One general misconception is that the buyer and seller can share the services of a lawyer.

If fact, a lawyer can act for only one party. Either for Purchaser or Seller.

A seller should engage his/her own lawyer for the transaction as this will ensure that his/her rights are protected.

The legal fee is based on the transacted price, with both the buyer and seller paying the same scale of fee.

If there is one lawyer on record for a buy-sell transaction, the lawyer only acts for the buyer, and the seller is not legally represented.

In such a case, the seller is not required to pay legal fee, as the lawyer will collect his fee from the buyer.

Some sellers pay only the legal fee to handle their bank loan discharge and not for the buy-sell transaction.

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