Do I need to have an attorney review my real estate contact?
The short answer to this question is always YES. When you enter into a real estate transaction, a real estate agent will present you with a contract that may seem already set in stone. What most people do not know is that they have the power to still negotiate many aspects of the real estate contract. This is why you should always take the contract to an experienced real estate attorney before signing the dotted line.
What’s generally in the real estate contract?
A real estate contract sets out the terms of the transaction and includes important information such as the purchase price, closing date, and what is included with the house. While some terms and sections of the contract may be easily understood by a layperson, it often takes an attorney with real estate experience to spot and explain the meaning of unique real estate jargon. No real estate contract is “typical” or just a “form.” A real estate contract is a complicated document that can impose burdens and liability on the parties.
Buyer vs. Seller interest – Who is protected?
A buyer or seller that wants to understand their legal rights should consult a real estate attorney because it is illegal for a real estate agent to give legal advice. The buyer and the seller will have opposite interests and will want different things from the contract. Sellers will want a high purchase price, want to relieve themselves of liability, and will not want to make repairs or improvements to the property prior to closing. Buyers will want to pay a lower purchase price, want the seller to make promises about the conditions of the property, and will want the seller to make repairs or improvements before closing. This is why an attorney that is on your side can be a saving grace to help you avoid issues and reach a deal you are happy with.
Can I get out of the Contract?
Maybe. Generally, the contract is binding on both of the parties once it is signed. Even if you did not understand a part of the contract or now believe that the contract is unfair, you will not have many options. Before you sign the dotted line, contact Collins Legal, PLC to have a competent and knowledgeable Nashville real estate attorney review your contract. If you already have signed the dotted line, we can still review your contract to see if there are any contingencies or other conditions that haven’t been met.