Nearly all real estate transactions involve the signing of a real estate contract. While there are some common mistakes made in association with real estate contracts, one of the most common errors people make is to not obtain the assistance of a knowledgeable attorney before signing the contract.
Obtaining the assistance of an attorney first is important because these contracts are one of the most important documents in any part of a real estate transactions. Frequently, these contracts will establish the rights and obligations of both the buyer and seller. These contracts also frequently perform other essential tasks including identification of the buyer, seller, purchase prices, what is and isn’t included in the purchase, obligations of the parties before closing, the closing date, and type of deed involved. As a result, it is highly recommended that each party involved in a real estate transaction have an attorney review their contract to determine if the party’s legal rights are being contracted properly and if the contract is in their best interest. After the contract is finalized, the buyer and seller are bound by its terms.
Common Issues That Arise with Real Estate Contracts
Some people make the mistake of thinking that their real estate contract is so simple that the assistance of seasoned legal counsel is not necessary. Even in the most basic real estate contracts, however, there are some common issues that arise which include the following:
Obtain the Services of a Seasoned Property Law Attorney
In all cases, a buyer and seller of real estate are best served by obtaining the assistance of an attorney who will represent each of their interests in reviewing and signing the contract. At O’Keeffe O’Brien Lyson Foss, we have significant experience navigating a vast array of real estate transactions. Speak to attorney Dean Rindy today for help reviewing your real estate transaction by calling 701-235-8000 or 877-235-8002.