Q: 4 sale by owner/cash sale, is it advisable for buyer and seller to use same lawyer to draw the contract and do closing?
What is a good earnest money down from potential buyer? Do I have to be at closing to get paid. Heading away for medical treatment.
A: It would be a conflict of interest to use the same attorney, so an attorney won't do that. The same attorney or law firm cannot represent both the seller and the buyer. A seller wants as big a deposit as it can get from buyer, because if buyer backs out, that is probably all seller will get. The typical amount of deposit for a residential home sale might be a thousand or two. But more would be better, maybe even 5% of the purchase price or more. You do not have to be at closing if you are represented by an attorney. Some closings are done by mail and wire transfer of funds. Use the Find a Lawyer tab to consult an attorney in the location where the real estate is located.
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