When should a purchaser of real estate hire an attorney?
Purchasers of real estate should retain an attorney at the very onset of their transaction. An attorney should be retained to review a purchase offer before you sign the offer or to prepare the Purchase Offer document. The Purchase Offer contains the terms of the agreement between the seller and purchaser. Once it is signed and accepted by both parties it becomes legally binding.
Many times purchasers will seek the services of an attorney after both the purchaser and seller have executed a Purchase Offer. It is still helpful to have an attorney in this situation.
The preferable method, however, is to hire the attorney prior to signing the Purchase Offer so that you can use your attorney for purposes of reviewing the terms of the Purchase Offer or to acutely prepare the Offer itself.
When should a seller of real estate contact an attorney?
A seller of real estate should contact an attorney at the onset of the transaction. It is important to have an attorney review the terms and conditions of the pending sale. If an attorney is contacted after a Purchase Offer is executed by the purchaser and seller the terms of the Purchase Offer will be locked in.
It is important to have an attorney review Purchase Offers and to assist the seller with the transaction so that important terms and conditions favorable to the seller will be included in the Purchase Offer.
Many times sellers of residential or commercial properties rely upon their real estate brokers to prepare the Purchase Offer. These are usually general contracts which very well may not be tailored to meet the needs of the seller. The time to hire an attorney is at the onset of the transaction, which is when the attorney can do the most good for the seller.