Spring is here, and along with it many homeowners and renters are preparing to move into new homes and apartments. Before you sign on the dotted line, you should sit down with a lawyer to review the sales agreement or lease agreement. It’s always better to review in advance instead of attempting to undo a serious mistake later down the road.
Trust Isn’t the Same as Legal Expertise
Many homebuyers and renters don’t hire a lawyer to look over sales agreements and leases before because they trust their realtor or property manager. While trust is a great thing to share with a real estate agent, it is no replacement for legal expertise. You invest in a real estate agent to take advantage of market expertise. In the same manner, you should invest in a lawyer to take advantage of legal expertise.
Understand What You’re Signing
Aside from catching legal errors, a lawyer can also ensure that you understand what you are signing. Do you really understand the lease restrictions on your apartment? Are you responsible for paying HOA fees? It’s important to understand every financial obligation and detail of your purchase or contract before you sign it. A lawyer can also guide you through the process of purchasing title insurance and understanding the legal issues that you might encounter if a title is not clear.
Contracts Are Not Always Neutral
While some contracts are truly mutually beneficial, most sales agreements and leases are decidedly one-sided. Typically they are designed to benefit either the property manager or the seller. If you partner with a good lawyer, they can examine the contract and suggest amendments to make things less one-sided.
Finally, hiring a lawyer to review your sales agreement is also essential if you are purchasing a home in unique circumstances, like a foreclosure. Closing attorneys that represent the bank that is currently responsible for the home will never be looking out for your best interest. Instead, they might give you a less-than-desirable title or include unfavorable clauses in the sales agreement. Always hire your own lawyer to review the agreement and represent you at closing.
Sales Agreement and Lease Assistance from Lebovitz Law
Lebovitz Law has years of experience working with individuals and families to navigate the legal system and receive the best legal outcome possible. To learn more about how we can assist you, please contact us today.