It's never a good idea to remove all contingencies from your real estate purchase. Waiving…
So you found THE house! You’ve gotten Pre-approved by the bank, you have made the phone calls to your agent to find out what is going on, and FINALLY the seller has accepted your offer presented by your real estate agent. More negotiations have been conducted through the brokers concerning some structural problems found with the home during your inspections. You have FINALLY reached another agreement with the seller, so you and the seller are ready to move along towards closing. You have obtained a commitment for financing from your lender, and the title is being searched to satisfy you and the lender. The next step is to have the property transferred from the seller to you, and to give the seller the purchase price bargained for in the contract (better known as “The Closing”).
I know what you’re thinking: This real estate thing has been easy enough so far! (OR HAS IT?) Why not save yourself some money and skip the lawyer fees, right? Before you head down that path, consider that this is not just the most significant purchase most people ever make… This is your dream of being a home owner that’s on the line here!
It involves the law of real property, with its own special issues of practice, which are not present in other transactions. There are several common problems that arise with a home purchase or sale. And a handful of other uncommon issues that can sneak up on you in the process of buying a house. Having professional legal counsel will give you peace of mind if you encounter any of the following issues:
•You are buying or selling the house with a non-family member, which complicates ownership issues. How should we take title? How do we prepare the deed?
•You are buying a property that is in probate or foreclosure.
•You are buying a house in a development
with homeowner-association rules.
•The seller withdraws the property from the market, or tries to back out of the deal at the last minute.
•Something goes awry after the deal has closed (you find that the inner walls are a moldy mess for instance).
If you suddenly have to get out of the purchase, or to negotiate a settlement, having a real estate attorney in your corner can make all the difference. Your real estate lawyer has the training and expertise to prevent the legal headaches that often arise from issues of which you are not aware. The professionals at Rosenstein Orapello, PLLC are experienced in dealing with these issues, so contact us before you buy your dream home!