Buying or Selling a House? Do I Need a Lawyer?
At this time of year, the real estate market heats up because Buyers are often anxious to find a new home before school starts. Many transactions are handled very competently by local Realtors without any lawyers involved at all.
On the other hand, when something goes wrong, it’s often good to have the advice of an attorney, and to have a lawyer’s negotiating skills as well. More often, even when the transaction goes smoothly, a lawyer can help you understand all of “the paperwork,” like Agreements of Sale, Addenda, Title Reports and Home Inspection Reports.
If you are new to owning real estate, or if it’s been quite a few years since you bought or sold a home, a lawyer can explain why the buyers’ mortgage company will want a termite report and a title report and make sure the option to do those inspections is included in your agreement of sale. If you are buying a condominium, you have a right to see the rules and regulations you are buying into, and you have the right to see certain information on the financial health of the community as well. A lawyer can prompt the seller to supply you with those documents.
If buyers and sellers know one another and neither side has a real estate agent, a lawyer can draft the Agreement of Sale and help you be ready for settlement day. A lawyer can counsel the seller on the mandatory duty to disclose information about the house—including its “wet basement,” if that applies.
Timoney Knox lawyers are familiar with the local market and can help with these transactions.