REAL ESTATE TRANSACTIONS

There are many kinds of real estate transactions which may be simple or complex, but they all involve real property or what is commonly referred to as real estate. These transactions could use sales agreements, leases, options, rights of first refusal, etc. A lawyer's major role in any real estate transaction is to protect his client's interests.

Prior to entering into any real estate transaction, a client should consult an attorney before signing any document. The most costly legal problems occur because an individual sees an attorney after the contract or other document has been signed. At this point it may be too late to help the individual - the attorney is retained as damage control, he becomes the bearer of bad news, and then to put salt in the wounds, the individual may have to pay high attorney fees in an attempt to extricate himself or herself from a bad transaction. At times everyone falls victim to acting on impulse, lawyers included. So if you have a problem after the document has been signed, please do not hesitate to call me. I promise not to say I told you so.

A better approach which usually leads to a better result in a transaction is for the client to first consider the personal and economic benefits of the transaction and then consult an attorney about the legal considerations before any document is signed. The lawyer's role is to inform the client of the legal implications of the transaction and attempt to obtain every possible protection for the client.

Generally, parties to a real estate transaction consider their interests only. Consequently, they often find themselves in disagreement about various elements of the transaction and must be prepared to negotiate. In these instances, a lawyer can play an important role in negotiating on behalf of his client.

CAVEAT: Please consult an attorney for legal advice. Laws in the United States differ from one jurisdiction to another. Any law stated herein is for educational purposes only and may not apply to your particular circumstance.

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