Real Estate Agent Types

When buying property, the most important decision you make may very well be who you hire to represent you — and there are a number of types of real estate professionals you may want to consider. Having an experienced real estate agent on your side can make it easier to find a home you can afford. While you may think that all real estate agents are the same, there are some key differences that you need to be aware of. Knowing what type of real estate professional you need can eliminate some of the stress and headaches involved in buying a home.

Real Estate Agent

In the simplest terms, a real estate agent is someone who’s completed the necessary requirements to become licensed to sell property in their state. Every state requires real estate agents to have a license, which usually involves taking classes and passing a state-administered exam. Real estate agents are employed by a real estate broker and are not allowed to work independently.

Generally, a real estate agent can act on behalf of the buyer, the seller or both. A buyer’s agent represents your interests throughout the home-buying process, from finding the right house to the closing. Typically, their duties include showing you homes, submitting purchase offers, negotiating with the seller, writing up the sales agreement and helping to arrange the closing. Depending on which agency you choose, you may have to sign an agreement stating that the buyer’s agent represents you exclusively.

A seller’s agent, also known as a listing agent, works with individuals who are trying to sell their home. Their job is to represent the seller’s interests and facilitate the sale of the property. A seller’s agent may be responsible for researching comps in your neighborhood to help you decide on an asking price, listing your, conducting open houses and negotiating offers. Typically, most if not all of the contact you have with the seller will be through their listing agent.

In some situations, the buyer’s agent and the seller’s agent are the same person. This is known as dual agency. Typically, an agent has to get consent from both the seller and the buyer before entering into a dual agency role, since it has the potential to create a conflict of interest. Dual agency isn’t allowed in every state so you need to be aware of what the laws are before seeking out this type of agent.

The National Association of Realtors also offers specialized designations and certifications to help real estate agents gain expertise in specific areas. These include green homes, age-restricted communities, luxury homes, military relocation, second homes and diversity.

Real Estate Broker

A real estate broker is someone who’s licensed to run their own real estate company. The licensing requirements vary from state to state but generally, you need to have experience as a real estate agent, complete advanced real estate courses and pass a state-administered exam to become a broker. Some states may allow licensed attorneys to obtain a broker’s license without relevant experience as an agent, as long as they can pass the broker’s exam.

Real estate brokers can work independently or employ one or more licensed real estate agents. In some cases, a real estate broker may choose to work for another real estate agency as an associate broker. Associate brokers have the same qualifications as an independent broker or agency owner but they’re not responsible for the other real estate agents they work with. The day-to-day duties of a real estate broker may vary but their primary role is to act as a go-between for buyers, sellers and their respective agents.

Realtor

Though you may think that “realtor” is just another word for a real estate agent, it’s actually a term with a distinct meaning. The term “REALTOR®” is a registered trademark of the National Association of Realtors. In order for a licensed real estate agent to use this title, they must belong to the NAR and be in good standing. A realtor performs the same functions and duties as any other real estate agent but they’re required to adhere to a specific code of ethics.

The Code of Ethics outlines 17 guidelines realtors must follow and generally holds them to a higher standard of conduct than unaffiliated agents. Keep in mind that both realtors and real estate agents are bound by the same legal standards. The Code of Ethics is designed to impose additional moral rules, rather than legal ones.

Bottom Line

When you’re shopping around for a real estate professional, there are some questions you can ask to help narrow down your choices. First, you should ask whether or not the agent or broker has their license. Avoid anyone can’t demonstrate a valid license. Next, you should find out how long they’ve been working in real estate, particularly in the market you’re looking to buy or sell in. It’s okay to ask them about their individual track record or request examples of homes they’ve recently closed on.

You should also ask any prospective agent or broker whether they belong to the Local Board of Realtors. Board membership isn’t required but it does give members access to the Multiple Listing Service, which is a nationwide database of homes that are for sale.

Whether you need to use a real estate agent, broker or realtor depends on your personal preference. All three must be licensed and all three perform similar functions, although individual agents, brokers and realtors will vary in terms of their education and experience. Ultimately, finding the right fit means choosing someone you feel comfortable with and whose qualifications match your needs.

Home Buying Tips

- A financial advisor can help you create a financial plan to reach your homebuying goals.
- Saving is important when you’re looking to buy a house. Setting a budget with budget tool can get you on track.

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The Probate Process

If you own any property at all, you probably know about estate planning. You can decide what happens to your assets after you die, of course. But sometimes, people don’t pen a will or trust before they pass. Or, if they do, it’s not clear in its directions. They might even have debts that conflict with their wishes. These situations can lead to probate, well-known for dragging on, though the actual length depends on several factors. Considering that an estate may require probate even if the deceased wrote a will, acquainting yourself with these factors is vital. Here’s an overview of the main things you need to understand about the probate process so you can be ready

A financial advisor can provide valuable guidance as you prepare for probate.

What Is Probate?

Probate is a legal process wherein a court oversees the settlement of an estate after the owner passes. During it, the court figures out how to distribute assets to heirs. The court in this process will also authenticate your will, if you wrote one, and name an executor of estate to supervise the probate process. The executor of estate, or the estate representative, tends to be the decedent’s closest blood relation or another living relative.

How Does Probate Work?

Probate goes through a long list of procedures that depend on the state the decedent lived in and the type of estate he or she had.

The first thing the court does is authenticate the decedent’s last will and testament. Then it appoints an executor. Once again, this is likely someone related to the deceased individual who will ensure beneficiaries receive their inheritance and the sale of items. For example, if the deceased’s home needs to be sold through probate court, the executor works with the court and a real estate agent.

Next, the court locates and assesses all the property owned by the deceased. If there are any debts left behind, the court uses these assets to pay off the debts. Afterward, the court distributes the remaining estate to the heirs.

The court might need to go through this process if the deceased died intestate, with an unclear will or debts in their name.

The Duration of Probate

Probate takes time to ensure everything is dealt with and according to the law. As a result, it can take from a few months up to over a year. The long list of variables all contribute to the overall length. Probate changes based on the situation and where the estate is located. Here are some factors that influence how long it takes:

Estate Size

An estate’s size contributes heavily to the probate process’s timeline. Every asset tied to the estate requires its own considerations and paperwork.

However, certain states use the total value of the estate to determine its size instead. Calculating this depends on state-level laws and the type of assets included in the estate, namely, probate and non-probate assets.

Possessions subject to probate include:

- Personal property like valuables
- Cash and cash accounts that are not transfer-on-death (TOD) accounts
- Transferable assets without beneficiaries
- Assets with shared ownership or tenancy in common (TIC)
- Real estate

Possessions not typically subject to probate include:

- Insurance proceeds
- Assets or accounts with a joint tenant with right of survivorship
- Accounts that have a beneficiary or TOD designation
- Trusts (and the assets included)

Some states allow shorter probate processing or waive it altogether for low-value properties. For example, Indiana has a small estate limit of $50,000, which only includes assets subject to probate. Beneficiaries can fill out a Small Estate Claim Form (or an Affidavit for Transfer of Personal Property) and avoid probate for estates below that value.

State Laws

Probate is not nationally regulated, and state-level laws vary. So, probate in one state can go relatively quickly, like a few weeks. Others can last up to two years. Some states have made efforts to simplify that by adopting the Uniform Probate Code (UPC). Its goal is to streamline the probate process by creating standardized laws. In total, though, only 18 states have adopted the code, some just in part.

However, if a decedent owned assets in multiple states, the timeline will increase, even if both use the UPC. That’s because beneficiaries and executors have to go through secondary probate proceedings, called ancillary probate, in the non-primary state as well. For example, this might happen if the deceased owned a vacation home.

In-Fighting Among Heirs

State laws and assets complicate things, but so do heirs. Multiple beneficiaries can slow down the probate proceedings. In particular, conflict can drag out an otherwise smooth legal process since disagreements can lead to delays or even a full stop. Even small disputes can contribute to this, such as arguments over cosmetic changes to a home before sale.

Beneficiaries with personal ties to the estate can all have different viewpoints, drawing out the process and making it more emotionally difficult. Beneficiaries may hire attorneys as well, which also adds to the fire.

Absence or Presence of a Will

If there’s a will – great! It usually makes probate easier and quicker. A clear and detailed will leaves directions that are easy for the court and executor to follow. But while some wills help you avoid probate, others can’t.

If the decedent passed with debts, then creditors need to be paid using assets from the estate. The court helps organize those payments before distributing the rest of estate’s assets. Alternatively, a will may have mistakes or seem vague. For example, a decedent may overlook non-physical assets or create a DIY will that’s found invalid. Beneficiaries can try to contest a will if they think it’s invalid, but not only does that slow things down, it’s costly and can decrease the estate’s value.

A lack of a will means there is no guidance from the decedent. So, the court and executor have to work through the estate and distribution from scratch.

The Estate Includes a House

Houses almost always lead to probate. Homes are often sold as a way to repay debts or dissolve the estate to distribute assets.

As any homeowner knows, the timeline for selling property varies drastically. Market conditions, among other variables, can weigh everything down. And, the family must wait for a court-appointed executor before they can even prepare the home to sell – everything from hiring a real estate agent to making repairs get puts on hold until then.

On the other hand, handing down the property to an heir goes much quicker than selling. Living trusts and other methods of direct transfer also speed everything up.

Debts and Taxes

Taxes and leftover debts are crucial factors in the time needed to close an estate. Transfers to these debtors have to occur before beneficiaries can receive anything.

Generally, after an individual dies, his or her creditors must receive a notice. This notice gives them a deadline to generate any claims for money the estate owed. In addition, some states may require public notice in the newspaper for any unknown creditors, giving them access to a deadline as well. Depending on the state’s laws, the notice may circulate for up to a few weeks.

Each state implements its own deadline. For example, Pennsylvania gives debtors one year to file a claim. By contrast, Texas only allows for four months after written notice. Obviously, the longer the claims period, the longer the delay in the probate process.

Taxes on an estate also can take a while. The estate must receive a closing letter from the IRS and the state taxing authority to close out the probate process. You can expect to receive the former within approximately six months.

Can Probate Be Avoided?

Probate can be lengthy, costly and upsetting to family members. Luckily, there are strategies out there that can help you avoid it.

One of the easiest ways is to create an irrevocable trust or revocable living trust. These help you transfer property and ensure that assets avoid probate.

You can also share ownership of some assets. Joint accounts with a right of survivorship pass on to your partner or the surviving owner after you pass. Married couples often choose to do this. However, this is only a strong method when the first spouse passes. The surviving spouse may want to consider alternatives to protect their assets. Sharing with a child, for example, may expose the funds to the child’s creditors.

It’s also possible to set up TOD or payable on death (POD) designations. These allow you to transfer directly to a beneficiary. POD applies to bank assets, such as savings or checking accounts, whereas TOD works for brokerage accounts and stocks.

The Bottom Line

No one wants to go through probate, but it’s sometimes a necessity. As long as you understand what goes into the legal procedure, you can prepare yourself for the long haul ahead. Learning also gives you to knowledge to prepare your estate. A well-constructed estate plan can help you avoid putting your heirs through any stress. If you want to take care of your beneficiaries, speak to an estate planner. They can help you craft a plan that ensures everything you worked for is passed down quickly and peacefully.

Unless your loved one puts their estate into a living trust or similar legal arrangement, the fact of the matter is that their assets will likely need to pass through probate when they die. Probate is a complicated, and usually lengthy, court process where assets are sold or distributed and any outstanding debts against the estate are settled. If your loved one has left behind property that needs to pass through probate, a certified probate real estate specialist can be a valuable partner in the process. Here’s a look at what this specific type of real estate professional does and how they can help as you navigate your loved one’s estate.

Disposing of an estate’s assets in an equitable and tax efficient manner is best done with the guidance and insight of a financial advisor.

What Is a Certified Probate & Trust Specialist?

A certified probate & trust specialist, or CPTS, is a real estate professional who has completed an educational certification program centered around the probate process. This individual specializes in helping families navigate the estate process after a relative or other benefactor passes away.

What a Certified Probate & Trust Specialist Does

So, what exactly is a certified probate & trust specialist’s role? A CPTS is trained to help you navigate through the probate court system. This includes monitoring legal deadlines and ensuring that they are not missed. He or she will also offer guidance on the complicated legal steps and documentation that are required as part of the probate process. They can also minimize the potential for disputes between heirs.

In addition to guiding you through the paperwork and other aspects of probate court, your CPTS can also recommend inspectors, appraisers, contractors and other professionals. This ensures that the passed-down property is accurately appraised, necessary repairs are made and that it is prepared to go on the market.

A CPTS is a designated realtor can walk you through every step of the marketing, negotiation, sale and escrow processes. They can help you market, sell and manage the proceeds from an estate-passed property as per the probate court’s rules. They also ensure that the sale of the property is as successful as possible.

The Bottom Line

If you are the beneficiary of property assets that need to pass through probate, CPTS can help guide you along the way. These professionals are real estate agents who hold special certifications and are experts at probate court requirements. They also have the knowledge and understanding to help prep, market and sell the property in question. CPTS professionals can answer questions you have about probate and offer support, guidance and trusted advice along the way.

A CPTS isn’t the only professional who can guide you through a probate property sale. However, this prestigious designation often means that you have a well-versed and knowledgeable partner throughout the process.

All Information is for educational purposes only. It is deemed reliable, but it is recommended that you seek legal counsel regarding this subject.

Certified Probate & Trust Specialist

As a Certified Probate & Trust Specialist you can rest assured that as a Real estate professional, I have the understanding of the Probate transaction and can represent sellers or buyers in probate transactions, as well as investors looking to purchase probate properties.

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First Time Seller Guide

A Step-by-Step First Time Seller’s Guide

Putting your home on the market can be a stressful process, especially when you don’t know what to expect. Fortunately, with the help of an experienced agent and this easy-to-follow guide, you can smoothly complete the process. Following these steps will help you prepare so you can get organized and sell your home for the best price possible.

Step 1: Understand Why You’re Selling

What do you want to accomplish with the sale of your home? Do you want to make a certain amount of money that you can put toward a larger or nicer home? Do you need to sell it as soon as possible to facilitate a move to a new city or area? Once you understand your needs, you can better craft your offer. For example, if you need to sell quickly, you might want to price your home lower than if your goal is to make a certain profit margin. Make sure you convey these needs to your realtor once you choose one so he or she can adjust your selling price accordingly.

Step 2: Determine Selling Price

Knowing how to price your home is one of the most important parts of the selling process. When you set a fair price in the beginning, you’ll get the most interest from other real estate agents and prospective buyers. Overpricing your home could lead to reduced interest, and underpricing leads to receiving less than what your home is worth. Working with a real estate agent is the best way to determine the right selling price for your home. An agent with experience can determine what other comparable homes are selling for, evaluate the current market, and may even suggest a home appraisal.

Step 3: Start Preparations

If you’ve kept your home in showroom condition since you’ve lived in it, you’re in the minority of homeowners. Once you price your home, it’s time to start getting it ready to be shown to potential buyers. This includes getting rid of clutter, depersonalizing the space so that buyers can envision themselves in the space, making any small repairs, and doing a deep clean to make sure your home is in pristine condition.

Step 4: Develop a Marketing Strategy

I will develop a marketing strategy that is perfect for advertising your home. This involves listing the home and then driving the right people to that listing through social media campaigns, agent-to-agent referrals, traditional media, or SEO advertising. My team creates a marketing campaign that aims to get the most possible traffic to your listing in the first three weeks after becoming a client.

Step 5: Evaluate Offers

Receiving an offer is an exciting part of the process, but it doesn’t mean the journey is over. We will evaluate each offer and make sure the party making the offer is prequalified or pre-approved by a mortgage lender and that their offer is acceptable to you. If the offer is too low, you can make a counter-offer or offer other ways to bridge the gap, such as covering some or all of the closing costs, making repairs, adjusting the move-in date, or leaving some appliances or fixtures for the new buyer.

Step 6: Accept an Offer

Once we deem the offer is accepted, we will review the proposed contract to make sure it’s all in order and includes the necessary components such as deposit amount, down payment, financing, inspection rights and repair allowances, contingencies, settlement date, and a list of fees and who will pay them. When both parties have agreed to the term, a final contract will be prepared by your agent.

Step 7: Get Ready to Close

You have accepted an offer and are now very close to the end of your selling journey. But first, you and the buyer must make a list of what needs to be done before closing. In some cases, your home may need to be formally inspected, surveyed, and appraised. In other cases, major or minor repairs will need to be made before the house can close. I will head up efforts to develop and execute this list, get each action item paid for by the correct party, and make sure everything is in order by the closing date. A few days before the closing date, we will call the company closing the transaction to make sure everything is ready to go. If you haven’t done so already, you also need to make arrangements to move out of the home so the new buyer can take possession.

Step 8: Close

You’ve reached the last step in the seller’s process. When you close on a home you are selling, you are legally transferring ownership of the property to the new buyer. We will meet with the company closing the transaction to sign the final paperwork and go over any issues that have not yet been taken care of. During this time, you can also make plans with your realtor to handle final details such as canceling utilities, cable, and lawn or trash services, changing the name on accounts that the new owner is retaining and ensuring the new owner has instructions for all appliances that will remain in the home.

Congratulations!

Once you have sold your home, you’re free to take the next step on your journey. Whether this is relocating to a new city, moving into a larger home, or downsizing and enjoying your life as empty-nesters, knowing all your selling responsibilities have been taken care of will help you achieve peace of mind for your new path.

Most home sellers dream of a stress-free sale in which they simply list their house, quickly find a qualified buyer, collect the cash and hand over the keys. If only it were that simple! In reality, selling a home involves many moving parts — some that you can control, and some that are out of your hands.

For example, geography might influence how long your house lingers on the market or how high of a list price you can get away with. In locations where competition is hot and inventory is low, odds are you’ll sell faster and command a higher price. Conversely, in places where home sales have cooled, you will likely have to work harder to attract the right buyer.

The real estate market has shifted since the frenzied heights of the pandemic. Frantic bidding wars are (mostly) over, and both prices and mortgage rates remain high. With fears of a recession looming, many buyers are staying on the sidelines until either rates or prices (or both) come down. Ultimately, this has created a more balanced market: Sellers no longer have the clear upper hand.

So, as a seller, it’s smart to be prepared and control whatever factors you’re able to. Things like hiring a great real estate agent and maximizing your home’s online appeal can translate into a smoother closing — and more money in the bank. Here are nine steps to take to sell your home in 2024.

1. Set a timeline for selling your home

Selling a house is a major undertaking that can take several months from start to finish — or much longer, depending on local market conditions. So it makes sense to plan ahead and stay organized.

As soon as you decide to sell your house, jump right into researching real estate agents to find someone with the right experience for your situation (see Step 2). But don’t stop there.

At least two or three months before you plan to list, consider getting a pre-sale home inspection. This is optional but can be useful to identify any problem areas, especially if you suspect serious issues. Leave enough time to schedule necessary repairs.

About a month before listing your house, start working on deep cleaning in preparation for taking listing photos. Keep clutter to a minimum, and consider moving excess items to a storage unit to show your home in its best light.

2. Hire an agent who knows the market

The internet makes it easy to delve into a real estate agent’s professional experience, helping you choose the right person to work with. Look up agents’ online profiles to learn how long they’ve been in the industry, how many sales they’ve closed and what designations they may have earned. Pay attention to how and where they market their listings, and how professional their listings’ photos look.

“Any designation they’ve earned is a huge plus, because it’s a sign they’ve taken the time to learn about a particular niche,” says Jorge Guerra, president and CEO of Real Estate Sales Force and a former global liaison for the National Association of Realtors (NAR).

Some homeowners might be tempted to save on paying a commission and instead sell their home themselves, without an agent. This is known as “for sale by owner,” or FSBO. The amount sellers stand to save on those fees can be thousands of dollars, usually 2.5 percent or 3 percent of the total sale price. However, as the seller, you’ll still need to pay the buyer’s agent’s commission — and an agent does a lot to earn their fee. For example, they can expose your house to the broadest audience and negotiate on your behalf to garner the best offers possible. If you go it alone, you’ll have to personally manage prepping your home, marketing it, reviewing buyers’ offers and handling all the negotiations and closing details. When working with an agent, keep in mind that real estate commissions are often negotiable. As a result, you might be able to get a break at the closing table.

3. Determine what to upgrade — and what not to

Before you spend money on costly upgrades, be sure the changes you make will have a high return on investment. It doesn’t make sense to install new granite countertops, for example, if you only stand to break even on them — or even lose money. Plus, these improvements may not be necessary to sell your home for top dollar, particularly if inventory levels are low in your area. A good real estate agent will know what people in your area expect and can help you decide what needs doing and what doesn’t.

In general, updates to the kitchen and bathrooms provide the highest return on investment. But inexpensive DIY projects can also go a long way: A fresh coat of neutral paint and spruced-up landscaping are low-cost ways to make a great first impression.

There’s also the option of getting a pre-sale home inspection. This is optional, but it can be a wise upfront investment, especially in an older home. For a few hundred dollars, you’ll get a detailed inspection report that identifies any major problems. This alerts you in advance to issues that buyers will likely flag when they do their own inspection later in the process. By being a few steps ahead of the buyer, you might be able to speed up the selling process by doing repairs in tandem with other home-prep work. Then, by the time your house hits the market, it should be ready to sell, drama-free and quickly.

4. Set a realistic price

Even in competitive markets, buyers don’t want to pay more than they have to, so it’s crucial to get the pricing right. Going too high can backfire, while underestimating a home’s value might leave money on the table. To price your home perfectly from the start, consult comps. This information about recently sold properties in your neighborhood gives you an idea of what comparable homes around you are selling for, thus helping you decide how much you might reasonably ask.

“A frequent mistake sellers make is pricing a home too high and then lowering it periodically,” says Grant Lopez, Realtor at Keller Williams Heritage and former chairman of the San Antonio Board of Realtors in Texas. “Some sellers think this practice will yield the highest return. But in reality, the opposite is often true: Homes that are priced too high will turn off potential buyers, who may not even consider looking at the property.”

In addition, homes with multiple price reductions may give buyers the impression there’s something wrong with a home. So it’s best to eliminate the need for multiple reductions by pricing your home to attract the widest pool of buyers from the start.

5. List your house with professional photos

This step will likely involve your real estate agent registering the listing with the local MLS (multiple listing service). Here are some tips to get your home market-ready:

Get professional photos:

Work with your real estate agent to schedule a photographer to capture marketing photos of your home. With the ubiquity of online house-hunting these days, high-quality photos are critical. A pro photographer knows how to make rooms appear bigger, brighter and more attractive. The same goes for your lawn and outdoor areas.

Focus on online appeal:

You’ve probably heard of curb appeal, but professionals say online appeal is now even more important. In fact, nearly all homebuyers look at online listings — 96 percent, according to NAR. “Your home’s first showing is online,” Guerra says. “The quality of your web presentation will determine whether someone calls and makes an appointment or clicks on the next listing.”

Stage it and keep it clean:

Staging a home entails removing excess furniture, personal belongings and unsightly items from the home while it’s on the market, and arranging rooms for optimal flow and purpose. If you’re in a slower market or selling a luxury home, investing in a professional stager could help you stand out. Nationally, professional home staging costs an average of around $1,770, according to HomeAdvisor, but prices range between about $778 and $2,839.

Clear out for showings:

Make yourself scarce when potential buyers come to view your home. Let them imagine themselves in the space, free from the distraction of meeting and talking to you. “Seeing the current homeowner lurking can cause buyers to be hesitant to express their opinions,” says Lopez. “It could keep them from really considering your home as an option.” Generally, buyers are accompanied by their real estate agent to view your home. You can also ask your own agent to be present at showings.

6. Review and negotiate offers

Once buyers have seen your home, the offers will ideally start rolling in. This is where a real estate agent is your best advocate and go-to source for advice. If your local market favors sellers, buyers will likely offer very close to asking price, or possibly even above. On the other hand, if sales are slow in your area, you may have to be open to negotiating.

When you receive an offer, you have a few choices: accept it as-is, make a counter-offer or reject the offer. A counter-offer is a response to an offer in which you negotiate on terms and/or price. Counter-offers should always be made in writing and provide a short timeframe (ideally 48 hours or less) for the buyer to respond. You can offer a credit for paint and carpet, but insist on keeping your original asking price in place, for example. Or, you might offer to leave certain items behind to sweeten the deal.

If you’re lucky enough to get multiple offers, you might be tempted to simply go with the highest bid. But look closely at other aspects of the offer, too, such as:

Form of payment (cash versus financing)
Type of financing
Down payment amount
Contingencies
Concession requests
Proposed closing date

Be mindful that if a buyer is relying on lender financing, the property will have to be appraised. If there’s any shortfall between the purchase price and appraised value will have to be made up somewhere, or the deal could fall apart.

7. Weigh closing costs and tax implications

In any real estate transaction, both parties must pay at least some closing costs. The seller typically pays the real estate agents’ commissions, which usually total around 5 percent to 6 percent of the home’s sale price.

Some other closing costs commonly paid by the seller include transfer taxes, recording fees and outstanding liens. Additionally, if the buyer has negotiated any credits to be paid at closing — to cover repairs, for example — the seller will pay those, too. Your real estate agent or the closing agent should provide you with a complete list of costs you’ll be responsible for at the closing table.

The good news is that you may not owe the IRS taxes on your profits from the sale. It depends on whether it was your primary residence, how long you lived there and how much you make on the sale. If you’ve owned and lived in your home for at least two out of the previous five years before selling it, then you will not have to pay taxes on any profit up to $250,000. For married couples, the amount you can exclude from taxes increases to $500,000. If your profit from the home sale is greater than that, though, you’ll need to report it to the IRS as a capital gain.

8. Consider hiring a real estate attorney

Some states actually require sellers to have a real estate attorney to close on a home sale, but many don’t. Regardless of your state’s rule, the expense is worth it to protect such a large financial transaction. It may cost you a couple thousand dollars, but there’s a lot more money than that at stake, and it can never hurt to have a legal expert give everything the OK.

In addition, an attorney can help fill out paperwork correctly, review contracts and documents, identify potential issues and ensure the sale goes as smoothly as possible. An attorney would also be able to spot title issues that could hold up your sale for weeks or months — or even torpedo the deal — such as outstanding liens or encumbrances, trust or issues and encroachments.

9. Gather paperwork and close

Lots of paperwork is needed to properly document a home sale, so keep it organized all in one place to help things go more quickly. Your agent can help you make sure you’ve got everything you need. Some of the main documents you’ll need to compile include:

Original purchase contract
Mortgage documents
Tax records
Appraisal from your home purchase
Homeowners insurance
Home inspection report, if you had one

Finally, once everything is signed and handed over, your house is sold!

Making The Dream Reality

Everyone has a dream they want to come true in life. Whether it’s having the Ultimate job, living where you’ve always wanted, starting a family or a combination of all these, our aspirations motivate us to pursue these passions and interests. But reaching your dreams starts by setting goals for yourself and having the tenacity and initiative to achieve them.

Sell My Home

How Much Is My Home Worth!

You won’t want to sell property for anything less than fair market value. On the other hand, by setting a listing price higher than what is realistic might be a mistake that results in a home that doesn’t sell.

Before putting your home on the market it is important to first have an estimate of the value. This can be accomplished by having an experienced real estate agent provide you with a Comparative Market Analysis (CMA). This market analysis will provide the information that will help you sell your home for the most amount of money in the least amount of time.

For your FREE no obligation “What’s My Home Worth” Analysis, just click on the button below……..