Real Estate Law
What Do I Need To Know About Buying A Home?
Buying or selling a home is often the largest and most complicated financial transaction that a person will make in his or her life. Homebuyers and property sellers in Pennsylvania have a number of legal rights and responsibilities. If you use a real estate agent, there are many things you should know.
This information provides an overview of some of the considerations for buyers and sellers of property in Pennsylvania. For questions about other states and your specific situation, contact a local real estate attorney in your area for legal advice.
What Home Sellers Need to Know
As a seller, you have the right to negotiate the commission and terms of your listing agreement with the listing agent. The standard commission is generally 6% and may be split between buyer and seller realtors 3%/3%, which may be negotiated.
Six (6) months is often a requested listing period, but three (3) months may be sufficient time to sell your home or to determine whether a real estate agent is going to do a good job for you. Listing agreements may be renewed but be wary of signing one that can be automatically renewed.
Before you sign a listing agreement, it is recommended that you talk with several agents. Find out what each agent will do for their fee including the type and quality of the sales campaign they will conduct.
As a seller, you have the right to have an attorney review both the listing agreement and the sales agreement before you sign them. Even though the agent represents you, remember they do not get paid unless a sale is made. If you are selling a home in Allentown, Pittsburgh, or anywhere in the Commonwealth, make sure you are protecting your interests.
What Home Buyers Should Know
As a buyer you have the right, and are well-advised, to have an attorney both review the agreement of sale before you sign it and represent you at the settlement table.
In a traditional real estate transaction, the buyer does not have anyone representing his or her interests. The real estate agent showing you the house usually owes allegiance to the seller, not to you the buyer.
As a buyer, you have the right to have a buyer’s broker represent your interests in finding a home. If you choose this arrangement, it is recommended that you talk with several agents before you sign an agreement. Find out what each agent will do for their fee. This includes buying a condo in Philadelphia or a vacation home in the Poconos.
Speak to an Experienced Real Estate Attorney Today
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified real estate lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local real estate attorney to discuss your specific legal situation.