 |
~
10 Things Every Lawyer Needs To Know About
Real Estate
-
Buyers Agents
actually have a fiduciary duty to the buyer (most
agents owe that duty to the seller). Select your
agent BEFORE you select a house to go look at.
-
Tenancy in common is
risky for unmarried couples. They should have a
Co-tenancy agreement to cover allocation of expenses
and procedures for a buy-out.
-
The new enhanced
title insurance policy is much better than the old
one, costs very little extra and covers the things
you thought were covered by the old policy but
weren’t.
-
All residential real
estate forms are seller-slanted but only a few minor
edits can make a big difference.
-
Timing is the
most-ignored and trickiest part of the residential
agreement of sale form. Count the days correctly
and be sure the buyer has finished one phase
(inspections) before being obligated to move to the
next phase (second deposit, mortgage applications).
-
Sellers should
disclose as fully as possible on the Seller Property
Disclosure form to avoid future liability. Contrary
to popular belief, this form is really to protect
sellers, not buyers.
-
New construction
homes are over assessed for taxes, so new home
buyers need to know how to contest their taxes.
-
Divorcing couples
who interview listing agents need to know there is
no confidentiality requirements until an agreement
is signed so every agent in that office will most
likely know their situation. This can result in
lower offers.
-
Appraisals are
different than a Comparative Market Analysis from an
agent. (CMA).
Think of the CMA as
a color video of the home—allowed to consider the
aesthetics of light, decor, setting, neighborhood
status, proximity to town centers, time on the
market, availability of alternatives, etc. The
appraisal is like a black and white still photo—can
only consider a set of strict criteria such as size,
previous and very recent sales, age, lot size, etc.
Depending on the market one or the other will yield
a different result—sometimes markedly so.
-
Quit claims deeds
give no warranty. Although used in divorces, they
are not really the correct form of deed to use where
one party lived in the home.
|
|
|
