Buying or Selling A Home?
Purchasing a home is one of the most important decisions we can make; it is the culmination of the American dream. The process can be difilcult and complicated - having expert legal advice can assure your rights are protected. The Preferred Legal Plan can provide you with the assistance of a Real Estate attorney while saving you on costly legal fees.
Benefits of having an attorney in real estate transactions
Buying or selling real estate may be the largest single investment of your lifetime. When entering into a contract involving real estate there are many things to take into consideration. Between presenting an offer to the selling party and signing on the dotted line as the buyer, a variety of issues may arise in which experienced professionals need to be involved. When you buy or sell real estate property you will come into contact with bankers, title and mortgage officers and inspectors. But an attorney is probably in the best position to assist you with each phase of the property transaction. Depending on your circumstances and the laws of your state, a real estate agent may be sufficient to handle the entire process but in certain states, an attorney may be required to prepare home purchase documents and complete the real estate transaction.
As mentioned above, in many states an attorney is not typically involved in residential property sales. In those cases, an escrow or title company handles the entire closing process. In other states, an attorney (for both buyer and seller) has a more active role in real estate transaction. The attorney will handle all the details of offer contracts and house closings.
Once you find a property to buy and the seller accepts your verbal offer, a purchase agreement is prepared to specify all the terms and conditions of the transaction. It is a legally binding contract which establishes the rights and responsibilities of the buyer and seller. The buyer then makes an earnest money deposit. This show of good faith is usually in the form of a cash deposit or a promissory note. The deposit is usually applied to the down payment or to the buyer's share of the closing costs.
Be aware that many legal issues can come up that your real estate agent won't be able to handle. Although good agents know a lot about the negotiating and contracting part of the process, they can't make judgments on legal questions the way an attorney versed in property law can. If you're drafting any unusual language for the purchase contract, for example, it would be wise to have an attorney look it over to make sure you are covered on all legal matters.
Also, an attorney versed in property law can help you when faced with restrictions imposed by federal, state, county and local laws that restrict what you can do with the property you intend to own, especially if you have unusual plans for the property. Understanding the language of such restrictions involving zoning, environmental hazards, public easement and more can be prickly. An experienced attorney will be able to guide you through these government regulations. Enforcement of these laws typically resides with various governmental agencies which are responsible for keeping you in compliance with these laws. But violations of these laws, intentional or not, can lead to fines and penalties - and you definitely don't want that.
If all goes well with the property inspection, acquisition of loans, etc., the two parties will conclude business at the closing. The "closing" is the final transfer of the property from the seller to the buyer. It occurs after the two parties have met all the terms of the contract and the deed has been recorded. The closing also refers to the date and time when the transfer of property will occur. This event usually takes place at the office of the professional who handles the transaction, such as a title officer or real estate attorney.
And if, unfortunately, your deal falls through at the last minute, meaning the seller or buyer defaults on the contract, there can be some legal recourse if it has been previously stated in the purchase contract. Yet another good reason to consider having an attorney working on your real estate transaction.
Typically, a real estate contract drafted by an attorney will spell out the consequences for default. For example, if the buyer defaults and backs out of the real estate purchase, the contract may say that the seller can keep the deposit as liquidated damages. Depending on the reason for default, your legal recourse options vary.
Having a real estate attorney involved in your property transaction is obviously a huge benefit. Elegalplans.com's team of lawyers and their experience with property law will ensure that all your bases are covered. Buy or sell with Elegalplans.com watching your back!
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