If you are considering buying or having a home built, this could be one of the most important investments of your lifetime. You may find the home of your dreams and stay there for decades—or even a lifetime—or, due to the possibility of many different reasons, you may decide to sell. If you have a strong interest in real estate, you may even buy multiple homes for renovation and potential rentals. No matter the case, real estate transactions can get tricky, so protect yourself whether you are the buyer or the seller.
Both your real estate agent and your real estate attorney should be a wealth of information for helping you to avoid any legal issues further down the road, but here are some basic tips to avoid disputes from arising:
- If you are having a home built, choose a contractor who comes with references you can solidly verify. Work with your real estate attorney in creating a thorough contract that outlines all the specifics of the project from deadlines and financial agreements to choices in material, protocol and expenses for making changes, and more. Including a dispute resolution clause may be your savior later too should you end up in a dispute. Having clear, open communication with your contractor and keeping a close eye on the project should help you avoid problems later.
- Inspections are key! No matter the circumstance—whether you are waiting on your new construction, buying a home, or selling one, inspections offer a comprehensive evaluation of the home, and point out any problems from issues with the roofing or mechanical system to problems with termites or other pests.
- In buying an existing home, work with a real estate agent you know and trust to help you in making offers and drawing up a contract that protects you. You may be chomping at the bit to buy that perfect home—and even worrying about others snapping it up before you can—but protect yourself first. Contingencies may be in order and will protect you in numerous cases; for example, you may want to buy the home contingent on getting a loan or selling your current home first.
- While it can be tempting to buy a home through another individual, having the expertise of a real estate agent and the advice of a good real estate lawyer can save you many headaches later. For sale by owner and rent to own situations may seem like a good deal in the beginning but have the potential to result in enormous headaches later. Should you enter in such a deal, it is imperative to legal documents drawn up by a real-estate attorney.
- As a seller, make sure you disclose everything possible, even when there are things you may rather not discuss, such as a construction defect that had to be repaired, previous storm damage, the existence of lead paint in an older home, or part of the home or an integral system that may need replacing. Full disclosure can even mean informing potential buyers of extraneous issues like a neighbor (or their pet) who tends to be a nuisance, or if something unusual happened in the home, like a death.
Although it cannot protect you from everything, having a thorough legal contract drawn up by an experienced real estate attorney offers security from having misunderstandings later. It is also enforceable in court should you have to go to those lengths.
If you find yourself in the middle of a legal dispute over real estate, consult with an experienced attorney like Shane Coons right away to protect your property, whether the dispute involves residential or commercial real estate. Call now at 949-333-0900 or email us at Shane.Coons@seclawoffices.com. We will be glad to meet with you to review your case and explain your legal options. Our office is here to help!