Q: Do I Need a lawyer ? to assist in a cash purchase of a condo in ocean city? Or what type of professional could assist
Want to avoid real estate agents, trying to keep costs down
Yes, you can purchase a condo for cash in Ocean City without a realtor but you would need someone to prepare a contract for you for the purchase of the condo. It is likely that you may be able to find an attorney who could prepare the contract for you since you are the purchaser of this transaction. Then, you will need a title company to help you carry out the settlement. You may be able to find a settlement company that has an attorney on staff that can prepare the contract for you for a nominal fee.
Good luck in your purchase!
A: If you are purchasing, then your own broker/agent should be compensated out of the overall commission that is paid by the seller. The amount Seller's broker will share is in the MLS listing. As a law firm that also operates a real estate brokerage, we know that a lawyer drafting non-MAR agreements can sometimes match the charges associated with the 2-3% commission earned by a broker/agent using and modifying the standardized forms. Most importantly, agents are often ill-equipped to respond to legal issues that may crop up.
A: There is no need for a real estate broker, though a real estate broker could help. Brokers market and sell property, so the commissions they earn are based on the risks and expenses of marketing a property. You don't need those services, and the cost of contracting and closing a sale can be handled much more cheaply by a lawyer or a title agent. Since you don't have a broker, I would suggest that you pick a lawyer who is a title agent, since they are generally no more expensive than a non-lawyer title agent for the closing, but the title agent won't be responsible for the contract. Some lawyers even offer an option to pay hourly or to pay legal fees as a small, like 1%, fee on the sale.
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