Buying and Selling Real Estate in Washington D.C.
When it comes to buying and selling real estate in Washington DC, there are a number of separate laws that makes the whole process quite unique and different from any other place. That is why it is always important to engage a real estate lawyer in any real estate transaction because they are aware of these unique laws.
Why a Lawyer is Important in the Process of Selling Real Estate
A lawyer can prove to be quite useful with home purchase or sale because he or she can help avoid some common problems that most people make.
For example, a common mistake made by sellers usually involves signing a brokerage agreement that does not accommodate a number of legal problems. This normally arises from using standard forms hoping that they will be easily customized for any unusual circumstances.
Such a scenario may cause a seller to become liable for payment of brokerage even in a situation where a sale does not occur. However, if the agreement gives the seller the right to negotiate then this problem might be avoided.
This is a pretty much clear example of why a lawyer can prove to be vital in selling real estate. In this circumstance, a lawyer can explain the effect of multiple listings. A lawyer can also take the position of seller and negotiate for brokerage terms especially in a scenario where a sale does not occur.
In Washington DC, a home seller is normally required to disclose certain details about the property being sold. However, not every home owner is usually governed by this. As a result, it important to have a real estate lawyer to guide you on these laws which are covered under Washington Code Section 64.06.005. Some of the basic details that are covered here include:
- The specific residential sellers that are required to make disclosures
- How can a seller make a disclosure?
- What is mainly covered in the Washington seller disclosure form?
- Importance of giving complete disclosures
- Why a Lawyer is Important in the Process of Real Estate Purchase
A purchase agreement is quite an important document to real estate buyers. That is why a lawyer can prove to be helpful especially when it comes to explaining details of the whole form and making any required changes and additions to reflect both the buyers and sellers desire. Some of the key issues that should be accommodated in the purchase agreement include:
- The aspect of altering property; if the property was altered was it done lawfully?
- Intentions of the buyer to the property, does he or she intend to change the property?
- What happens in a scenario where lead based paint or termites are found?
- Are there any legal consequences that might arise if the closing does not take place?
These are very important concerns to a buyer. A lawyer can be quite helpful when it comes to addressing these issues.
Better safe than sorry! It’s always better to go through the cost of getting a lawyer rather than facing the consequences that arises from not seeking the expertise required.