There are benefits to working with an attorney, even if you are planning on working with an agent.
Initially, your agent will probably ask you to sign a Sale and Listing Agreement. This is a legal document that will have a significant impact on your rights and obligations. Moreover, the value of this contract is substantial -- probably 6% of your home's worth. Unless you change its terms, the agreement probably allows your agent to also represent the buyer of your home, even though your interests differ from those of the buyer. Accordingly, you should hire a lawyer before you sign the listing agreement. The attorney can explain the terms of the agreement and suggest possible modifications so that your interests are fully protected.
Once your home is on the market, you will hopefully receive an offer from a buyer. Once it is fully signed and approved by the parties, this offer becomes the Purchase and Sale Agreement for the transaction. This contract defines the terms of the sale and generally sets each party's rights and responsibilities. The importance of the Agreement "cannot be overstated," and your lawyer should review it before you sign it.
Moreover, it is not uncommon for a seller to receive multiple offers. Although these offers will probably be on the same preprinted form, each agreement will have differing terms, such as an escalation clause. With multiple offers, you need to appreciate the differences between their terms and how those terms relate to one another so that you can obtain the best possible result. Only a lawyer can provide you with the legal advice that may be necessary in these circumstances.
Even after the signing of a Purchase and Sale Agreement, a sale does not always go smoothly; problems typically arise where someone has entered into the Agreement without the benefit of legal counsel. You may have friends or family who had a deal fall through, or nearly so, because of a problem that arose after they signed the Purchase and Sale Agreement. If you retain my firm, my associate Marc Holmes and I will be able to advise you of your legal rights and responsibilities at each step of the transaction so that you are in the best position to deal with any problems that arise and can fully protect your interests.
Marc and I will work cooperatively with your agent so that you achieve the maximum benefit from the sale. We recognize that your agent is a professional who is responsible for marketing your house successfully, and we will defer to your agent in that regard. However, your agent is not a lawyer and therefore, in the state of Washington, cannot give you legal advice. While agents can complete pre-printed forms that were previously reviewed by attorneys, they may not provide legal counsel or otherwise engage in the practice of law, as discussed in the landmark case of Cultum v. Heritage House Realtors , 103 Wn.2d 623 (1985). On the other hand, as a licensed attorney, Marc and I can provide you with legal guidance so that you are fully informed as to your legal rights and obligations. If you retain us before a problem arises, we will be able to provide you with prompt legal advice and assist you in achieving the best possible result.
