Investing in real estate is considered to be a significant purchase by most people. It comes with its own set of special problems that need the expertise of real estate lawyers. A real estate attorney is trained to solve any issue that arises while buying or selling real estate. According to the experts at homeguides.sfgate.com/need-real-estate-lawyers-3025.html , every country has its own set of laws related to buying and selling real estate, making it necessary to have a real estate lawyer in case you are considering dabbling in the real estate market.
A usual home purchase agreement consists of the seller entering into a brokerage contract with a real estate agent in writing. Once the broker finds a buyer, negotiations take place with the broker acting as the intermediary between the seller and the buyer. After both parties arrive at an informal agreement, a formal written agreement is created. After the decided amount is transferred to the seller, the title of the property is transferred to buyer’s name and the deal is considered to be completed. This might seem like a simple procedure, but a lawyer needs to be present during the transactions to protect both the parties.
If a seller signs an agreement without a lawyer present, there is a higher risk of running into a number of different legal problems. For example, even if the sale does not go through, the seller will become liable to pay the brokerage commission. Having an attorney present helps the seller be aware of their rights like whether or not they are allowed to negotiate on their own behalf, what will be the result of multiple listings, what will happen in case the seller decides against selling the property at the last minute, and so on. In such situations, an experienced attorney will be able to control the situation to ensure that none of the parties involved occur a heavy loss. Some other doubts that may arise during the transaction are:
· Date of occupancy
· Taxes to be paid
· Date set for closing the deal
· Condition of the party
· Latest inspection details
· Personal property involved in the sale
Once the answers to doubts seen above are cleared before the sale, it makes it easier to avoid any misunderstandings during the negotiation stage.
The formal contract of the sale is a critical piece of document as it states all the details about the transaction. Although printed forms are available, it is always safe to have a lawyer go through to it make sure that every detail is covered and the necessary changes have been made according to the nature of the sale. There are several factors that need to be reflected in the contract in regards to the buyer and the seller. These can be done only by a qualified lawyer who has experience in dealing with real estate contracts. With several real estate fraud cases popping up, it is in your best interest to have a lawyer take a look at the contracts before you sign them. After all, buying or selling real estate is not exactly child’s play.