Whether you’re purchasing land, commercial property, or a house, you will be investing a significant amount of money in the transaction. To protect your investment, you should retain an attorney who specializes in real estate to help handle the legal aspects of the sell.
When a property is sold, there are several legal documents involved, including the brokerage contract, the mortgage, the purchase agreement, and the final sale contract. Ideally, there shouldn’t be any problem with these documents, but you should have real estate lawyers in Santa Barbara, CA look them over before anyone signs these documents to avoid any problems with the transactions.
Problems with Legal Description
When a piece of property is sold, the purchase agreement and sale contract includes a legal description of the property. The description not only includes the legal address of the property, but it also needs to describe the property in such a way that ensures there is no doubt where it is located.
This is usually done by lots and blocks when using a subdivision map, by metes and bounds, by aliquot, or by a combination of all of them. Real estate lawyers can make sure the legal description is accurate and included on all necessary documents before a transaction proceeds.
Avoid Money Pit
Real estate lawyers can help buyers avoid purchasing money pits by making sure the purchase agreement includes arrangements with the sellers to fix major issues with the home or building in which they have interest. These issues may include structural damage, old or faulty wiring, or major plumbing problems.
The agreement may allow buyers to cancel the sale if agreed-upon terms are not met. Since real estate transactions may involve millions of dollars, it is important for real estate lawyers to make sure their clients, whether buyers or sellers, are protected when signing contracts.
