HVAC systems.

If the inspection uncovers matters that require repairs or maintenance, a buyer will usually ask the seller to either make the repairs before closing or offer a credit in an amount that it will likely cost the buyer to affect the same repairs post-closing.

However, some of that can be avoided if a seller schedules and pays for a home inspection before going to market. Doing so can help address the majority of any issues a subsequent inspection may identify. If a seller is handy, they can either handle the repairs themselves or rely on service providers they’ve used in the past who they already know and trust.

Just make sure you keep the receipts for any work performed! 

Get Your Papers Together

It’s not uncommon for homeowners to have long ago lost any of the papers they received when they were on the buying side of the table. And that’s understandable considering a deed, survey, and title report aren’t the kinds of things you go back and refer to with any regularity.

However, if you can find the papers you were provided when you purchased the property however long ago it was, dusting them off and sharing them with your real estate attorney will help facilitate the process of getting into contract and closing on the property faster than you would otherwise.

The reason your real estate lawyer is going to ask for them is this: certain information helps the parties involved get ahead of any issues before they arise. For example, if you have the survey you were provided when you bought the property, sharing it with the buyer and the title company they retain will help avoid the time associated with conducting a new survey if the prior survey is unavailable.

The same goes for the title report and policy you very likely purchased when you closed on the property. Providing them at the time of contract will allow the buyer’s attorney to review any easements, covenants, and restrictions associated with the premises and, if done in advance, this helps avoid disputes after the parties are already in contract.

Obtain Certificates For Any Renovations Or Additions

Towns and/or cities have building codes. When a building is constructed or when renovations are performed, the local statute usually requires that the property owner first obtain a permit. After the work is performed, an inspection is scheduled and, if the work was conducted according to building code, the building department will issue a certificate of occupancy or certificate of compliance.

It's more common than not for a contractor or the property owner to entirely forget about the need for an inspection after that in-ground swimming pool is installed. That’s understandable. The work is done. The new pool looks great. Time for a swim!

However, always try to finish the building department approval process immediately after the work is performed. In the event the inspection identifies issues that need to be resolved, call your contractors and explain they need to be addressed so you can obtain the necessary certificate. Otherwise, these things have a way of quickly dropping off To Do lists and, once you’re in contract to sell, the buyer’s attorney is going to ask for them after the clock is ticking with the closing not far off.

Of course, there’s a lot more that goes into successfully selling real estate but the above tips should help save a lot of time.

If you have questions about selling real estate, don’t hesitate to give us a ring or send us an email.