Selling a home involves more than naming your price and waiting for the offers to roll in. Some homebuyers in Tennessee start this process alongside a real estate attorney to ensure their home is worth the asking price. When embarking upon your selling journey, you might wonder, “Do I need a lawyer to sell a house in Tennessee?”
My Tennessee Home Solution examines when you might need legal advice when putting your property on the market.
What a Real Estate Attorney Does
When a real estate attorney helps their client buy or sell a property, they primarily assist with the investigations following the purchase agreement. The average homebuyer wants a property in good condition at a fair price. Therefore, their lawyer will facilitate the process to ensure the buyer avoids a raw deal.
When an attorney works on the seller’s behalf, their duties slightly diverge. You’ll find some ways a real estate lawyer can drive the selling process below.
Liens
If you’ve ever failed to make payments on your home, you may have a lien on your property. Liens can slow or halt the sale by the owner. An attorney can act as a point of contact for the title company, helping the sale progress. Learn more about selling a house with a lien on it.
Joint Sale
If you and a second party own the property, you might need a real estate attorney to protect everyone’s interests. Joint sales occur between two unrelated parties. For example, you might co-own a building with your business partner or a friend.
When you’ve decided to put the property on the market, you must ensure each party gets equal benefits from the final sale. The attorney will serve as a mediator.
Estate Sale
Have you recently inherited property from a deceased loved one but haven’t committed to keeping and maintaining it? Hiring an attorney to assist you with the sale allows you to delegate the paperwork to a more knowledgeable party. Their role lifts a burden off of your shoulders while you grieve and manage other aspects of the death.
Short Sale
Some sellers want to avoid liens and other financial consequences of property ownership. Therefore, they’ll request a short sale from their lender. A short sale involves selling the property for less than the original purchasing price.
Because the property’s value exceeds the asking price, buyers will flock to finalize the purchase. An attorney can help you get the best offer before finalizing the transaction.
Adherence to Title Insurance Requirements
Title insurance protects both parties from any unknowns in the property’s history. The due diligence process may turn up prior issues. The insurance coverage protects the buyer and seller from these issues and may require that an attorney mediate the sale.
Do I Need a Lawyer To Sell a House in Tennessee?
While you better understand a real estate lawyer’s role in the home purchase process, you still need an answer to your question: “Do I need a lawyer to sell a house in Tennessee?”
Many states do require buyers and sellers to hire attorneys on their behalf before closing costs. However, Tennessee doesn’t require an attorney when you sell your property.
Pros and Cons of Legal Representation When Selling Property
Should you brave the real estate landscape solo or ask for legal guidance? Weigh the perks and pitfalls of each route before making a final decision. You’ll find some reasons to support property sales with and without an attorney.
Pros
An attorney can take lots of stress off your plate by handling:
- Paperwork: Documents regarding property sale details often contain legalese. If you aren’t familiar with this terminology, you might struggle to understand it without a lawyer.
- Negotiations: Lawyers get their clients the best deals possible. You can rest assured the buying party won’t short-change you.
- Legal obligations: A lawyer will help you understand your role in the transaction.
Cons
When you hire a real estate attorney, you have less control over:
- The timeline: Working with agents and lawyers means meeting milestones on their timeline. You must hit their deadlines rather than yours.
- Where you market: Lawyers want full control over how you market the property. They limit you on where you post listings, how you word them, and the features you list.
- Your profits: You’ll owe your lawyer profit cuts once you finalize the transaction.
Contact My Tennessee Home Solution for Practical Assistance for Homeownership
Have you been asking, “Do I need a lawyer to sell a house in Tennessee?”
Tennessee doesn’t require representation. Want to know more about home selling timelines? Read our article about how long it takes to sell a house. Contact us to get a fair cash offer on your house today.