A real estate transaction is one of the major financial decisions for an individual, couple, or business. In many situations, these purchases or sales can involve hundreds of thousands, if not millions of dollars. As such, it is crucial to enlist legal counsel when dealing with these types of transactions.
Lawyers perform many functions during real estate transactions, such as helping to investigate the title and the seller’s authority to sell the land. A Duluth real estate lawyer could also work to determine if the land is subject to easements or any other limitations, as well as draft the necessary contracts to effectuate the transaction.
At their heart, all real estate transactions are contracts. This means that the owner of the land agrees to sell the property to a buyer according to the terms of the agreement. It also means that the terms of that agreement are open for negotiation.
A Duluth real estate attorney could help with the negotiation process long before discussions involving the potential price of the sale. A skilled lawyer could ensure that the owner has the right to make the sale and evaluate surveyor documents to identify any possible claims on the land.
Once this is complete, it may be possible to offer a purchase price. Beyond the value of the property, these discussions should also address what fixtures are included in the sale, which party will pay closing costs, and when the move-in date will be. There are many moving parts in a purchase/sale agreement, so it is crucial for parties to seek help from a seasoned real estate lawyer.
The closing of a real estate transaction represents the formal transfer of property from one party to another. However, this does not mean that the parties do not retain legal rights and obligations moving forward. For example, a buyer may find that the seller did not truthfully complete a property disclosure form regarding the state of the land. It may also become apparent that a seller did not leave fixtures in the home as stipulated in the contract.
In these cases, it is crucial to demand a remedy under the terms of the purchase/sale agreement. This could require filing a complaint in a local civil court that alleges a breach of contract. A local real estate lawyer could work to determine if a breach has occurred and prepare evidence to bring to court in Duluth.
However, it is essential to make this determination quickly. The Official Code of Georgia Annotated § 11-2-725 sets a time limit of four years for a party to bring a claim for breach of contract. The sooner an attorney is involved, the greater chances a party has of successfully remedying the real estate contract breach.
If you are considering selling or buying property in the near future, it is in your best interests to hire an attorney to facilitate the transaction while protecting your legal rights. A Duluth real estate lawyer could help ensure that all the relevant legal requirements are met and work tirelessly to protect your best interests. Call Sparks Law today for a consultation.