In North Dakota, Minnesota, and elsewhere throughout the United States, the sale of a particular parcel of real estate (whether residential or commercial in nature) begins with the preparation and execution of a real estate sales contract. This document is critical, as it not only describes the exchange that is to take place – that is, the parcel of property and the accompanying rights that the seller is exchanging for a sum certain provided by the buyer – but it also sets forth the rights each party has to the contract and provides a road map for the title company or law office closing the transaction.
Why You Should Not Do-it-Yourself When it Comes to Real Estate Contracts
“Do-it-yourself” or DIY is a popular concept when it comes to homes: instead of paying contractors and laborers thousands of dollars to complete a home improvement project, some homeowners will choose to do the project themselves and save money. Often times, however, the end result is not what they expected. Some home buyers or property buyers may take this same DIY philosophy and attempt to write their own sales contracts, too, and avoid paying an attorney to do this important work. This approach, however is fraught with peril. For example:
Thus, while an attorney’s assistance is not legally required in order to draft and execute a sales contract for real estate, such assistance can help ensure your sale or purchase is completed in a timely manner and with little disruption. Learn more about how a North Dakota or Minnesota real estate attorney can help you by contacting Dean Rindy at O’Keeffe O’Brien Lyson Foss online, or call 701-235-8000 or 877-235-8002.
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