Selling a home does, indeed, carry specific legal obligations. However, depending on the applicable local and state laws, along with whether or not the home is involved in the probate process, an attorney isn’t a consistent necessity.
While many real estate transactions do not need to involve an attorney, there are instances when hiring an attorney is either preferred or required.
Understanding Legal Language
Many real estate brokers use a standardized form for selling a home. This is neither good nor bad. Yet, if the seller isn’t familiar with legal language, there may be caveats or questionable clauses embedded within the contract.
If the seller is contracting directly with the broker, then seeking out the assistance of a real estate attorney to review the contract may establish peace of mind.
Located just east of Seattle and within the heart of King County is the Bellevue real estate market, a suburban community that is growing, thriving and making a mark all its own. It may be the next door neighbor to the most influential city in the state, but Bellevue stands its own ground. There's more than 130,000 residents in the city, which has a notably vibrant downtown area. In fact, more than 10,000 residents live in the downtown which began to thrive during the recession of 2008, and there are about 1,300 businesses located there.
Bellevue is more than just Seattle's sidekick, and its current real estate market is just further proof of that fact. The hyper-competitive real estate market in Seattle is being mirrored in Bellevue, according to an article...
The Seattle real estate market continues to top the charts nationwide as one of the hottest in the country. This is good news for many people, including home sellers who want to earn a significant return on their real estate investment and property owners who feel confident that their values will continue to rise.
However, many Millennials are finding this to be a frustrating market. They can't seem to make offers fast enough before the houses are sold out from underneath them. With each passing month, sales prices continue to increase, while their income remains the same. There's little inventory on the market, and many of them are faced with the startling reality that they will need to commit at least half of their total income to their mortgage payment in order to secure a home in this growing city with a strong economy.
Though they are no longer the largest generational population, the Boomers – who are heading into their sunset years – will continue to possess the most wealth. That is until they pass their assets onto either their Gen X children or Millennial and Gen Z grandchildren. According to a report by Deloitte, $24 trillion in bequests will be transferred over the next 15 years.
Enter the probate real estate market. Due to many factors that will be discussed below, probate real estate is a virtually untapped real estate space. Due to the conditions under which sellers are motivated to market the legacy property, navigating the emotional and tangible process has several definitive pros and cons.
What is Probate Real Estate?...
Seattle is topping many of the real estate charts across the country, and is becoming the prime example of what low inventory levels and high demand can do to a metropolitan market. As buyers clamor to get their hands on any type of house in the city, sellers are noticing that the values of their homes continue to rise.
In fact, recent data published by Realtor.com revealed that Seattle ranked 8th in the country for the highest percentage gain of properties valued at $1 million or higher. In 2017, about 7.7 percent of properties on the market in Seattle were listed for $1 million or more, according to an article published on GeekWire. That's a 2.4 percent increase since 2014,...