For most Americans, buying or selling a house is the single largest investment operation. And like any other large financial agreement, it must be done with the proper legal guidance to avoid mistakes and possible legal liabilities.
Legal guidance is especially necessary if you are involved in a For-Sale transaction by the owner (FSBO). In this type of real estate transaction, the seller does not have the experience of a licensed real estate agent, and this may be true for the buyers as well. Dealing with the many legal details during a PART transaction can be extremely difficult and confusing for those who do not have knowledge of the specific rules and regulations that govern the sale of a home or purchase.
- These are some of the things that an experienced real estate lawyer can do for buyers and sellers:
- Represent your interests throughout the transaction.
- Provide advice on your obligations, rights, taxes and personal responsibility.
- Prepare the appropriate legal documents for sale or purchase, including deeds, promissory notes, etc.
- Review contracts and other legal documents that are provided to you by another party to the transaction, such as purchase contracts, loan agreements, promissory notes, etc.
- Provide advice on vehicles for the protection of property, such as the establishment of a limited liability company for real estate investments or a trust.
- Negotiate the terms of a contract.
- Make sure it is in compliance with local and state laws and regulations.
- They help you understand the legal jargon in standard purchase contracts so that you know your rights and obligations.
- Help resolve conflicts that may arise.
- Advise you about your options to take the title of property for the planning of goods or fiscal effects.
- Conduct a title search to ensure that there are no encumbrances or other charges on the property.
- Advise you of your best options for financing the transaction and buying title insurance.
- Review all closing documents to ensure everything has been done correctly and to represent it at closing.
Even if you are working with a real estate agent, you should have a lawyer involved in reviewing all the documents prior to the sale since the real estate agents cannot provide legal advice.