Buying or selling a home is one of the most significant events in one’s life which involves the law of real property. A real estate attorney is the only professional who is trained to deal with these special issues of practice as there are so many complexities that may arise during the process.
Even if the agents use standard forms, brokerage agreement terms between a real estate agent and a seller and/or a buyer often need a revision. Standard printed forms are certainly convenient, however agents are unable to make judgments on legal questions. An attorney is helpful in explaining these forms, and making adjustments to reflect the buyer’s and/or the seller’s expectations.
The process of purchase and sale seems to be a very simple one, however, certain legal issues always arise that need an attorney’s help. These are only some of the legal issues that only a qualified attorney can help avoid or address:
1) A prospective home may have an illegal unit with an existing tenant;
2) A buyer is concerned about particular verbiage in his or her mortgage;
3) Tax consequences of the transaction;
4) Legal consequences if the closing does not take place, and what happens to the down payment; etc.
Moreover, it is necessary to establish the state of the seller’s title to the property. In such cases an attorney is essential to review the status of title and render his or her opinion (e.g. the effect of easements, restrictions or agreements imposed impairing marketability of title in the future, etc).
Having the advice of an attorney is a very good idea because of the complexities that come with real estate purchase and sale transaction. At Integrity Law Group, we can work with your existing realtor to assist through the process.