In old days there was just one lawyer involved in the sale of a house; the one that handled the closing of the sale, he sat at the head of the table and moved the paperwork back and forth between the seller and the buyer. Only he held the money until all of the paperwork was done and was the disinterested observer, not serving the direct interest of either party. Since the price of properties goes higher and higher, the restrictive covenants and association by-laws become more common, and the loans get more complicated, it is becoming more important to have your own real estate lawyer involved in the buying or selling of a house. Purchasing and selling property require lots of legal paperwork; agent contracts, sales contracts, mortgages, the list seems endless, all of these documents place legal obligations and restrictions on the parties to the sale. Knowing all of these documents require a firm knowledge of Real Estate Law, in other words, you need a real estate lawyer and when you decide that you want to buy or sell a house, the first person that you normally go to look for is an agent.
He is the person that is responsible for the mechanics of buying or selling a house, the important thing that you have to establish first thing is who the agent works for. We want the agent to work for you and your best interests and the agent’s responsibilities and obligations are outlined in the contract that you sign with that agent. Except you are routinely flipping houses, you probably will not be familiar with all of the terms and requirements of this type contract. Do get your real estate lawyer to review the contract and explain exactly what you and the agent are agreeing to. Any person who has been listening to the news lately knows that there have been substantial problems with some real estate loans that have resulted in a large number of people being kicked out of their new houses. As most of these have dealt with people being approved for loan amounts that they couldn’t afford, many have also had clauses that caused payments to increase sharply without apparent warning. Evaluation of the loan documents by a qualified Real Estate Lawyer before they were signed could have prevented many of these foreclosures. As a good Real Estate Agent should be able to ensure that a standard sales contract does not include any unusual provisions, this can be one of the most involved contracts that most people will ever sign. Providentially, today’s real estate market has slowed down some, so there will usually be time to have a real estate lawyer review it before it is signed, if there is a time constraint, have your lawyer review it after it is signed. Numerous states now have a cooling off period on sales contracts, so you have time to back out of a bad agreement.
About the Author
Jonathon Ledbetter provides closing services and title services for real property transactions primarily in Tarrant, Dallas, Denton, Johnson, Colling, and Southlake, a well favored and recommended Real Estate Attorney in Dallas.