More about Real Estate Law
When Should I Hire a Real Estate Attorney
You should contact an Experienced Real Estate Attorney as soon as possible, or even in advance of your transaction. Generally, a person will contact a Real Estate Attorney after the Buyer and Seller have agreed to terms. In some cases, the parties will have already entered into a Contract of Sale. Contacting an experienced Real Estate attorney as soon as possible in the transaction is extremely important.
With a Realtor
When a realtor is involved, the Buyer and Seller will execute a standard realtor Contract of Sale. This form contract allows a period of three days for attorney review. During this period, both the Buyer and Seller are afforded an opportunity to consult with an attorney. Upon review, an attorney may void or disapprove the contract, and allow its reinstatement upon agreement of terms that favor their Client. This is extremely important when there may be considerations specific to your transaction that fall outside the scope of the form contract. Without action during the attorney review period, the terms of the Contract as written, for better or worse, will govern the transaction.
Without a Realtor
If no realtor is involved, the parties will need a Contract to be drafted memorializing the agreement of their terms. In this case, all agreements are made prior to signing a Contract. Once the Contract is signed and accepted by the parties, it can only be modified in accordance to its terms, usually by formal amendment.
Agreements that Supplement the Contract of Sale
In addition to the transaction, the parties may require additional agreements. For example, a use and occupancy may be necessary between the parties. This is an agreement that will allow a Buyer access to the property before the completion of the transaction, or allow a Seller to remain after the completion of the transaction. In addition to negotiating a fair price for the use and occupancy, there are issues relating to liability and loss that must be considered. A real estate attorney can negotiate those terms and prepare an agreement between the parties so that your interest is secure.
An Experienced Real Estate Attorney should be consulted for all Real Estate Transactions
In residential transitions, many people mistakenly believe that there is no need for an attorney and that a realtor is sufficient to lead them through the process. While a transaction can commence and be completed without the assistance of counsel, and while many, many realtors who are extremely knowledgable and helpful, only an attorney is lawfully permitted to advise you on your legal implications. Moreover, an attorney's fee is not contingent on the transaction moving forward, and can therefore objectively represent your interest. Further, an attorney may be able to negotiate credits or advise if there are items contained on your closing disclosure that are improperly applied to you, potentially even saving you money.
Commercial transactions have add a layer of complexity by their nature. Having an experienced real estate attorney involved as soon as interest in known is helpful, as it will allow negotiations to be steered in the light most favorable to you.
Perhaps the most significant value of an attorney is the peace of mind it will bring to you. Both buying and selling your home can be extremely emotional. Often, there are bumps in the road that can increase those emotions. An attorney brings an objective legal perspective and can help focus on options and necessary steps to meet the transactions goal.
Hartmann Law is here to Help You
Hartmann Law has extensive experience, and has guided hundreds of clients through the purchase and sale of their real estate interests. Taking great pride in offering personalized service, Angela Hartmann dedicates her time to learn and understand each Client's needs, not only as it relates to the legal matter, but as it relates to them as a person. Doing so, she has able to successfully develop long lasting professional relationships with many of her Clients. With gratitude, each new Client who has been referred by an existing or former Client, is seen as the highest compliment of her service, and a sign that personal attention is an unequaled service that remains sought in the automated, impersonal digital age. Contact Hartmann Law today.
Hartmann Law provides trusted counsel to individuals, families, businesses and corporations help navigate matters that require legal services including residential and commercial real estate, estate planning and business law.