Your lawyer can help you fill out the contracts and understand the language used. Having certain areas pre-filled means you won’t make mistakes in the anxious moments that a prospect is willing to make their offer. It will also prevent you from creating loopholes for the prospect if they get buyers remorse (unfortunately, not all that uncommon).
Proper names and addresses are crucial. If these are filled out beforehand you won’t have to deal with complications because you misspelled something or put down incorrect information.
Your lawyer will require you to make four copies of each document, one for you, one for them, one for the buyer and one for their lawyer. Counter-offers and addendums will also need to be dated, signed and copies made for each party.
Your lawyer can advise you of other paperwork - surveys, insurance papers, etc. - that need to be included.
Lawyers can also provide escrow accounts. This means that the buyer will not be handing their $3000 deposit check to you, they will be placing it in the trust of your lawyer. Their money will be returned if the offer doesn’t work out, or else applied to the purchase of the home.
Your lawyer will also work with the buyer’s lawyer in exchanging the relevant documents. The title transfers and new mortgages will be handled by the lawyers. They will check with the Land Titles Office to make sure everything is correct. A new title will be drawn up and the mortgage information changed.
The lawyers will collect the money from the buyers and pass them the keys on possession day.
A note of caution: if the buyers do not have their own lawyer, do not recommend yours. It is in everyone’s best interest to retain their own legal counsel.
Having a lawyer to discuss the details of selling and the legal requirements will help ensure the least hassle when selling your own home. This is an area where an ounce of prevention is certainly better than a pound of cure.