Ann Arbor Real Estate Attorney

You would not believe the common mistakes that I see buyers and sellers make when they sign contracts. Reading this article will help you sidestep some of these mistakes. After you have finally found the real estate you want to make an offer on, you have to make that offer on a form of contract.

Typically you are working with a qualified real estate agent, but not always. The “form” of the contract can make all the difference in the world to your outcome. Do not be tempted to download some form from the internet because this is a complicated matter and subject to local real estate practice, understandings and practice. Practices differ substantially just within a few counties. Make sure that your agent or your attorney uses the most recent forms produced by a collaboration between the Real Estate Board and the Monroe County Bar Association “MCBA”) (most recent version as of this writing is 10/08).

You may have a form contract that says, for example, that seller shall provide a survey map and, as closing approaches, you may receive a four year old survey map. The Seller may be complying with the contract, but you may end up having to pay about $350 or more to get an updated survey. If you use the forms I mentioned above, the contract will require the seller to provide a survey dated after the date of the contract, which is what your mortgage lender and title company will want. This is just an example of the many differences you may find in using different forms of contracts.

The MCBA forms include the primary contract form plus addenda for such things as property inspections, well and septic inspections, lead disclosures, sale contingencies (when you have to sell your current home to buy the next one), and other similar important conditions to your offer. These will contain terms and conditions that all the local real estate attorneys know how to interpret and, thus, there will be far fewer problems and disagreements when using them.

The first thing you will need to add to the form of contract is the correct full names of those who will be taking title. Do not use “Jim” when your name is “James” and the names should match your names as they appear on your driver’s licenses (which you will have to produce at the closing).

Some of this may be obvious, but next you will need the full proper address of the real estate and do not forget, if it includes an extra lot, be sure to include that in the offer. You would be amazed at some of the things that are not accurately included in contracts, which can lead to extremely serious problems.

If the “listing” printout is available, check it over carefully and include in the contract the things that the seller has said is included in the deal (refrigerator, stove, etc). Accurate descriptions of the very things that you are offering to buy are fundamental to a good contract. Other items to be careful to include would be items the seller has offered to complete (for example, finish exterior painting, opening the pool prior to closing, etc.

Remember that in New York, real estate contracts are subject to the General Obligations Law, which requires all terms of a real estate deal to be in writing. If it is not in the contract, you may be out of luck despite what may have been promised verbally.

Resources for this article:

Learn more real estate tips from Rochester real estate attorney James J. Cummings III by checking out his website: Rochester Attorney

Working With Your Real Estate Attorney
 by: W. Troy Swezey

Purchasing or selling a home will probably be one of your largest and most important financial transactions. Before signing a contract to purchase or sell a home, both buyer and seller should consult an attorney to assure that the real estate transaction will be handled legally and professionally.

Although an attorney is not a required part of the process, particularly in many states where escrow companies will attend to all closing transaction details, an attorney can protect your interests and help you resolve any potential legal problems before entering a legally binding contract.

Sometimes buyers feel the need to sign a contract quickly and don’t have time to initially consult an attorney. In these cases, buyers can include language in the contract that will allow their attorney time to give final approval on the agreement – usually within three to five business days. This allows both buyers and sellers to expedite the contract process without fear of inadequate legal representation.

Sellers and buyers alike should familiarize themselves with the real estate transaction process before selecting an attorney. Learning the formal steps in the transaction will help buyers and sellers choose the right attorney and proceed with confidence. Throughout the process, attorneys should attend to a variety of responsibilities, including consultation prior to the signing of the contract, preparing or approving the contract, examining documents and supervising the closing of the transaction.

The attorney should be responsible for preparing or evaluating documents which may be necessary for completing transfer of the property. There are usually several documents to prepare in any real estate transaction, and the attorney can evaluate and explain each document to the buyer or seller whom he or she represents. The deed, the bill of sale, mortgage, promissory note, title commitment and the closing statement are only a few of the important documents that an attorney should review with the seller or buyer prior to the closing.

One of the attorney’s most important responsibilities in the real estate transaction is to determine the condition of the seller’s title to the property. Through this process, the attorney will discover if the seller is the legal owner of the property and if there is an unpaid mortgage or lien which must be settled before the title to the property can be properly transferred. The attorney will also discover any restrictions or easements which are on the property and the status of any unpaid property taxes or assessments.

The buyer, the seller and their attorneys usually appear together at a final meeting to review all closing documents. As this meeting, usually referred to as the “closing,” the attorneys help explain, sign and exchange the documents and approve or clear up any remaining financial matters relating to the transaction. After the transaction is closed, an attorney will attend to any final details such as properly recording the deed, mortgage or other necessary documents and issuing title insurance policies.

Many attorneys are specialized, and it is important that you choose one who knows real estate terminology and real estate transaction processes. Before hiring someone, you should discuss all the details of the transaction with your possible candidate, including all legal costs you will incur.

The attorney’s duty in any real estate transaction is to provide legal expertise. Through sound advice and thorough execution of all legal responsibilities, a good attorney will help you complete your transaction swiftly and with confidence.

About The Author

W. Troy Swezey is the author of “WORKING WITH YOUR REAL ESTATE ATTORNEY.” As a Realtor at Century 21 Paul & Associates, he has helped many individuals with their real estate needs. Visit his web site to download his free e-book, “REAL ESTATE SECRETS EXPOSED.” http://www.TroyIsMyRealtor.com or mail to: TroyC21@usa.net

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