Any buyer or seller of San Diego real estate should look into what a real estate attorney can do to protect you when you decide to buy or sell your home or other property.
Unlike your real estate agent—whose goal is to complete the sale and earn a commission—your real estate lawyer doesn’t work on a commission. What’s more, sometimes a real estate agent represents both the seller and buyer. In these situations, there’s bound to be conflict in representing both sides. After all, sellers want to get the highest price possible, the buyer the lowest, and the real estate agent’s commission is usually greater if the sale price is higher.
As your real estate attorneys, it’s not our job to push for a sale. We focus on protecting your interests because we know there’s a lot at stake in any real estate purchase and sale.
Take a close look at the property and potential legal problems
Whether you’re a buyer or seller, your lawyer can examine any legal issues related to the property. Buyers need to make sure their investment will be worthwhile, and sellers need to be careful not to violate real estate laws and/or violate the purchase and sale contract.
Real estate agents do a lot in a real estate sale and purchase, but their role is not to give legal advice. Whether you’re buying a home or investment property, there are many legal issues to examine. For example, we’ll:
● Examine the title (including the history of ownership for the property), and check whether there are any clouds on the title that need to be cleared
● Look for any liens, easements, property line disputes, and zoning violations
● Advise you about inspections and disclosures
● Prepare your purchase agreement (see below for more on this)
Understand the deal, and know what to ask for
There’s a lot of paperwork involved in buying and selling a home and other real estate, which means there are a lot of terms to negotiate if you know what to ask for.
Your sale or purchase officially begins with the Purchase Agreement. If the buyer’s offer is accepted by the seller, you’re both in a binding contract. In most situations there can be serious consequences for backing out in violation of the contract, but your lawyer can build in protections in case things go wrong later.
The key terms of the deal are in the purchase contract, but often the real estate agent will use a standard fill-in-the-blanks contract that won’t necessarily keep your personal interests safe. Here are a few examples of what your real estate lawyer can help you with when preparing the purchase agreement and overseeing related issues:
● Will the seller make any promises and guarantees to the buyer when transferring ownership?
● If you’re a buyer, will you be let out of the contract if you can’t get a loan, or aren’t able to sell your current home? Also, are the terms offered by the lender good for you in the long run?
● If inspections reveal problems, will the seller be responsible for any and all repairs? Will the buyer be given credits instead? And at what point can a buyer cancel the deal?
● As a buyer, do you know how you should take title to the property? For example, will it help or hurt you to take title as “joint tenants with right of survivorship.” If you’re a real estate investor, should you create an LLC or corporation to hold title?
Getting help at the closing
The closing finalizes the transaction and transfers ownership from seller to buyer. We’ll make sure contingencies have been removed, settle any remaining issues, and ensure you provide and receive all the required documents. The bottom line is that you need to fully understand the real estate documents you’re given. We’ll explain the terms, and identify things that should be included in your purchase agreement.
Your real estate agent or broker does a lot for you, but your agent can’t provide the same kind of legal help and advice that a real estate lawyer can. We’ll work to protect your interests at every stage in the process and look into potential problems. Contact San Diego Law Firm’s skilled real estate attorneys at (619) 794-0243.
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