Reasons to Have a Lawyer Review Your Real Estate Contracts

 Posted on November 22, 2023 in Real Estate Law

Buying a home is a large financial decision. There are many expenses associated with the purchase, including the initial deposit, earnest money, and, of course, the down payment. You will likely have closing costs, although the seller may agree to cover some of these fees. 

Purchasing costs aside, you may also have moving costs, which can vary greatly depending on how much furniture you have and if your move is local or out-of-state. You will need to factor in packing expenses and furniture reassembling fees if applicable.

With all these expenses, you may feel that you can skip having a lawyer review your real estate contract. This could be a big mistake, as real estate laws and contracts can be complicated.

Keep reading to find out the basics of a real estate contract and the reasons why you should have a Fairfield County residential real estate attorney review the agreement.

Purchase and Sales Agreement

In transferring real estate, the purchase and sales agreement is a contract that the purchase is based on. The seller’s attorney will begin to draft a purchase and sales agreement once the seller accepts the buyer’s offer to purchase the property.

If you are the buyer, you have the option to use the bank’s attorney (known as a “closing attorney” or “settlement agent”). Since the bank is looking out for their own needs and not yours, many buyers decide to hire their own attorney. 

The purchase and sales agreement will include information regarding all aspects of the sale, including, but not limited to:

• Identifying the seller(s) and buyer(s)
• The purchase price of the house
• The deposit included with the purchase and sales agreement
• The down payment (which is paid at closing)
• Which party will pay for closing costs, or what specific costs will be covered by the seller and/or buyer
• Listing all closing documents
• Property description (taken from previous land records)

Why Should a Lawyer Review a Real Estate Contract?

A real estate attorney can negotiate on your behalf. For instance, many buyers request that the seller cover closing costs. Closing costs include title searches, bank appraisals, government processing fees, home inspection fees, and the recording or transfer taxes. 

Many of these costs are unavoidable and expensive. Your attorney may be able to convince a motivated seller to cover these costs, which could save you between 2% to 5% of the entire purchase price of your soon-to-be home.

Real estate contracts should always be reviewed by a Stamford residential real estate attorney who can explain the terms of the agreement to you and check for legal accuracy. A real estate lawyer can clarify what is stated and even help you modify any terms as needed. 

Selling or Buying a Home? Contact a Stamford, CT, Residential Real Estate Attorney Today

A real estate transfer is a major financial decision, and it is always best to have an attorney review any contract. If you are in the process of buying or selling your home, you need to hire an experienced Fairfield County, CT, residential real estate attorney. Contact Law Offices of Daniel P. Weiner today online or by calling 203-348-5846 to schedule your free consultation.