Often, when someone is buying or selling real estate, the seller either hires a real estate agent that prepares a contract based on a form, or the seller locates a real estate form online. A real estate agent may play a vital role in real estate transactions, but they cannot provide legal advice or draft customized provisions for the contract.
These form contracts may contain costly provisions which are detrimental to you. Certain provisions may be in the contract which were drafted to favor the other party which may put you at a disadvantage when it comes to terminating the contract or payment of fees and costs for home inspections, repairs, or other closing costs.
It is recommended you have an attorney review the contract prior to you signing the document, but if the contract contains an attorney review period, you may hire an attorney to review the contract provisions after you have already signed the contract to ensure the terms of the contract meet your needs. If any revisions are needed, the reviewing attorney may request the needed changes before the review period expires.
Additionally, there are many items that could arise throughout the transaction that it would be beneficial to have an attorney available for legal advice. A few instances where an attorney may be helpful include:
- Reviewing of a plat of survey and legal description to ensure no errors were made on the survey;
- Addressing contractual changes to address unexpected home repairs discovered after a home inspection;
- Drafting contract amendments to allow preclosing possession for the buyer to move in prior to the closing or post-closing possession for the seller to stay at the premises after the closing.
Finally, an attorney may assist you in coordinating a remote closing if you are traveling or living out of state when the closing is scheduled to occur. An attorney may prepare any additional documentation needed to ensure the closing stays on schedule and coordinate with title companies, brokers, and other relevant parties.