No law requires you to use a real estate agent. Real Estate Agents provide many valuable services – including:
Most people who sell or buy homes without the assistance of a real estate agent feel comfortable marketing their home. However, they are not aware of the various pitfalls related to contracts, compliance with state and federal laws, and transaction details.
PROFESSIONAL ASSISTANCE IS NEEDED.
If you are going to buy or sell a home without a real estate agent you need a REAL ESTATE ATTORNEY even before you put your home on the market.
While some transactions go smoothly and without a hitch, potential disasters await the unwary.
Here are some examples:
Example 1: A Seller used a contract for the sale of real estate purchased from an office supply store. The contract was not designed for use in Iowa. At closing, a dispute arose over responsibility for taxes and a faulty furnace. Without clear guidance in the contract concerning these issues, both parties are incurring attorney fees and may end up in court.
Example 2: A Seller failed to use disclosures required by federal law. After the transaction, a child living in the home was discovered to have high blood lead levels due to conditions on the property for which disclosure and a warning were required. The Seller is now liable for: a) modification of premises to make it safe; b) the cost of testing for the child; c) attorney fees; and d) the child’s resulting learning disability. The Seller’s liability exceeds the purchase price of the property.
Example 3: Sellers arrive at the closing table only to discover they had not prepared a document necessary for closing. Delay in the closing caused the Buyers to miss a deadline related to a lock on low-interest rates. Now the Buyers have to pay a higher interest rate and want the Sellers to reimburse them for the higher costs. Over the life of the loan, the increase in interest can equal tens of thousands of dollars.
Thus you can see that in real estate transactions, “an ounce of prevention is worth a pound of cure.”
Services and Fees
The Law Office of Daniel W. Willems charges the following fees in “for-sale-by-owner” transactions:
Notice: The stated fixed fees will be available only to clients whose matters are encompassed within the described services. For matters other than those listed above, the client is entitled to request a specific written estimate of the fees likely to be charged.
Fees listed herein are good to the end of 2023.
Do you have any questions about finding the right Real Estate Attorney? Learn more on our Real Estate page or contact us for a current list of Real Estate Services and Fees.
Cedar Rapids, IA
52403