It is money well spent to have an attorney review any real estate contract prior to you executing the agreement. Most real estate purchase contracts provide for an attorney review period which is customarily 5 business days. This is a relatively short time period, so it is important to have a pre-existing relationship with your attorney of choice.
Even if the real estate deal is a straight-forward deal, your attorney should be able to make sure that your earnest money is protected, that the contract is clear and free of any ambiguity, and identify those potential problem areas. Engaging an attorney to review and approve the terms of your real estate contract could save you thousands of dollars and minimize any headaches. Additionally, once you obtain an inspection report, an attorney will be instrumental in negotiating any items that should be repaired.
Finally, an attorney’s role at the closing is to make sure you are protected. If you are the buyer, your attorney will ensure that you receive a good title to the property. If you are the seller, your attorney will ensure that you receive all the proceeds you are owed. Remember, real estate investing is a team sport and good attorney on your team will be a key player in helping you obtain your goals.
Schedule a complimentary consultation with us to learn more about how you can get the tools you need to get started in in real estate investing.