Buying a home is one of the largest purchases you’ll make in life. It’s a common misconception that all residential real estate contracts and transactions are the same, but they are not. Another misconception is that a person can successfully navigate the closing of a complex residential sales contract without the professional help of a real estate agent and attorney, but that is also a mistake.
In a typical home purchase, a seller enters into a brokerage contract with a real estate agent and the agent finds a potential buyer for the property and acts as the intermediary when negotiations are conducted between the buyer and seller. Once an agreement is reached, the buyer and seller enter into a written contract (purchase agreement) and the process of transferring the property from the seller to the buyer begins. The process may seem straightforward, but a real estate attorney should be involved throughout the course of the transaction to avoid major consequences overtime if the property turns out to be worthless or an unwise investment.
Real estate lawyers can help with the common issues that may arise during a home purchase or sale such as addressing brokerage commissions so sellers don’t have to pay multiple ones or one even if the property doesn’t sell (which can sometimes occur), negotiating the agent’s rights if the seller pulls the property from the market, making sure the terms of a brokerage agreement are explained to the seller or revised (if necessary), explaining the tax consequences and provisions of a transaction to the buyer or seller, determining if an agreement is properly signed, and giving general advice/guidance with respect to any written contracts, especially the purchase agreement.
It’s important to note that most residential contract forms are general and don’t deal with a number of legal issues. As a result, hiring an attorney to look over and explain all of the points in a written contract and include revisions that benefit and protect you will be in your best interest and eliminate problems in the long run.
If you are looking for a real estate attorney or have any legal questions regarding residential real estate transactions, contact us for more information or to schedule a consultation.
DISCLAIMER-The information contained in this blog article shall not be construed as specific legal advice and does not create an attorney-client relationship or privilege. Further, this information is intended for general knowledge purposes only and is not intended to solicit legal fees.