As the real estate market begins to recover, it is more
important than ever to understand the contracts that you are asked to sign
whether you are purchasing/selling or leasing your home. While you may be
presented with a pre-printed standard purchase contract or lease, each term is
negotiable and should be looked at as such. Not only is it important to
understand what your responsibilities are under the contract, it is equally
important to understand the consequences of not performing those
responsibilities.
All too often, we are asked to review a fully-executed
purchase contract only after a problem has arisen between the purchaser and
seller. The majority of the time, we find out that one or both of the parties
did not understand their duties and responsibilities under the contract. While
a good real estate agent can serve a vital role in the purchasing, selling or
leasing process, they cannot give you legal advice. Buying or selling a home is
one of the biggest and most important investments of your life. Hiring a real
estate attorneys to review your contract prior to executing it can not only
give you peace of mind in your decision, but it can also end up saving you thousands
of dollars in attorneys fees if you are caught in a dispute later in the
process.
