Real Estate FAQ

Answers to Frequently Asked Questions (FAQ)

1. (Q.) Do I need a lawyer for a real estate transaction?

(A.) Real estate transactions can be very complex. Buying real estate can be one of the largest purchases an individual or business makes and can have a serious negative impact if something goes wrong. There are tax consequences to be reviewed, as well as a number of contingencies which can be used in order to protect your rights, whether you are a buyer or a seller.

2. (Q.) At what point should a lawyer be contacted in a real estate transaction?

(A.) At the beginning. One of the most important documents in any real estate transaction is the agreement of sale. It creates all the rights and responsibilities of both parties to the sale. If the agreement is not written properly you could end up losing rights or finding yourself liable for items that you never anticipated. A good agreement of sale should account for what would happen in the event of various contingencies.

3. (Q.) From a buyers point of view, how important is an inspection of the property?

(A.) Extremely important. Hiring a home inspection service or engineer to inspect the property and including that as a contingency in the agreement is a wise thing to do. No one wants to buy a property only to find out after completing the transaction that there are major defects that could have been discovered with a good engineering inspection.

4. (Q.) Why do I need a lawyer if I have a realtor, title company, or mortgage lender?

(A.) An attorney looks out for your interests only. The realtor, title company, and mortgage company all certainly want to see things go well for you, but nevertheless each ones fees are made by having the transaction go through. An attorney looks out for you only.

5. (Q.) Do I need an attorney if I am having a new home built or an addition put onto my existing home?

(A.) Since these transactions also involve contracts and agreements, it is always advisable, at a minimum, to have them reviewed by an attorney who can look out for your interests.

ASSOCIATIONS AND AWARDS

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