Purchase and Sale Agreements (Residential or Commercial)
Some people forego hiring an attorney with the belief that they can navigate through a purchase and sale agreement on their own or rely on a real estate agent. When dealing with a complex agreement however, and the largest deal you may ever do, it’s highly recommended to hire a real estate attorney who can make sure you are legally protected and not spending money superfluously.
What Services Can A Real Estate Attorney Offer for Purchase and Sale Agreements?
Drafting and Reviewing Agreements
Purchase and sale agreements, while common are complicated and require legal expertise. Drafting and reviewing a contract is something that only real estate lawyer should do. At Charles Bean & Associates, we ensure the terms and conditions you need are included while preparing for problematic issues in the future, such as fraud, misrepresentations, rescission, omitted property condition disclosures or learning what you bought isn’t what you thought it was.
Amendments also need your consideration as the initial purchase and sale agreement will likely change. Whether amendments need adding after a home inspection, disclosure of additional defects or the addition of new terms and conditions, we can assist with their drafting and execution.
Performing Due Diligence
It’s vital to research the property, its records and the parties so that the sale of commercial or residential property is legitimate and without legal error. Our service includes reviewing the property records, all property condition disclosures and investigating the title documents. By doings this, we highlight anything that might inhibit the sale and try to find a solution.
Coordinating and Recording
A real estate attorney can also assist with coordinating all aspects of the sale, including disclosing necessary information to the state and other governmental entities, filing and recording the deed, and providing guidance to the title company or any real estate agents involved in the sale.
Why Should You Hire A Real Estate Attorney for A Purchase and Sale Agreement?
Hiring an experienced real estate attorney provides clients with peace of mind that their business or personal assets are protected. By drafting and reviewing the purchase and sale agreement and related title documents, an attorney can prevent you from spending time and money unnecessarily while ensuring legal protection. Aside from saving you money and protecting your assets, a lawyer also brings greater real property knowledge. In real estate negotiations, knowledge is power, so your attorney will put you in a better position to secure the best deal possible.
What Happens After You Agree to A Sale?
Once you agree to a sale, your real estate attorney in Idaho will draw up a purchase and sale agreement which covers the following areas:
- Legal description and address of the property;
- Purchase price;
- Earnest money deposit;
- Down payment and related financing;
- Closing information and title company;
- Closing date or date of possession;
- Who holds the earnest money deposit;
- Duties of the parties during the pending transaction;
- Penalties for delayed possession caused by either party;
- Contingencies on the sale of either party’s other home; and
- Seller’s Property Condition Disclosure Statement.
Commercial transactions may also include features such as price adjustments, a letter of intent, and confidentiality agreements.
Your Real Estate Attorney: Brian J. Bean
Get in contact with Brian J. Bean today for a 45 minute consultation by calling (208) 664-1574, or via our website contact form. With years of experience, Brian J. Bean is an avid business, corporate and real estate attorney who has worked within large and small organizations. Assisting businesses with strategic business and legal decisions, negotiations and more, he prides himself in providing clients with an exceptional service that helps to achieve their business objectives and goals.
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