Legal Mistakes A Lawyer Can Help You Avoid When Closing A Real Estate Deal

Law Blog

If you intend to sell or purchase a residential property, you are required to be vigilant throughout the process. This is especially vital when you are dealing with legal matters as they will determine if the transaction is done correctly or not. Working with a real estate attorney can help make things easy since you likely don't know much about how legal transactions are handled. You probably lack the experience and knowledge that's required to close such deals successfully. Here are some key blunders your real estate attorney will ensure you don't make when closing a property deal.

Not Checking For Incomplete or Inadequate Information

Ideally, a sales and purchase contract needs to have adequate descriptions of the property for sale. This is done to define the uniqueness of the piece of land and structure so no one can confuse it with any other property. Usually, references to the blocks and lots are used in a nomenclature known by the authorities. Checking such details can be difficult for you since you don't know how this is done, but a real estate lawyer can confirm this on your behalf. They know that the sale and purchase contract won't be enforceable if the property description information isn't complete.

Not Checking the Condition of the Property

Another aspect a real estate lawyer can help you with is to check the actual condition of the property before closing the deal. The best option is to get a professional to inspect the entire building and survey the land boundaries in advance. This way, you will know if potential repairs are needed and agree on who will take care of them before setting the price. The findings must be written down and signed on before closing the deal to avoid discrepancies later on.

Not Negotiating Properly

Most people who want to buy property aren't usually good negotiators, which isn't a skill one can learn in a day or two. If you don't negotiate well, you will probably not get the best deal. Hiring a real estate attorney to handle the negotiation on your behalf can change things in your favor because they are familiar with the market conditions and can provide counteroffers. They also know the steps that must be followed to close a real estate transaction so there will be no room for mistakes that could cause issues several decades later.

Now that you know all this, you shouldn't try to close a real estate deal on your own. It's better to get a real estate lawyer to get things done right.


13 May 2021