For most people, the largest single investment they will make during their lives will be the purchase of a residence. Whether the purchase is of the "starter" condominium, townhome, or two-bedroom rancher, or the "dream" home on several acres of land, the successful and safe completion of the transaction is our paramount goal.
The purchase of a home is not as simple as many believe. While many homes are purchased without legal assistance and without significant problems, many purchasers do not realize that there are issues that should be addressed prior to the completion of the purchase, as opposed to months and years afterwards, when protections are no longer available. That small encroachment on the property line, which was all but ignored at settlement, may come back to haunt you when you try to sell the property at a later date. The failure to consider and obtain a proper home inspection may result in your needing premature and costly repairs within a couple years of your purchase of the residence. Language in the Agreement of Sale may not adequately protect you if a home inspection reveals problems.
When we represent you for the purchase of a home, we want to sit down and speak to you before you sign the Agreement of Sale. A thorough understanding of what you are looking for in a residence and the protections you will need is essential. If a home inspector finds a condition that needs attention, will the repair or treatment of that condition satisfy you, or will that condition make you change your mind about your purchase? Do you presently own a home and will it be necessary to sell it before you buy another? If you procure a survey and the survey shows an encroachment, when do you have the right to say that you consider the encroachment significant and how will it be addressed? These are all potential issues that should be discussed with you prior to signing the agreement.
The purchase of a home is not the only time when you need representation. The seller should also be represented. What is the element of damages if the buyer refuses to complete the sale? If the buyer needs to sell his or her home before completing the transaction, for how long should the seller wait before declaring the transaction null and void? If there are problems with the home, how should those problems be addressed?
Realtors perform important and necessary functions in the sale-purchase scenario. But they are not allowed to offer legal advice. And there is too much money involved in the sale or purchase of real estate to leave yourself unprotected or to wait until a problem arises before seeking legal counsel. Prior to the signing of the contract is the proper time to consult with an attorney to best protect your interests.
