In this do-it-yourself era in which we all live in, many of us think that we can just look something up online or just “wing it” and it will all work out fine. When it comes to either selling or buying real estate, trying to handle a transaction as large as this on your own may not be in your best interest, especially since big dollars are at stake.
Whether you’re buying or selling a home, having an attorney represent you during the price negotiation process can be helpful. You have to keep in mind that the buyer is always going to be focused on getting the price down whereas the seller is going to be consumed by making sure the home goes for much higher.
Emotions can get the best of both parties when one really wants the home and the other doesn’t want to just give it away for less than it’s worth. Having an attorney negotiating price can keep both parties focused on getting the deal done.
It can also be helpful to have an attorney involved in the real estate purchase or sales process to help advise you on how to handle contingencies. As a buyer, moving forward with the purchase of another home may be contingent upon whether your current home sales or if you get financing. Having an attorney make sure that the contract reflects this will save you lots of stress and money on down the line than if it’s not written in there.
Another reason that having an attorney negotiate your home sale or purchase contract is important is to make sure that the closing date is adequate. This is especially important if a buyer is asking the seller to make repairs to the property in advance. If a leaseback is necessary so that a seller can move out, then this may be something that an attorney will have to negotiate before both parties sign the purchase contract.
Negotiations may also need to occur if the buyer wants the purchase to be contingent upon a successful inspection or appraisal or if they wish for some of the furniture and appliances to stay.
In addition to contract negotiation, there may be other times when it’s important to consult a lawyer during the home buying or selling process. An Augusta residential real estate attorney can advise you on what these situations are.