Many buyers and sellers think they can save some money by not hiring a real estate attorney. Lawyers that specialize in Real Estate add value to a transaction by reviewing the contract, deed and title work, responding to inspection issues, and making sure the contract is performed according to its terms. In the end, the lack of legal representation could cost much more than the money saved. If issues come up, you need somebody on your side who can act quickly within the terms of the contract. This week Rich and Steve had Sheila Harrington from the Law offices of Harrington and Rhodes LTD. to talk about some of the issues that might come up in a Real Estate transaction, and how they can be adressed, here are some of her points:
- Financing: most contracts call for 5 days to get your financing in place, this is an important deadline to remember, especially in this lender climate.
- Insurance: make sure you have your insurance squared away at least two weeks prior to cloing so the lender is able to process the loan.
- Disclosures: Inspection issues that were not disclosed can be negotiated
- Deposit disputes: Both parties have to agree to return the deposit.
- Title Insurance: It makes sense to purchase a buyer's policy in addition to the lender's ploicy, often things come up that can't br found in a title search, contractor's have up to 200 days to file a Mechanic's Lien after work is done, and towns can make recording errors; title insurance will cover these issues.
