If you are selling your home For Sale By Owner (FSBO) then it is advisable that you contact a real estate attorney prior to your listing your home and have your attorney review any purchase offers that come to you from buyers. A purchase offer can be a simple document that offers to purchase a home for a certain amount of money. Once signed by both the buyers and sellers the written purchase offer becomes a contract and is a legally binding document on both the seller and the buyer. Problems do arise where the buyers and sellers agreed on one thing verbally but failed to capture it all in writing. By having an attorney check to make sure what is being agreed to with the purchase offer is in the contract you reduce the chance of a lawsuit ruining your chances of completing the deal.
Going through a divorce is a process that may or may not be complicated depending on custody and asset division issues if there are any. Add into the divorce process the need to sell a house then things can get more complicated. Especially where there may be equity in the house or where both spouses are on the mortgage the need for a real estate attorney to assist in the process and represent each spouse best interests makes sense. If one has an attorney representing them the other spouse should also have their own legal representation in order to make sure their interests are adequately protected.
Reasons to hire a real estate attorney even if it’s optional 1 You’re an out-of-town buyer. 2 You’re buying a property that is a short sale or bank-owned. 3 You’re buying a property that is part of an estate sale. 4 You’re buying a commercial property. 5 You’re buying a property that could potentially have some structural issues. 6 You’re buying a property in a problematic area such as a flood zone or areas with adverse conditions (tornado-prone, radon, toxicity levels, etc.).
These include Alabama, Connecticut, Delaware, District of Columbia, Florida, Georgia, Kansas, Kentucky, Maine, Maryland, Massachusetts, Mississippi, New Hampshire, New Jersey, New York, North Dakota, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and West Virginia. Keep in mind that these rules can vary by region within states, too.
You’re selling a property that is in some state of distress. You’re the heir or executor of a property whose owner is now deceased. You’re selling a house with an uncooperative partner. You have judgments or liens on the property.
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The real estate attorney's role is to make sure you are advised and protected and to assure that all documents connected to the sale of the property are done correctly.
Finally, the real estate attorney can be responsible for making sure all the financial documents are accurate for the sale. You don't want to be charged the wrong rate or pay more fees than necessary.
Bryan De Bruin is a Real Estate and Business Law attorney serving Greenville, SC and the surrounding upstate. Bryan is proud to guide clients through the legal process and makes sure that every client understands each phase of their case, so that they are prepared for what happens next.
Commercial real estate is unique and most people have a pretty limited experience level with it. It can be very costly to buy commercial real estate and it comes with some risk.