By: Robert B. George, Esquire
[email protected]
Buying or selling a home is generally one of the most important financial decisions an individual will make in his or her lifetime. As such, it is highly recommended that you have an attorney involved and that you do not sign anything related to the anticipated purchase or sale of a home before it has been reviewed by an attorney.
While you are likely to come into contact with a variety of specially-trained individuals, a real estate agent, in most instances, will be the first person with whom you have contact, when considering the purchase or sale of a home. Thereafter, you will very likely have contact with an attorney, a banker and, in many cases, a title agent. It is important to understand the functions and roles of these individuals so as to ensure that you are being treated fairly and appropriately in the course of the underlying transaction, whether as a buyer or a seller.
Many people choose to engage a real estate agent to act on their behalf to assist them with buying or selling a home. A real estate agent may represent the seller, the buyer or sometimes both. It is important to understand who the agent represents as it may not always be clear, as well as to have a full understanding as to how the agent is to be compensated for his or her services, as any confusion in this regard could lead to some problems in the course of the underlying transaction. For example, while the majority of real estate agent’s fees are paid by the seller from the proceeds of the sale, there are some agents that may expect you, as a buyer, to also pay a separate fee.
It is also important to understand that a typical real estate transaction involves a variety of contracts and other legal documents. An attorney is best suited to review, understand, and explain the legal impact that these documents may have upon you. Certain documents will be prepared by real estate agents, some by financial institutions, and others by the title agent. In addition to reviewing the various legal documents involved in a typical real estate transaction, an attorney may also be able to otherwise provide valuable insight, advice and guidance in many other aspects of the underlying transaction.
Probably the most important is the Agreement of Sale, which sets forth the terms and conditions of the transaction between buyer and seller. In most cases, a preprinted Agreement of Sale, usually approved and produced by the Pennsylvania Association of Realtors (PAR), is used. While this is a standard form, Agreements of Sale contain detailed legal language that may often be confusing to the average buyer or seller.
An attorney experienced with real estate transactions, however, is trained to provide you with an explanation of the legal language contained within the Agreement of Sale, and will be able to point out other factors you may wish to include that you may not otherwise have thought to consider. For example, an attorney experienced with real estate transactions will be able to explain and negotiate the terms and conditions of any inspections that may be appropriate, in order to ensure full disclosure of any potential issues with the property.
Should you be contemplating, or already involved in a real estate transaction, whether as a buyer or a seller, it is extremely important that you consult with an attorney who has experience in this area of the law, in order to ensure that your rights and interest as concerns the underlying purchase or sale are properly protected.
The attorneys at the Law Firm of DiOrio & Sereni, LLP are experienced and available to help you. Contact Robert B. George, Esquire at 610-565-5700, or send him an e-mail at [email protected].
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