Legal Question in Real Estate Law in Indiana
Real estate broker or attorney necessary?
A family member will be entering into an agreement to sell property to a development company. This company will have a real estate attorney. Should the owner have their own real estate broker? or attorney? What is typically the standard? How do they come up with the sales figure? Are separate parcels included as an all in one deal? or separate contracts? We would like to advise our family on the best way to handle such a deal before it's too late.
1 Answer from Attorneys
Re: Real estate broker or attorney necessary?
The owner should definately have an attorney. Since he already has found a buyer, there really isn't much need for a broker. Ther are a variety of factors that go into determining a sales price, including but not limited to supply/demand, what other similar properties have sold for etc. All or some of the parcels can be sold in one contract or multiple contracts depending on what the parties desire.
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