Why Should I Hire An Attorney To Oversee A Real Estate Transaction?
Having an attorney to oversee a real estate transaction is important in order to ensure that you are protected and not over-paying. If you’re selling a piece of property, then you want to ensure that you’re not paying unnecessary fees and that you have an enforceable contract with the bona fide purchaser.
How Can I Prepare Before Buying Or Selling A Piece Of Real Estate?
Before signing any agreements, you should have an attorney who is well-versed in real estate law, review them. You want to ensure that there are certain enforceable terms in the contract, including the right to inspect the property and the right to a clean title.
Should I Use The Standard Listing Agreement Used By Realtors Or Should I Use A Custom Agreement?
Whether you should use the standard listing agreement or a custom agreement will depend on the nature of the purchase. In most residential sales, there is nothing wrong with using a listing agreement that’s been provided by the realtor. However, since it is a binding agreement that could tie up your property if you’re not happy with the performance of the listing agent, I recommend that you have an attorney who is well-versed in real estate law, review the listing agreement.
What Are Some Problems In Real Estate Transactions That Can Cause Liability For The Parties Involved?
A standard real estate purchase agreement- whether it’s a warranty agreement or an “as is” agreement- comes with a number of terms and conditions with which both sides must comply. If one side or the other does not comply with those terms, then they could be exposed to liability with the bank, lending company or the other party. It’s important to make sure that you understand what you’re signing, regardless of whether you are the buyer or seller. It is also important to make sure that you are complying with the terms of the agreement so that you don’t expose yourself to a lawsuit.
What Are Some Ways That A Buyer Or Seller Can Default In A Real Estate Transaction?
A buyer or a seller can default in a real estate transaction by backing out of the contract. By backing out of a contract, a party will have failed to comply with the terms of the contract by not following through with them. The remedies to this type of situation can be many. One unusual aspect of real estate law is that courts will often order what’s called specific performance. This means that if a person agreed to purchase property, if the seller did everything that they were supposed to do and if there were no contractual contingencies for backing out of the agreement, then the court can order that person to purchase the property.
If they don’t go through with that, then there are other damages that can be imposed. By the same token, a judge can order a seller to deliver the deed to the property as opposed to some type of monetary damages. There are also two certain contracts containing liquidated damages, which means that you agree with upfront on the cost of the damages should there be a contractual breach. Standard damages are called compensatory damages.
For more information on Hiring An Attorney For A Real Estate Deal, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (772) 242-3600 today.
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