For many people, the purchase of their home will likely be the largest – and the most significant – purchase that they will ever make in their lifetime. This transaction will also involve the law of real property, and this particular law can tend to raise some special practice issues that are not present in other types of transactions.
Because of this, it is often a good idea to have an attorney present at the closing who is familiar with these issues and who is experienced in dealing with the various types of problems that could come up.
For example, there are numerous issues that may need to be addressed in the property’s purchase agreement, such as:
- Has the property been altered in any way – and if so, was this alteration done lawfully?
- Has there been any hazardous waste found on the property, and if so, what is the plan for its removal?
- Does the purchaser plan to change the property in any way, and if so, are the plans for the property going to take place in the lawful manner?
- What happens if an inspection of the property has determined that the property contains asbestos, termites, lead based paint, or some other type of condition that must be amended?
- What are the legal ramifications if the closing itself does not go through? For instance, what happens with the buyer’s down payment funds?
One of the biggest reasons why you need a lawyer at the time of a property closing is if a conflicting interest between the buyer and the seller comes up. This can occur directly between the owner and purchaser of the property, and/or their real estate agent or broker representatives. By having legal representation on your side, however, your interests can be served legally in the best manner going forward.
For more information on how to ensure that the purchase or sale of your next property goes through more smoothly from a legal standpoint, contact us.