Reviewing Real Estate Contracts – What a Lawyer Can Do to Protect You in a Real Estate Agreement

You have spent months looking for the perfect property, and now you think you’ve finally found it. Your agent has worked tirelessly, and uncomplainingly, to help you find the piece of real estate that meets all of your needs and specifications, and now she just wants you to sign on the dotted line so she can make her commission and move on to her next sale. Though it is easy to get swept away in the excitement of the moment, it is a big mistake to simply agree to all of the terms that are presented to you without having a real estate lawyer review it carefully. An attorney who has extensive experience in reviewing real estate contracts will ensure that your rights are protected and that you fully understand the obligations that you are agreeing to. Before signing any contract, give yourself a knowledgeable and unbiased advocate by having it reviewed by the real estate attorneys from Wallace Law.

When you are preparing to purchase a home, there should always be a writer contract, and you should also have the opportunity to take a certain amount of time for an attorney to review it. No matter how appealing the price, property or opportunity may be, it is important to remember that a term that seems insignificant to you may raise a cautionary red flag for an experienced real estate lawyer.  Though many real estate transactions are administered using boilerplate forms that seem like they have generic terms designed to assure parity, the seller may have inserted terms that are favorable to them that would not be apparent to a layman. It is the unique aspects that a seller may have added, or the specific terms that you may need, that a real estate attorney can address.

Many contracts for the sale of real estate have what are known as contingencies written in. On the buyer’s side of the contract, a contingency may require that their current home be sold before they can close on the property they want to purchase. Likewise, a seller may insert terms that are in their best interest but that are unacceptable to the buyer. Upon examination of the written contract, your attorney may indicate that the terms are not in your best interest; they will also offer negotiate to add replacement terms that are acceptable to both parties, and do so in a way that is both professional and that accomplishes your goals.

Having a real estate attorney include contingency terms that will allow you to walk away from a contract based upon your own needs is just one example of the value that they can add to your real estate transaction. They can also assist you in your loan process, arrange unbiased and reliable inspections, put you in touch with reputable contractors who can give you realistic estimates on repairs and renovations, and protect you against hidden issues such as environmental hazards, liens on the property, and help you walk away if need be. For more information on how we can help, call the law firm of Wallace Law today.

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