Yes, you need an attorney, who will likely make up the offer and final contract. Don’t be surprised if you have to make a counteroffer, because there is an excellent chance that you will. It isn’t always the selling price that requires negotiations. Other reasons could be disagreements on precisely what will go with the property, contingencies, closing and move-in dates, as well as which party is responsible for the payment of closing costs. You need to be fair to yourself and your buyer throughout the negotiation. Everything—and I mean everything —must be in writing. You can withdraw your counteroffer at any time before the buyer accepts it. The same goes for the buyer withdrawing their offer before you accept. I highly advise that you seek out a professional at this point because negotiations can be very complicated.
STEP 6: THE CLOSING PROCESS
Hallelujah! You’ve worked through negotiations with your buyer. All the i’s have been dotted and all the t’s have been crossed on your legally binding contract. Get ready to close. This part, you absolutely cannot do alone. You’ll need to hire a lawyer, an escrow holder, or a title company to function as your closing agent. Depending on your needs, and those of your buyer, you will likely close in 30, 45, or 60 days.
Using an escrow holder.
Often, contracts in real estate require an escrow holder. The escrow holder is a third party that is impartial to the outcome of the transaction. Buyers and sellers both are protected with this arrangement. Legal protection is allowed for everyone involved in the 89
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