Buying a home involves more than just the property in question. It involves real estate law. Some clients may know how property law works, but most do not. Their only concern is the buying and selling of the home, and not much else.
That is why it is in the client’s best interest to hire a Texas real estate attorney. Clients need to know that the transaction will go through the first time without any problems.
A reputable lawyer has the experience and skill level to handle most, if not all situations that may arise. Let’s look at what a lawyer will do in any given situation.
1) Buying
The first step is when the person who is selling enters into a contract with the agent in writing. Say the seller has found a possible buyer for their home. The next step is to get the broker to step in and start negotiations. The broker will usually act as the intermediary for the number of potential buyers there are.
Say the seller has spoken with all the interested parties and has made their choice on one person. The broker and agent usually present a formal agreement once this happens. The formal agreement is only used when either side has made serious negotiations about the property.
The seller then gets the written consent and financial agreement from the buyer. That means the buyer has no plans to back out and wants to buy the property. The lender and buyer get proof of the title and everything is transferred over to the buyer. The sale is completed, and the seller gets a check for the agreed upon amount, usually stipulated in the contract.
Why do both sides need a lawyer?
The days of securing everything with a handshake are gone. A person can back out of just about anything, as long as an intermediary did not see what happened.
Rowena: “Oh, I see. As long as people do not see the pictures, then it never happened!”
Perfect Stranger, 2007
Everyone has to get the details in writing and have a lawyer present. Clients have been known to buy a property that turned out to be worth less than nothing. A lawyer can make sure that everyone is on the same page and there is nothing shady going on.
Vague Consultations and Things Left Unsaid
There have been clients who unintentionally signed a brokerage agreement that left a lot of things unclear. It worked for one party, but not for the other.
A lawyer will make sure that both sides cover every legal issue that may arise.
“It is just a standard form of contract. You would not bregrudge me a little protection, just a little bit?”
Willy Wonka, 1970
The seller could be liable for brokerage fees whether or not the sale was final. The person may also pay more than what they initially said they would.
A lawyer can make sure that does not happen.
Buyers and sellers should consult with their lawyers before they start to negotiate the asking price. The seller could be asking a large price for the property which means they get a big check. The only downside is the IRS will ask the seller for their portion, and it will be a large one.
The Bottom Line
A real estate lawyer has the experience and knowledge to assist with everything including, the closing and negotiating the terms of the contract.
