ABA Family Legal Guide

Buying and Selling a Home

Meeting the Players

As a first-time buyer, Sue was interested in purchasing a condominium but didn't want to work with a real estate agent. She saw a sign for an open house in a desired neighborhood. She went in, was greeted by a real estate agent, and put her name on a sign-in sheet. The agent assisted Sue in preparing an offer. Sue didn't have a lawyer, but the agent was able to recommend a lawyer specializing in real estate who had handled many matters for the agency before. The sale went through without a hitch, and Sue bought the condo. After the excitement had faded, Sue felt upset at the way the sale had gone. She hadn't realized the agent would be entitled to a commission out of the sale price, and she felt like the sale had been rushed. Sue wondered if she had received really independent advice about certain aspects of the sale, including whether she should get an inspection.

When you're buying a home, especially your first home, your agent and lawyer should be working in your best interests, and have no conflicts of interest. This chapter will introduce you to the players, and give you an idea of some of the things to keep in mind.

1. Who is involved in a real estate transaction?

Subsections

1. Selecting a Real Estate Agent to Sell Your Home
2. Selecting a Real Estate Agent to Help You Buy a Home
3. Buying and Selling Without an Agent
4. The Fair Housing Act
5. Working with a Lawyer