Real Estate Transactions

It is often said the most important financial transaction a personwill encounter in his/herlife is the purchase of a residence. For many in today’s mobile society, a number of residences will be bought and sold. It is important that adequate and professional representation be sought in all phases of such a transaction.

When you sign an Offer to Purchase Agreement, it binds you to buy or sell the property on the terms stated. Once signed, many important items which should have been or could have been addressed are generally precluded from future change or alteration. Items your attorney (if consulted) may address in the Offer to Purchase include: tax consequences; allocation of purchase price between land, buildings and personal property; restriction of the sale or assignment of the buyer’s interest in a Land Contract to a third person without provision for payoff of the contract to the seller; an “as is” provision; a limitation of the seller’s warranties regarding septic and water system; specific guarantees important to the buyer; necessary contingencies for the benefit of the buyer, such as “contingent on buyer obtaining financing at 13% interest” or “contingent on a satisfactory septic percolation test”; and adequate determination of the earnest money amount necessary to protect the seller if the sale falls through.