The purchase agreement is essential to any real estate transaction. But a poorly worded phrase can delay the transaction, end the deal, or result in years of expensive and time-consuming litigation. You can avoid many of these problems by hiring a real estate attorney.
The real estate lawyers at RKPT have decades of experience handling residential and commercial real estate transactions throughout Ohio. We know Ohio real estate law and the rules and regulations that apply and will represent your interests during negotiations, inspections, and at closing. We also know what can happen when a real estate transaction goes sideways and have experience litigating real estate contracts that have gone awry. We use that knowledge to protect your interests and ensure your transaction goes smoothly.
When Should You Hire a Real Estate Attorney
In most real estate transactions, multiple experts are working to help you at different points in the process. Even where a transaction seems to be straightforward, a real estate lawyer will look at things from your perspective and work to protect your interests.
When buying or selling real estate, it is prudent to involve an attorney early in the process. If there are no problems, the cost will be minimal, and you have peace of mind knowing that the transaction was handled properly. And if issues do arise, by involving an attorney early in the process, they will be familiar with your situation and understand the parameters of the deal.
For Sale By Owner
If you plan to sell your house by owner, contact an attorney before you list the property. Your lawyer can offer suggestions to streamline the process and review any purchase offers. A purchase offer often comes as a simple document. But once both parties sign it, it becomes a legally binding contract. Problems can arise when the buyer and seller verbally agreed on one thing, but the written agreement does not accurately reflect their understanding. Working with an attorney can help avoid these problems.
In most real estate transactions, the parties will work with a title company to perform a title search to provide insight into the status and condition of the property and the rights and interests of the owners. If issues with the title come up later, you will need to address those to ensure that you have a clear title to the property.
You may experience problems with your new home after the deal has closed. If these problems are significant and were not disclosed, you may have grounds to sue the seller. Examples of post-sale problems that could lead to litigation include mold contamination, water damage, structural issues, problems with the roof, and more. If significant problems like these were not disclosed, the seller might be liable, and a court could undo the transaction or require the seller to compensate the buyer for the cost of repairs.
Commercial Real Estate
There are fewer protections for buyers and sellers of commercial real estate than residential real estate transactions. Having an attorney review leases and purchase agreements ensures you do not forfeit your rights or become obligated to do something you did not intend. The terms of a commercial real estate transaction are often significantly different than for a residential real estate transaction, and having a professional review the documents will protect you. As with residential real estate transactions, by involving a lawyer early in the process, your lawyer will understand your situation and your goals for the transaction.
A Real Estate Agent May Not Be Enough
In many real estate transactions, the buyer and seller both have an agent. Many people wonder if it is necessary to hire a real estate attorney, too.
Many real estate agents use form documents that cannot address much beyond a simple sale. If your real estate transaction involves anything even slightly out of the ordinary, you should have an attorney prepare and review any documents before you sign them.
While there are many benefits to working with a real estate agent, they are paid on commission. This can cause them to move quickly to get a deal done, even when you really need to consider renegotiating the deal or even walking away.
RKPT Real Estate Attorneys: Put Our Experience to Work for You
Real estate transactions often involve significant sums of money. With so much on the line, discussing your plans with an experienced real estate attorney is best.
RKPT has represented buyers and sellers in Ohio residential and commercial real estate transactions for more than 50 years. We approach every transaction with careful consideration of our client’s needs to deliver a creative and practical solution. Involving us early in the process will allow us to better understand your needs and goals so we can step in when needed.
We also operate Safe Title Agency, Inc., a wholly-owned subsidiary of RKPT, which allows us to offer title and escrow services for residential and commercial real estate transactions of all sizes.
We invite you to call us at (513) 721-3330 or to contact us for more information on our residential and commercial real estate services.