There are legal issues that all buyers and sellers should be aware of when getting involved in real estate. Residential real estate is not an uncomplicated process, which is why realtors will always strongly recommend legal representation during negotiations so that all parties are as informed as possible, which will mitigate any legal issues that could arise. The Dione Irwin Team works with a variety of reputable lawyers and can help you find a representative that suits you best. We will go over a few common legal mistakes that are easily avoidable if you are aware of them.
Survey clause:
All buyers have the right to add a survey clause to any real estate contract. If your survey is out of date because of any additions to the home and a survey clause has been added, your agent may cover the cost of a new survey, or you may need to cover the cost yourself, for usually $700-$1000. A discrepancy found by the buyer between the home and what was reported in the survey, could cause a legal issue in the future. Ensuring that your home’s survey is up to date could save thousands in legal fees in the future and is a very important part of selling your home.
Swimming pool clause:
Swimming pools are an expensive addition to a home, even just for the upkeep. Some contracts require a warranty that states the pool will survive closing (of the home sale), while others state in the warranty that they believe the pool to be in good working condition at the time of closing. While these options seem basically the same, there are some differences that can have an affect on how later legal proceedings play out. This is one reason why having an experienced real estate lawyer is essential, these small, nuanced, differences may not be distinguishable to those without legal training. Whatever you decide, it is in your best interest as a seller or a buyer to make sure that there is a clause addressing the swimming pool present in your contract.
Home inspection clause:
As a seller, working with a real estate lawyer can be very beneficial, especially in terms of the home inspection clause. The wording of some home inspection clauses will allow buyers who want to pull out of an offer to cite any small repair they deem the house may need after the inspection. This can cause sellers to lose time and money, and even other offers that they may have turned down for this other offer. Of course, the home inspection clause is designed to protect buyers in the case that a house does have some major flaw that may not have been obvious without an inspection. The home inspection clause should read that the seller has the option to fix any item the home inspection report flags, because this protects both the buyer and the seller.
There are many legal considerations to review in detail when selling or buying a house. Without professional legal training, this can be an overwhelming task, and you could unintentionally jeopardize the deal or put yourself in an inopportune position legally. If you don’t know where to start looking for a reputable real estate lawyer, don’t worry, the Dione Irwin Team is here to help you. For more information and to gain access to all of our FREE reports (including one on this issue) follow this link!