Article is courtesy of Thomas W. Randall, Managing Partner at Randall and Randall LLP
As a real estate attorney who also manages a litigation practice, I can attest to the positive and negative trends which have emerged from the real estate market. On the positive side of the ledger there is some optimism that the real estate market has started to turn the corner, with stable prices and predictions of modest growth.
Unfortunately, there is an uptick in litigation. This is not surprising given some buyer’s remorse from the past market and tighter lending conditions. To be proactive, a buyer and seller should follow these steps to help achieve a successful closing:
- Retain an experienced real estate attorney. Buying or selling a home is a legal transaction and significant financial investment. Retaining a family attorney friend who doesn’t know the difference between a deed and a divorce may create problems resulting in costly litigation later should problems arise. Be certain to retain the services of an attorney who practices real estate law and who can properly guide you through the transaction.
- Communicate your concerns and goals up front. Many pitfalls can be avoided through proper drafting of the contract of sale. Provide your attorney with essential information to ensure that the final contract documents contain the necessary inspections, contingencies, deadlines, representations, and other protections.
- Be financially prepared and disclose. If you are buying, be ready to proceed with inspections and financing to meet closing and lending requirements. For sellers, full disclosure of material defects that are known by the seller is critical.
Thomas W. Randall may be reached at:
Randall and Randall LLP
287 Kinderkamack Road Westwood, NJ