Buyers and sellers of residential real estate often retain the services of a lawyer. Consulting a lawyer early in the purchase and sale process is important. A lawyer can do very little to change the contractual relationship of a buyer and seller after a Purchase Agreement has been signed. A lawyer experienced in real estate transactions will advise on issues raised in the contracting process, and will also raise issues that neither buyer nor seller had considered. The legal issues to consider in the purchase transaction are dependant on the type of house (condominium or single family residence), the municipality where the house is located, and whether the house is located in a newly developed subdivision, an established subdivision, or in rural setting. A lawyer will assist a seller or purchaser to determine whether these issues adversely affect the transfer or use of the home.
If a real estate agent is involved in the transaction, the agent may supply "form contracts." Although the forms may be standardized, each transaction is different. The lawyer can assist in determining the appropriate additions or subtractions to these forms necessary to clearly reflect the intentions of the buyer and seller. With a full knowledge of contract and real estate law, the lawyer is most suitable for revising these contracts and finalizing their execution by the parties.
Once the contract has been executed, the lawyer will, to the extent necessary, assist the client in reviewing the liens that exist on the property, issues concerning surveys, and preparing and reviewing closing documents. At closing, buyers may find themselves executing 30 or 40 legal documents. The seller will execute significantly fewer documents, but each document has legal ramifications. The buyer and seller should have access to an attorney to explain these documents and their effect on the transaction. Use of an attorney experienced in real estate transactions will give the buyer or seller confidence in their decisions and will go a long way to fulfilling their expectations.
The optimum time for consulting an attorney for purchase or residential real estate is prior to entering into a purchase agreement for the real estate.
