Whether you are a buyer or seller, it is imperative to consider retaining a real estate lawyer to ensure that every detail of your real estate transaction is accurate, fair, and legally binding.
You may feel that you are already adequately represented in the real estate transaction by the real estate agent. However, the differences in capabilities between a real estate agent and a real estate attorney are significant. While there is some cross-over between an agent and an attorney, each has a distinct set of responsibilities that make it crucial to have both as members of your real estate team.
A real estate agent can provide guidance in finding you the right home, negotiating the sale price, and preparing a form contract. However, it is during the negotiating of the contract where having a real estate attorney begins to be invaluable. Prior to the parties signing the contract, a real estate attorney can negotiate and/or add provisions to protect your interests in the transaction above all others. These provisions include a clear and accurate recitation of your closing costs and which repairs you are obligated to make. Failing to provide for these terms in the contract could be a costly mistake.
Once you are under contract, a myriad of disputes can arise that a real estate attorney is uniquely qualified to assist with. An attorney can review the property inspection report to determine whether any repairs need to be made by the seller under the terms of the contract. If roof leaks or foundation cracks are found, then a real estate attorney can make arrangements with the seller for them to be repaired or for the seller to provide credits to the buyer at closing. Other common disputes that a real estate attorney can assist with are post or pre-occupancy agreements, inventory items remaining with the property, walk-through inspection issues, due diligence or financing extensions, and guiding you through a release and cancellation of a contract and return of an escrow deposit.
A real estate attorney can also examine the title of the property to clear any encumbrances and ensure your dream home doesn’t end up in a property dispute and become a legal nightmare in the future.
At the closing table, your real estate attorney can draft and/or explain each document being signed as well as the HUD or “settlement statement” that outlines all of the costs for the buyer and seller associated with the closing. A real estate attorney will ensure that all of the documents relating the title to the property, mortgage financing and the closing itself are correct and in order. If mistakes are made on your real estate documents, it can be difficult and expensive to fix them at a later date.
Call the Law Offices of Jarrett R. Williams, P.A. today to have our attention to detail and real estate transactional and litigation experience provide you with the insight to achieve solutions to your most complex real estate matters.
“Detail. Insight. Solutions.”