In a typical home purchase, a seller enters a brokerage contract with his or her real estate agent, typically in writing. As a broker locates a possible buyer, negotiations are performed through a broker, who most oftentimes acts as your intermediary. As an informal contract is reached, seller and buyer enter a formal written agreement for the sale, the purchase agreement. A buyer then will obtain a commitment for financing. A title is searched in order to satisfy the buyer and the lender. Lastly, the property will be transferred from a seller to a buyer, and a seller will receive the purchase price that is bargained for within the contract. It seems simplistic, yet without an attorney, the consequences might be more disastrous than buying an automobile which turns out to be a lemon, or stock investment which was unwise.
An attorney may assist you in avoiding some typical issues with a home sale or purchase. For instance, the seller might sign a brokerage agreement which doesn’t deal with numerous legal issues. This occurs very often; realtors oftentimes utilize standard forms, expecting that they’ll cover all circumstances or are going to easily be customizable for abnormal circumstances.
To the contrary, within the absence of an agreement, a seller might become liable to pay the brokerage commission even if the sale doesn’t occur, or pay more than a single brokerage commission. If an agreement permits a seller the right to negotiate upon her or his own behalf, for instance, you might avoid this issue. An attorney may explain the effect of several listings. She or he may negotiate the realtor’s rights if a seller withdraws his/her property from the marketplace, or cannot generate a good marketable title.
For more information on why you need a real estate lawyer when you buy or sell a house, contact Jackson Abdalla Law Group at (000) 000-0000.
