The Real Estate Transaction

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    Once a homeowner decides to sell his or her home, they generally list their home with a real estate broker. Once the property is listed a potential buyer will make a formal offer that is secured by a deposit. If the property owner accepts the offer, a formal acceptance is signed that creates a binding contract to sell. The buyer and seller then begin to negotiate a purchase and sale agreement.  A purchase and sale agreement is a legally binding contract that commits both the buyer and seller to the transaction and explains what both parties rights and obligations are regarding the sale of the property.

    Like any major contract, the purchase and sale agreement should always be reviewed by an experienced attorney. Once the purchase and sale agreement is signed, both parties are legally bound by the terms of that document. While you might think that the purchase and sale agreement is clear on its face, it may contain provisions that are unenforceable or create more liability than you expected. Having an attorney review the purchase and sale agreement is a good idea since trying to litigate your rights under the purchase and sale agreement could take years and cost you thousands of dollars.

Why Can't My Realtor Review the Purchase and Sale Agreement?

    Your Realtor specializes in helping you buy or sell your home, they are not qualified nor are they permitted to offer you legal advice. However, the main reason you should not rely on your Realtor to review or draft your purchase and sale agreement is that your Realtor is an interested party in the sale of a piece of real estate. This means that a Realtor only gets paid if there is a sale, so it is in their best interest to ensure a sale, even if the terms of the sale are not in your best interest. Hiring an attorney guarantees that you get an expert, unbiased explanation and opinion of the contract. Moreover, your real estate attorney will work to negotiate fair and reasonable terms on the purchase and sale agreement and will represent you in the closing.
 

For Sale By Owner!

    More and more people are choosing to sell their home without the assistance of a real estate broker. While this approach could save you thousands of dollars in real estate commissions, it also opens you up to many new liabilities. If you decide to sell your property on your own, you should consult an attorney before you ever consider accepting an offer. We have experience helping individuals sell their homes without realtors. We will provide you with offer and acceptance letters, act as your escrow agent and ensure that your sale goes smoothly.