Are you in the process of buying or selling residential property? It’s important to be thorough and ensure you are completing all the legal requirements. In most cases, real estate transactions are not overly complicated, but there are a few things you should know about while going through the process.
Even tiny legal mistakes can cause problems, which is frustrating when you have such an investment on the line. That’s why it’s important to seek out a Warrenville real estate attorney who can guide you through the process and take care of any problems that crop up.
One of the common mistakes in real estate transactions is when the sales and purchase agreement is not filled out with all of the proper legal information. This agreement is crucial and has to describe the property being sold in a specific way. This will define the land in the proper way that can be used in the future. Often this is done by references to lots and blocks on a map, using specific language. This can be complicated without a legal professional at your side.
Another common mistake is not getting everything down in writing. It might seem as if a small detail doesn’t require paperwork, but it does. Everything needs to be on paper, so it can be checked and double checked at the time of closing. As an example, if you are buying a property and the seller has promised certain repairs, this needs to be in writing with a signature for later use, if needed.
Finally, another mistake is not doing the due diligence to determine if a seller is able to sell the property in question. The basic rule is that only can owner of property can sell it. That’s simple enough to understand, but sometimes the person selling is not the actual owner. This is most common when a home has ownership transferred to a company or trust who has had power of attorney expire. This can cause some major issues so double checking the title for the legal owner is a good plan.
In most cases, residential real estate purchases are simple, but you need legal help to ensure things go well. If you are looking for a Warrenville real estate attorney, The Fitzgerald Law Firm, P.C. can assist you. You can find out more about our firm by calling our office at 630-946-6060.
