Listening - Understanding - Representing
Real Estate Transactions
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The Law Offices of Shaun A. Hannafin prides itself on accomplishing successful real estate transactions with minimal issues and assist buyers, sellers, and lenders with a variety of needs, including, but not limited to, the ability to:
- Negotiate and review realtors’ listing agreements
- Draft and/or review offers to purchase
- Review condo regulations and collateral documents
- Negotiate, draft, and review purchase and sale agreements
- Assure all liens against a property have been cleared
- Review mortgage commitment letters
- Perform title searches
- Procure title insurance
- Review the settlement statement HUD-1
- Prepare declarations of homestead
- Assist with closing and review all costs associated therewith
- Record titles with the registry of deeds
When buying or selling real estate, many complex issues may arise. To address these issues, it is essential to take the correct legal precautions. The Law Offices of Shaun A. Hannafin will help you protect yourself against these risks.
A lawyer is often first contacted after the signing of a listing agreement or after an offer to purchase has already been executed. This is a mistake that cannot always be corrected. A lawyer should ideally be consulted prior to signing any legal documents or, if already signed, as soon as possible afterward. A listing agreement and an offer to purchase can both have irreversible legal consequences. Under the standard listing agreement, you may owe your real estate agent the entire commission if he or she presents a “willing and able buyer,” even if your house is not sold. If your real estate agent does not properly complete your offer to purchase, you may lose your earnest money deposit in the event that you do not obtain financing. However, if you properly negotiate the listing agreement and you and your counsel carefully review the conditions necessary to purchase, such as financing, your interests and deposit can be well protected.
Of equal if not greater consequence than the listing agreement or the offer to purchase is the purchase and sale agreement, which should state every minute detail of the transaction: the property to be sold, the parties, the price, the date of performance, and any contingencies such as financing. A mistake in the purchase and sale agreement can potentially lead to expensive litigation and impede the sale of the property for months, if not years.