Whether you’re buying or selling your first home or your tenth, it’s important you keep in mind that your real estate contract (also known as a purchase agreement) is the most crucial document in the home-buying process. For this reason, you need to understand what questions to ask and how a real estate attorney can provide much-needed assistance.
Considering Key Questions About a Purchase Agreement
Your purchase agreement sets rules and standards for how you buy or sell a home. Additionally, because it is a legally binding contract that comes with consequences if any agreements are broken or not met, you should ask about key issues before signing, including:
- Is this contract contingent upon the sale of another home?
- Has the home been renovated or otherwise altered, and if so, were these changes permitted and completed according to building codes?
- If the home is damaged before closing, which party is responsible for repairs?
- If a loan is involved, who pays closing costs?
- If any inspections are required, who will pay for them? Should each party have the home inspected independently?
- If existing termite or foundation damage is found, which party will pay for the cost of the repairs?
- How much will the home cost, and upon what factors is that price based?
When in Doubt, Hire an Attorney
Buying or selling a home can become complicated, and you want to ensure the purchase agreement is clear and without error. Here’s where your real estate lawyer comes in. During a real estate transaction, an attorney can:
- Help you fully understand the contract, whether you’re buying or selling
- Communicate with your bank to clarify terms of your potential mortgage
- Explain any tax consequences that may arise as a result of the transaction
- Create and file all documents
- Mitigate any issues arising from the terms of the contract
- Negotiate a price for the home and other terms of a contract, if necessary
- Review all papers you sign during the buying or selling process
Find Qualified Legal Assistance
If you’re considering buying or selling real estate, or are already immersed in the process and need help, we want to hear from you. At Tavss Fletcher, we put our clients first and work hard to ensure their success in real estate transactions. To get started, start a live chat with one of our representatives on our website today.