HOME BUYER REPRESENTATION

Purchasing a Home or Investment Property?

Why Pay Huge Real Estate Commissions?

Many home buyers and real estate investors end up paying extra unnecessary fees to the Seller’s Real Estate Agent. Generally, if there is only the Seller’s agent (the listing agent) involved, that agent will act as a “Dual Agent”, claiming to represent both sides. This Agent then charges a flat 6% to their client. Guess who actually pays this fee….you! The Seller’s agent fee is reflected in the listing price of the home. The lower you can get this fee, the less you’ll have to pay for the property. Without an advocate on your side, you are stuck paying a higher fee. In addition, as Buyer, you have no one on your side to negotiate, prepare and review contracts and closing documents (deeds, deeds of trust, promissory notes, etc.) and to supervise the closing process on your behalf.

Why Hire an Attorney?

Hiring an attorney to negotiate on your behalf, supervise the sale and prepare the necessary legal documents will ensure that you are protecting your rights and interests and that the transaction is handled properly.
In addition, as your attorney, I can review closing settlement statements, and other loan documents to ensure that your interests are protected and that the deal is structured exactly the way you anticipated, with no last minute surprises.

Aren’t Attorney’s Fees Expensive?

No. Hiring an attorney for a real estate purchase transaction can actually be significantly cheaper (see example below) than hiring a real estate buyer’s agent or having no agent at all. The listing agent is charging fees for advertising and for time showing the property to prospective buyers. If you are seeking out the properties yourself, or using a bird-dog, you are paying for work that you are doing yourself. Additionally, if you have no representation on your side, you are “stuck” with the listing agent’s charge to their client of the whole 6%...alternatively, if you hire a buyer’s agent, the two agents split the fee, and you’re in the same spot. A buyer’s agent is supposed to help you with contract preparation and closing…legal tasks. Why trust a real estate agent to handle your legal work?

What are the Fees; What Do I Get?

My fees for real estate transaction representation start at $500. This fee includes negotiation of the sale price on your behalf, preparation and signing of the Sale Contract, any additional riders, and supervising the closing process on your behalf (reviewing the closing settlement statement prior to closing). In addition, for a small additional fee (approximately $50-$100 per document), I can prepare any loan documents required, such as General Warranty Deeds, Quit Claim Deeds, Deeds of Trust, or Promissory Notes. These are documents that the Title Company generally charges you much more for preparation.

EXAMPLE REAL ESTATE PURCHASE

With Real Estate Agent(s)
What Seller Wants
For the Property:       $100,000
Real Estate Agent(s)
   Commission of 6%   + $6,000
(Either Buyer’s Agent or Seller’s Agent or combined)
Listing Price You Pay: $106,000
(plus closing costs & expenses)

Hiring an Attorney
What Seller Wants
For the Property:         $100,000
Seller’s Agent
Commission 0-3%:    + $3,000 (max)
   (negotiated by me)
Legal Fees:       +   $500
Total Purchase Price:
$100,500 to $103,500
(plus closing costs & expenses)

By hiring an attorney you save $2,500 to $4,500 off the purchase price
You save even more on a higher sales price, because my fees are not based on a percentage of the sale.

Contact me, a dedicated Saint Louis County Real Estate Attorney.

The Coke Law Firm
Jennifer A. Coke, Attorney at Law

3187 Morgan Ford Rd.
P.O. Box 771009
St. Louis, MO 63177
jenniferacoke@thecokelawfirm.com
Phone: (314) 226-9137
Fax: (866) 838-0920

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