Thinking of Buying or Selling Real Estate?

Posted about 3 years ago. Applies to Pennsylvania, 1 helpful vote

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Buying or selling a home or other property can be very exciting, but at the same time, very stressful. For some people, it can appear to be a daunting process. Others may think it is not that difficult and it can be handled without a lawyer. Wouldn’t you rather have someone handle your real estate transaction that has done it many times before?

What starts out as a seemingly simple transaction can often turn out to be a complicated process. Whether you are the buyer or the seller, contacting an attorney at the beginning of any real estate transaction will ensure that you interests are protected.

Some things to take into consideration:

· An agreement to buy or sell real estate must be in writing. A verbal agreement is no agreement at all. Who is preparing and reviewing that agreement for you? Do you know what should be included in the agreement?

· The seller is responsible for providing the deed to the buyer to complete the transaction. Do you know how to prepare a deed and what the requirements are for having it recorded?

· The buyer is usually responsible for investigating title to the property to make sure you are obtaining good, marketable title to the property. Do you know what to do to investigate title?

· The settlement statement that is required to complete the transaction contains all the costs that are to be charged to each party for closing, such as proration of taxes, utilities and home owners’ dues (if applicable), mortgage fees and payoffs, PIN certification fees, recording fees, transfer taxes, and other expenses related to closing. Do you know how to prepare this form? Will you understand it if someone else prepares it?

Don’t wait until you are committed to a contract before you call an attorney. If you have already signed an agreement of sale, it may be too late for an attorney to help you with a problem that arises. Having an attorney review any document before you sign it can save a lot of time, stress and money in the long run.

Call us if you would like to find out more about helping you with your real estate transaction.

Additional Resources

Pa Bar Association Buying a Home Pamphlet

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