The sale or purchase of real property is, quite often, the most expensive, complex transaction any single individual undertakes during his or her life. With high stakes involved, including money, time, location for perhaps a growing family, and all the dreams these individuals have for planting their roots in a new home, it is fascinating to step back and realize just how important this decision is – and how quickly the transaction materializes after perhaps one or two showings and the acceptance of an offer.
And because of this, it is crucial to have an attorney walk alongside you during the real estate transaction. Let’s examine some of the key roles that an attorney will play during the lifespan of a real estate transaction:
1. Contract Negotiations: Depending on which state you are selling or purchasing, an attorney will prepare the contract of sale and/or a rider to the broker-prepared contract of sale. During these negotiations, the attorney works with his or her client to ensure that the client’s terms and interests are both represented and protected.
2. Inspection and Appraisal Dispute Negotiations: When the prospective purchaser conducts the home inspection, an attorney can oftentimes be called upon to negotiate credits or repairs to the real property on behalf of their clients, again in the furtherance of protecting the clients’ interests. When the lender performs their appraisal of the property, the attorney may need to address the low appraisal and negotiate a reduction and/or compromise as the purchase price.
3. Conduit to other Professionals: As we consistently maintain, a real estate attorney is but one professional on the client’s team of professionals, including broker/agent, title, inspector, appraiser, lender, surveyor, municipal officials, and the opposing attorney. We could not fathom being removed from this team of professionals and not interacting with them on a daily and/or weekly basis to ensure that the process is moving along swimmingly.
4. Review, Interpret, and Draft Key Documentation: By far, this is one of the most crucial roles of a real estate attorney. From the contract to the inspection reports to the appraisal to the title search to lending documents to surveys, there are countless documents that are exchanged during a real estate transaction. It is the attorney’s job to interpret these documents, review them for accuracy, and be sure to explain them to the client so that the client can fully understand the terms. Furthermore, the attorney will prepare relevant documents, such as the contract documents and transfer documents.
Given the magnitude of this transaction, it goes without question that an attorney is a crucial part of your team – whether as a seller or a buyer – to ensure that the transaction is conducted in such a way that protects your interests and arrives at the closing table. At Catina & Mara, PLLC, our team of attorneys work hand in hand with sellers and purchasers on a daily basis to help them reach the closing table and begin the next chapter in their new homes.
Disclaimer: The information contained in this post is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls and communications. Contacting us, however, does not create an attorney-client relationship.