This is the next post in our series on retaining an attorney for Hartford, Connecticut real estate transactions. Our previous post provided an overview of topics which this series will be addressing. It also stressed the need to contact counsel before entering into an agreement to buy or sell property. If you enter into a contract, without consulting counsel, then you run the risk of unnecessarily agreeing to terms which are not favorable to you. By obtaining legal assistance, you help to ensure that your interests are protected. In this article we will discuss the importance of counsel in the preparation of purchase or sale agreements. If you are in need of assistance then contact us today to speak with a lawyer.
An attorney can help ensure that Connecticut real estate contracts meet the goals of the parties
Real estate contracts can have very different terms depending on the goals of the two parties. In a typical transaction, an agreement will include provisions which allow for home inspections, financing contingencies, and more. Each of these provisions protect both the buyer and seller at different points in the process. It is possible, however, that one side or the other may wish to forego such protections in order to close the deal sooner. Conversely, one side may ask for additional protections due to their particular situation. Therefore, entering into a contract to buy or sell real estate, without having an attorney first review it, can potentially lead to an outcome that is inconsistent with your goals.
The foregoing concept is best explained by way of example. Suppose someone wishes to buy a home. In order to make their offer more competitive, they waive property inspections. This would mean that they are essentially buying the house “as is.” The contract for the sale must include this waiver and other supporting language. If the contract did not include this language, then, for obvious reasons, the seller would likely be unwilling to sign it as they would be responsible for potential issues with the home. Conversely, suppose a seller will only accept offers which contain an “appraisal gap,” which allows for enforcement of the sale if the home does not appraise for the value listed in the contract. If the parties sign a contract which does not include this language, and the home fails to appraise for a high enough value, then the seller would generally not be able to force the buyer to go through with the agreement.
The above-mentioned examples are meant to illustrate how the goals of a buyer or seller can vary by situation. If you are buying or selling Hartford, Connecticut area real estate then it is our suggestion that you retain an experienced lawyer to help you draft an agreement which best fits your goals and situation.
It is suggested that Hartford area residents retain an attorney who is experienced in drafting agreements for the buying or selling of real estate
If you are purchasing or selling real estate, it is strongly suggested that you retain an attorney who is experienced in drafting purchase and sale agreements. The reason we suggest retaining counsel with extensive experience in this area is the fact that the required provisions in an agreement can vary from situation to situation. If you retain counsel without extensive experience in this area, then you run the risk of your contract not including provisions which provide essential protections. By retaining an experienced firm, you help to ensure that your representative will foresee various possibilities and contingencies. Your agreement can then include language which addresses such situations.
If you need assistance then contact our office to speak with a Hartford real estate lawyer. Our attorneys have been serving the area for decades and a substantial portion of our practice is devoted to real estate law. We understand the importance of handling transactions correctly and we will strive to provide the highest level of service. Contact us online or by telephone today. We also serve the areas of Wethersfield, New Britain, Rocky Hill, West and East Hartford, Bristol, Glastonbury, and Manchester, as well as the Middlesex County cities of Middletown and Cromwell.