Buying a home is likely one of the largest and most important purchases of your life. Because of this, it’s essential to do everything possible to guarantee that your home purchase or sale will work out for your particular goals. It’s important to remember that home sales involve real property law, which can be complex and raise special issues that are not seen in other areas of law. A South Florida residential real estate attorney is trained to deal with real property law and has the specific experience that you need to guarantee that your home purchase or sale will not have any unforeseen problems.
The process may seem simple but problems can occur
The basic process is as follows: home sellers typically enter into a brokerage agreement with a real estate agent, and once a buyer has been found and negotiations are completed, a purchase agreement is drafted and finalized. The buyer then must obtain financing and finally the closing occurs with a title search and transfer and escrow closing. Although this process may seem simple, there are several problems that often occur, especially with the brokerage and purchase agreement.
Standard agreements may be used that do not cover every potential legal scenario
Realtors will often use standard forms that do not cover every particular circumstance that can arise for that specific deal. For the brokerage agreement, as one example, the seller may be liable for extra fees that are outside of the standard brokerage commission. In some cases, the seller may be required to pay fees even if a property sale does not occur. Sellers should have an experienced residential real estate lawyer in South Florida review their brokerage agreement to ensure that there is nothing in the agreement that would make the seller liable for extra fees. The agreement should also be reviewed so that other parts may need to be revised as necessary.
Purchase agreements can have several problems
The real estate purchase agreement is the most important document involved in the transaction, and it’s often a necessity to have an attorney review it. Several issues may need to be addressed in this agreement, including the following:
- What options does the buyer have if an inspection catches problems like asbestos, toxic paint, or termites?
- What happens if the closing falls through for unforeseen reasons, and how would the down payment be transferred back to the buyer?
- What fees are the seller and buyer liable for in this situation?
- How will any planned additions to the property be handled?
These issues and others make it crucial to hire a South Florida real estate attorney for any residential real estate purchase or sale. Call Schecter Law today at (954)-779-7009 for advice whether you’re selling or buying a home in South Florida.