Purchases & Sales Agreements Attorneys in Detroit, Michigan
Unlike some other states, Michigan does not require reliance on attorneys to buy or sell real estate. Real estate agents and brokers, title insurance representatives, escrow officers, mortgage lenders, and others are usually the professionals with whom buyers and sellers interact.
The question still looms, however: If you’re either a buyer or a seller, should you still seek the assistance and legal advice of an experienced real estate attorney? The answer is often yes.
Unforeseen roadblocks and obstacles often plague real estate transactions. The National Association of Realtors (NAR) estimates that 30 percent of home sales experience contract delays due to unforeseen problems, often relating to financing and titling. At least five percent of home sales are terminated by either the buyer or the seller.
Fortunately, attorneys are able to identify and address these issues to expedite the process and protect the interests of both buyer and seller.
If you’re in the process of buying or selling real estate in or around Detroit, Michigan, contact the attorneys at Detroit Legal Group PLLC. We’ll work with you every step of the way, identify issues and potential problems, and help you and the other party resolve your situation so that the agreement goes through to closing with both buyer and seller getting what they want.
In addition to Detroit, our real estate attorneys also proudly serve clients in Dearborn, Southfield, and Warren.
Why Hire an Attorney for
Your Real Estate Transaction?
When you’re buying or selling a property, the primary person you’ll deal with is usually your real estate broker or agent. Obviously, since these people are paid by commission, they have a personal interest in smoothing over potential trouble areas and pushing the transaction to a swift close.
In doing this, they can often put their interest over yours as the buyer or seller. This doesn’t mean they’ll outright lie to you or cheat you, but they will control the process in their best interest.
They’ll often recommend a home inspector for the buyer, as well as a financing company like a mortgage bank and even an escrow company to deposit your down payment. They’ll also usually recommend a title insurance company to do a title search.
Now, these people may all be fine and trusted professionals, but who’s checking on what they do?
As a buyer or seller, you’ll be presented with reams of documents, including a purchase agreement, title documents, financing papers, home inspection reports, and for a buyer, the disclosure statement by the seller. When you’re busy working for a living, it’s a tall task to read the fine print on all these documents, so you largely rely on what your agent tells you.
Realtors also generally rely on standardized forms for the purchase agreement, and the standardized form may not cover contingencies that you find important, such as requiring the seller to make certain repairs before you close the deal.
An attorney can review all these documents and agreements to see that your best interests as the buyer or seller are properly served. It’s an added step that will lead to much-needed peace of mind and help avoid problems that can appear right before closing, or worse, after closing when you discover an addition to the property has not been approved by local authorities or there’s an easement you were never told about.
Your Attorney Can Help
Oversee the Whole Process
A real estate attorney can help with every step of the real estate transaction. Your attorney can and should review your purchase agreement to make sure your rights are protected. He or she should also review the state-mandated defect disclosure document that must be given to the prospective buyer before the purchase process begins.
Your attorney can also review any home inspection you as the buyer pay for to discover mold, pests, and other issues with the home, and then help draft contingencies in the purchase pact to get these issues resolved.
When it comes to a title search, an attorney can review public documents to make sure there are no unknown liens or encumbrances on the property. While the title insurance company is normally assigned this role, it’s a good idea to have someone verify that they did their job completely and correctly.
When it comes to finalizing the transaction, disputes may arise. Real estate agents are not licensed to provide legal advice. You will need an attorney to help resolve any disputes or issues that threaten the transaction. Having an attorney you trust can be your most important asset.
Purchases & Sales Agreements Attorneys Serving Detroit, Michigan
An experienced and knowledgeable attorney can oversee your real estate transaction and save you from problems that could jeopardize the entire transaction or lead to thousands of dollars in unneeded expenses. If you’re looking to buy or sell in or near Detroit, Michigan, contact the real estate attorneys at Detroit Legal Group PLLC for added peace of mind and protection of your rights and best interests.