Real estate purchase and sale transactions can be complicated and, if you are prepared to dive into the process, there are many things you should first understand. At The Law Offices of Julia Sylva, we can help you with just that. We understand that these matters can turn into something delicate and complex, especially when you are attempting to do it on your own. Many people believe the false idea that the transfer of real estate ownership to another party is not a huge deal; however, it can turn into a widely difficult matter. The fact of the matter is that there may be things that you miss during the process, because rules and regulations can change from jurisdiction to jurisdiction. There may be a lot of paperwork involved that you may need explained to you for better understanding.
Things to be Considered – What Shouldn’t be Done
Certain things should be avoided when it comes to purchase and sale transactions in real estate. Here are some common situations that you may not expect dealing with this type of law, but still continue to happen and make things much more difficult:
Seller does not have authority to sell the property: An experienced attorney understands that you are not permitted to go selling things that you do not actually own. The seller may have a complicated matter to adhere to, such as having to wait for a power of attorney to expire before the house is sold. The parties will then be disappointed to find that they cannot move on the house and they will miss out.
There is an incomplete or inadequate legal description in the sale agreement: From a legal standpoint, the property being sold must be described to standard in the purchase and sale agreement. This is the only way it can be enforced.
Zoning is somehow inconsistent: Some people will be conned into buying a property for building a duplex, only to find that they are only permitted to host a single family in it. Sellers should always be aware of the zoning status and must disclose this information to possible buyers. This is where an attorney comes in, because they are able to perform an inquiry and obtain this information as well.
There may not be a true acceptance of the real estate contract: All parties must agree to any changes in handwriting that may be involved in the contract to avoid trouble.
Everything must appear in writing: No matter what the transaction, it should always be in writing. Perhaps the seller has agreed to make repairs prior to closing – this should appear in writing because it is extremely important. An integration clause is something that an attorney can explain to you, where any changes must appear in writing unless otherwise stated.
Of course, these are just some of the issues you may run into. Of course, this being the case, you should always have an experienced attorney on your side because they can help you avoid any of these troubles before they even begin. This is why we can be a huge help to you in your time of need.
Avoiding the Seller’s Agent
Before we dive into why having an attorney is so vital to you, we must first discuss one item of truth: Never use the seller’s agent to make any important moves. Having somebody on your side with a wide and extensive knowledge of real estate will keep the agent from taking complete hold of the process. The seller’s agent might just pressure you and do more harm than good in an exciting time in your life. They may also try to create a dual relationship type of deal with you where you and the seller both retain the same agent; however, this never works out because this promised relationship almost always benefits the seller.
You should have rights to keeping control over the process in entirety. You are the one who understands your needs when it comes to obtaining a property and what needs to be done. Perhaps another agent wouldn’t understand your needs the same way we, as your attorneys, would understand your needs.
How a Real Estate Attorney Can be of Your Assistance
The process is not as cut and dry as you may assume. A specialized attorney may be of assistance because they can help you avoid common problems with a home purchase or sale. For instance, a realtor may choose to use a very common brokerage agreement document that does not deal with many legal problems that may be important to you now or down the road. If this is the case, your attorney can help you obtain better documentation that can ease your mind in more ways than one. An attorney is also able to make sure that everything is signed properly as well as explain terminology that the buyer may not understand stated any other way. Here are some other important determinations that we can easily help you understand:
- Whether or not an alteration or addition made to the property was done lawfully
- Plans for the property as far as changes are concerned, and whether or not they are legal
- What happens when an inspection turns up asbestos, termites, radon, or lead-based paint
- What happens if the property is found to contain hazardous waste
- The legal consequences regarding a closing and what happens if it does not take place
- What happens to the down payment if closing does not occur
Without an attorney, you see, you could end up dealing with expenses and time that will only be wasted right before your very eyes. Even the closing process can be quite extensive at times, posing many issues and placing many questions on the table. At The Law Offices of Julia Sylva, we are able to help you every step of the way with these needs.
Do you need guidance preparing letters of intent, resolving issues prior to closing related to land use and zoning or repairs, or need a mortgage commitment reviewed? These are the aspects that we offer to you when you approach us in need of a real estate attorney. Purchase and sale transactions do not need to be over-complicated. Turn to us and allow us to help you through every step!