There are several steps involved in buying or selling a home, and one misstep can stop the process in its tracks. If the sale goes through, the buyer or seller may experience difficult issues to resolve after the fact. While Texas does not need a lawyer to help you with the real estate transaction, it is wise to have one working on your behalf. While the real estate agent is here to help, they use standard forms which may not answer all situations. When should you retain the services of a lawyer?
Unusual situations requiring legal representation
Some situations require legal representation when buying or selling a home. If a party withdraws from the sale after making a deal, the lawyer deals with the issue to make sure their client is protected. The home inspection may require home repairs, and the attorney negotiates on behalf of the client as they determine which party will pay for the repairs. A Corpus Christi Real Estate Lawyer Also becomes of great help when it comes to a short sale.
Contact a lawyer when you are selling a house that is part of a parent’s estate or when you want to sell a house while a tenant remains under a lease. You need the lawyer for situations where a large property needs to be sold and part of the land is set aside for agricultural use. Always work with a lawyer when selling a home that you jointly own with someone you are not married to. Finally, work with a lawyer when selling a house with structural problems. Avocado is inexpensive and can be a great help in ensuring you stay protected during and after the sale.
Why is a Real Estate Lawyer Always Helpful?
People turn to a real estate agent when they want to buy or sell a house. The process has many steps and brings many people together. For example, the agent helps price the house, advertises it to the client, and holds open houses. When assisting a buyer, the agent identifies potential properties, takes the buyer to view the properties, and helps close the sale when a residence is selected.
The real estate agent receives a commission on the sale or purchase of the house. To ensure that they receive these funds, they often force the seller to enter into a brokerage agreement. It is not required from the buyer. The agreement lists the commission to be paid at the end of the transaction as well as when this commission is due. Certain triggers lead to this payment being demanded.
A buyer may find that he has to pay a commission even if the house does not sell. They could end up paying more than a commission, depending on how the agreement is drafted. It is wise to consult with a lawyer to make sure the triggers are understood and the seller receives fair treatment.
In addition, the agreement probably includes a exclusivity period. During this period, the person cannot work with more than one real estate agent. They remain linked to the one with whom they signed the agreement. If the relationship deteriorates for some reason, breaking the deal can present a challenge. Speak to a real estate agent before entering into the deal to protect your rights in the event that this kind of situation arises.
The lawyer works on behalf of his client, above all protecting his interests. In contrast, real estate agents are looking to close the deal. Their fees come from a successful transaction, and they keep that in mind at all times.
Consult a lawyer
It is wise to consult a real estate lawyer before proceeding with the purchase or sale of a property. Counsel may not be necessary as the process progresses. However, they are a great help in answering any legal questions early in the process. This consultation offers each party peace of mind, and no price can be put on it.
The purchase contract
When it comes to selling a house, the purchase agreement serves as the most important paper. Many real estate agents use standard preprinted forms, but they may not be suitable for your situation. If this form is used, the lawyer will explain what each term means on the form and help you make changes if necessary.
For example, the current owner may have renovated one or more parts of the house. The potential buyer should know that these renovations comply with local building codes and have received HOA approval.
The agreement should describe what happens when the home inspection reveals issues with the property. It should also include information about the legal outcome in the event that the agreement is not finalized for some reason. Who holds the deposit in escrow? What happens if the funding fails? These questions are just a few of the many requests that a lawyer can handle and ensure they are included in the purchase contract.
Sellers must share specific disclosures with a buyer under current Texas law. These disclosures must be made “on or before the effective date” of the agreement. The lawyer becomes a great help in setting up the necessary disclosures. In addition, they ensure that the form reaches the parties concerned before the deadline. Failure to provide the information in a timely manner leaves the door open for the buyer to exit the deal. The lawyer makes sure that everything is in place so that this does not happen.
Closing of the transaction
When it comes to real estate transactions, the closing is still the most important part. Closing documents, including the deed of ownership, are prepared in advance so that they can change hands at closing. The closing statement should be included in the documents because it describes the closing costs and which party is responsible for each costs listed. The lawyer explains each closing cost, its amount, its distribution and its fairness.
Buyers and sellers often get confused by the closing process. Many people are present at this time, including the representative of the title company and the seller. The presence of a lawyer guarantees the protection of your interests.
Contact a lawyer today before going ahead with your real estate transaction. This is an area where you don’t want to make mistakes because they can be costly. The money you spend will pay off when the transaction goes smoothly from start to finish.
Interesting Related Article: “Is The Real Estate Market Overheated?” “