With many routine home sales in Romney WV, and even in simple commercial property sales in the city, buyers and sellers work through their respective realtors to complete the sale without the need for a real estate attorney.
However, this doesn’t mean that any property sale is free from the need for legal representation and an attorney in place specializing in real estate law. The more complicated the purchase, the more room for potential issues to arise from the sale or the purchase, the more important it will be to have an attorney review and evaluate the transaction.
Factors To Consider as a Seller
Sometimes in real estate transactions people mistakenly believe it is a buyer beware type of situation, and there is no legal liability on the part of the seller after the sale is completed.
This is simply not true as there are a number of complications that can occur and pose a risk to the seller in a real estate transaction. Common factors that should prompt a seller to work with both a realtor and an experienced real estate attorney include:
• Selling a property in disrepair or in known poor condition
• Selling property as an executor or if you inherited the property
• Selling any property where there are liens or judgments, or if you personally have any liens or judgments
• Selling any property that you have not personally seen or inspected
Also, with high-value properties or when there are multiple sellers or partner involved in the transaction, an attorney is essential.
Factors to Consider as a Buyer
As a buyer, having a real estate attorney review the purchase can assist in finding any omissions or problematic clauses or issues with the sale or the transfer of title.
An attorney should be involved for a buyer when:
• There are known structural or property issues
• The property is being sold by an executor or an heir of the deceased owner
• The property is being offered on a short-sale
• The property has been foreclosed on and is being sold by the financial institute
• You are buying property you may not have had time to see personally
When in doubt, consult with a real estate lawyer in Romney WV and explain your situation as a buyer or seller. The attorney will inform you of any possible risks, giving you a clear picture to make the decision to hire an attorney or work through your realtor.
At Business Name we provide assistance through our real estate attorney services for both buyers and sellers of property in the Romney WV area.
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