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Why you should have an attorney when buying or selling a home
If you are buying or selling a home you have entered into a binding contract that gives you legal rights as well as legal obligations and responsibilities. Like every buyer and seller, you will have questions about those rights and responsibilities as you move through your transaction.
Where will you turn for answers? Google? Your realtor, home inspector, mortgage representative, or title insurance person? While all of these sources, especially your Realtor, are essential to the buying/selling experience, they simply cannot give you legal advice. They are not licensed to do so, and the experienced ones know better than to take on that risk/responsibility. Doing so would be considered the unauthorized practice of law and would confer liability that a non-lawyer would not want to accept.
The obligations inherent in real estate transactions are serious and a misstep can be costly. Here are some examples of the types of questions you may have at each stage of your transaction.
Contract review / Attorney Review:
What are your rights if the home appraises for less than the sales price? Do you have to pay a realtor commission if the deal doesn't close? What do the financing, inspection, and prior sale contingencies mean?
What repairs ... more
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