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Real Estate Law

The purchase of a house is, for most people, their single greatest financial investment. A mistake in the home-buying or home-selling process can undo a lifetime of effort. The complexities and technicalities involved in buying and selling real estate require knowledge and experience.

The cost of retaining an attorney to represent you at the time you buy or sell real estate is usually a fraction of the cost of hiring a lawyer to fix problems or settle disputes after the sale. The following tips involve real estate transactions and law.

• Despite what a well-intentioned (or not so well-intentioned) realtor might tell you, an offer to purchase real estate may be a BINDING contract. Please be sure to understand the consequences of what you're signing. The insertion of contingency language is absolutely necessary. The sooner you obtain competent legal advice, the less likely costly mistakes will occur. It also is advisable to obtain the services of a real estate buyers agent.

• No matter what you think or what anyone tells you, a professional home inspection is critical. The idea that anyone would invest hundreds of thousands of dollars without spending $250-$500 on a professional home inspection is ridiculous. Also, beware of who is recommending the home inspector. Does that person want the house or condominium inspected thoroughly or are they simply interested in the sale taking place? A lawyer who represents you and is looking out for your interests can refer you to a reputable, professional home inspector.

• There is nothing "standard" about a purchase and sale agreement. An attorney can implement certain contingencies and legal language into a purchase and sale agreement that can protect either the buyer or the seller. All the details surrounding the sale of the real estate should be included in the purchase and sale agreement. Verbal agreements, no matter how seemingly trivial, between you and any party always should be avoided. An attorney can draft and negotiate a purchase and sale agreement on your behalf.

• Purchasing new construction homes and condominiums present unique issues for buyers. You need to understand what is in condominium documents and new home warranties.

• Before a new home construction closing takes place, the entire home should be complete and correctly constructed, down to every last detail. If at the time of closing there are oustanding issues to be addressed, a written agreement, which holds back money from the sale price until the issues are resolved, should be executed by the parties. Many times issues involving landscaping arise during the winter months.

• The bank's or lending institution's attorney represents the lender. He or she does not represent you. His or her obligation is to the lender, not you. If you want a lawyer to represent your interests, you will need to hire your own attorney.

• Your signed purchase and sale agreement should contain detailed language about who shall hold deposits prior to closing and how deposits shall be held.

• Some older homes may contain dangerous lead paint.

The information on this Web site is not legal advice, but for informational purposes only. Please read the full disclaimer.

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