As a lawyer, I advise that both buyers and sellers in a real estate transaction should be aware of some common issues that may arise during the process. These issues include:
- Property inspections: Buyers typically conduct inspections of the property before finalizing a purchase to ensure that there are no hidden defects or issues. As a seller, you should be aware that a buyer may negotiate repairs or a price reduction based on issues that are discovered during inspection.
- Financing: Buyers may have difficulty obtaining financing or a seller may not receive full payment at the time of closing. To limit the risk of financing issues, buyers can obtain pre-approval for a mortgage before submitting an offer, and sellers can require proof of funds for the transaction.
- Title issues: Clear title to the property is necessary for a smooth transaction. Both buyers and sellers should confirm that the title is free of liens, judgments or other encumbrances. If any issues arise, buyers may require that the seller resolve the issue before closing.
- Legal disclosures: Sellers must disclose any known issues with the property, such as damage from natural disasters or hazardous materials, and buyers should carefully review these disclosures for any potential issues.
- Contract negotiation: Real estate transactions involve complex legal contracts that are often subject to negotiation. Both buyers and sellers should have a clear understanding of the terms of the contract, such as the purchase price, contingencies, and deadlines.
It is important to consult with a licensed attorney if any issues arise during the real estate transaction process, as each situation may have unique circumstances or require specific legal advice.
By
