Legal Question in Real Estate Law in Pennsylvania
Sale of home in pennsylvania
I am currently in the process of selling our other home in Pennslyvania. My Real Estate Agent tells me, that in Pennsylvania, the seller does not need an attorney. We are selling to an individual as a Sellers assist sale, where we pay for the closing costs for the buyer, but did not negotiate the selling price, therefore, it was as if we took 6k less for the house. My only concern is , as we are the ones paying at the closing,(We are not netting a profit), can we be at risk without an attorney scrutinizing the closing papers. Please advise, as the closing is to be scheduled shortly and we are worried we made a mistake by not getting an attorney. Is this actually standard practice in PA for the seller to not have any attorney? Can there be a scam or fraud risk? Thank you for any advise you may give.
1 Answer from Attorneys
Re: Sale of home in pennsylvania
This is a very good question. I am not only an attorney in PA, but also have a title insurance agency. Some parts of PA have a greater tradition of attorney representation than others. Many seller's are not represented, which can present risks, depending upon the level of knowledge of the individuals. Title Insurance provides some protection to the Buyer, but the closing company does not represent the seller. The skill and experience of realtors varies greatly, thus the realtor may or may have the background to guide you through the transaction. The cost of retaining an attorney for a residential transaction will not be very high. Most attorney's charge a fixed rate. If you would like to discuss the matter further, please feel free to contact me at 215-564-3722.