Buying and selling a home may seem easy to many people. Someone lists a house with a broker from a real estate company, and a buy purchases the home for an agreed upon dollar value. It appears simple but legal complications can arise during this process. The listing agreement should be reviewed by an experienced Real Estate lawyer in Nassau County NY. If it’s the buyer, the buyer should have the sale agreement reviewed by a lawyer. Just because the broker states it’s a standard agreement, doesn’t mean there aren’t clauses or language that could leave a buyer in a tough condition purchasing a house.
If someone is selling a home, the agreement needs to be reviewed for a cancellation clause if the seller cannot deliver a clean title. This could mean that a lien is on a home for more than the equity in the home is worth. Construction issues such as the foundation could become areas where a seller needs to cancel the agreement due to the amount of money it would cost to correct the problem before the house would change to a new owner. If the house does not sell within a certain amount of time, there also needs to be a clause to remove the listing from the listing agent. Commission percentages are also negotiable. The agreement needs to state what percentage the listing and the selling agent will receive so there’s no legal backlash when the sale of the home closes.
When someone is purchasing a home, a Real Estate Lawyer in Nassau County NY should review the purchase agreement separate from the realtor, sellers or the realtor’s attorney. A seller needs to be aware that the wording in an agreement could leave them liable for any and all repairs to a home before the sale is complete. If two or more people are purchasing a home, the agreement for sale needs to be properly written to cover both individuals on the title. It’s important not to buy or sell a home without first consulting an attorney to review the paperwork. The Law Offices of Elan Wurtzel has had years of experience in the real estate field and can review the selling or purchasing agreement for the legal safety of the parties. You can also visit them on Facebook for more information.
