By Lisa Wills, Law Offices of Lisa D. Wills
Do any Major Problems Need Repair?
Real estate buyers and sellers have different concerns in a purchase or sale transaction.
Prior to signing a real estate contract, real estate buyers should walk through the property with your real estate professional and a general contractor to look for property conditions that could cost you extra money. Conditions such as broken gutters, a failing fence, inadequate drainage, settlement and other conditions are expensive to repair or replace. The purchase price for property is a key term in a real estate contract. Significant property conditions may assist you in negotiating the purchase price with the Seller.
It is crucial that you accurately complete all real estate disclosure documents about the condition of the property. The Seller’s information about the condition of the property puts the Buyer on notice about these conditions. A well maintained property with few noteworthy major issues can help to support your requested purchase price. Also, failure to disclose material facts about the condition of the property could lead to a pricey lawsuit after escrow closes.
Read the Entire Real Estate Contract (even when it puts you to sleep)
A signed real estate contract is a legally binding agreement between parties for the purchase and sale, exchange or other conveyance of real estate. “Binding” means that if a party does not comply with the terms in the contract that party could be sued for breaching the agreement. Lawsuits are time consuming and very expensive. A wiser option is to avoid a lawsuit by carefully reviewing the entire contract before you sign the agreement to make sure the agreed upon terms are in the written agreement. It is import to understand that every word in a contract has meaning and is important.
Clarify Confusing Contract Terms and Processes
Real estate contracts contain many terms that are not necessarily found in daily life and conversations. Ask for clarification of any term you do not fully understand. Real estate contracts typically contain many action items that must occur by a specific date. A missed deadline may cause a party to breach the contract. Sign the contract only when you understand the terms and expectations.
Get Help from a Real Estate Attorney
Selling or buying real estate is a complex process with many parts. A skilled attorney can help you understand the documents, action items and process as well as answer your questions and assist if complications arise. The smoothest transactions typically occur when proactive steps are taken to examine potential issues related to the purchase, sale or lease of real estate before a problem arises. Our scrupulous attention to detail can save you from the uncertainties and cost of a dispute.
We are able to help you with your questions and concerns. Call us at (925) 463-9000 or send an email.
Lisa Wills of the Law Offices of Lisa D. Wills is a skilled real estate attorney in Pleasanton, San Ramon, Livermore and Danville CA. Please contact Lisa Wills by email at the Law Offices of Lisa D. Wills or call (925) 463-9000.