The Legal Landscape of Real Estate

As a real estate attorney, one of the most important aspects I have seen from both the buyer and seller side is to have a well written out contract that addresses all potential pitfalls during the due diligence period. For example as a purchaser, you cannot assume a property has a certificate of occupancy and no open permits, you need to ask the right questions and demand full compliance in a contract. In doing so, you exercise your optimal rights in a transaction but also provide a way out if not completed by seller. That is one example but demonstrates the power of a well written, thought out contract that protects you and your investment.

Another important consideration is disclosure forms. As a purchaser, getting disclosure forms is your protection post contract because a seller has a duty to disclose known, latent defects. If the seller fails to disclose, they would be liable for fixing the matter. An attorney asking the right questions can help best position the buyer for protection in the future.

When it comes to owning property, there are a number of legal issues that may arise. Contracts are designed to prepare for the worst but also prevent it from happening in the first place. One added line can not only make the contract clearer when there is room for interpretation but can save money, time and even heartache from difficult real estate transactions.