Buying or selling a home or commercial property is one of the largest financial transactions a typical person will make. While it isn't required to hire a lawyer to close the transaction, it only makes sense to get a lawyer's advice. Since a real estate agent is only paid if a house or a commercial property is sold, they can be are more interested in closing the sale than in representing your interests.
Real estate attorney John M. Kenney offers a free initial consultation to answer your questions. In addition to reviewing real estate purchase agreements, the lawyer reviews the title records to ensure that you will have clear ownership of the property. Mr. Kenney also represents you through the entire process, from home inspection through the closing.
Most real estate purchase agreements software-produced, boilerplate, seller-oriented documents. Unless you have a lawyer review the agreement, your interests as a buyer may not be represented.
In New Jersey, you have a three-day attorney-review period after you sign a real estate purchase agreement. This means you have three days to have an attorney review the contract and advise you about your contractual rights and responsibilities. Following this attorney consultation, you have a right to seek changes to the agreement or even void it.
In Pennsylvania, there is no attorney review period, so you should contact a lawyer for advice before you sign the agreement. A real estate purchase agreement is a binding contract, and you could lose your escrow deposit if you do not follow through on the contract.
Every real estate contract should have basic contingency clauses to protect you if the sale falls through due to no fault of your own. For example, it is a good idea to make the sale contingent on a home inspection. Many times, home defects such as roof leaks, plumbing problems, defective furnaces, radon gas, and termite infestations are discovered only after the closing. By that time, it is too late to request repairs or renegotiate your purchase price. A simple contingency clause to have the house examined by a qualified home inspector can save you costly litigation and repairs.
Free real estate consultation: Contact attorney John M. Kenney in Fairless Hills, Pennsylvania, for a free initial consultation about your real estate transaction.