Your Well-Rounded Susquehanna Township, PA Real Estate Transaction Lawyer

One of the most critical documents in real estate transactions is the contract. This document must be carefully scrutinized as it sets the terms for how the transaction will be carried out. If you’re not careful, you may tie yourself down with unfavorable terms that are skewed to benefit the other party.

Here are some common pitfalls we see in real estate contracts that you should be looking out for:

• Unclear Terms:
  Real estate contracts should be concise and as detailed as possible. They should indicate price, dates, and even contingencies. Ambiguity in the contract leaves room for misinterpretation, which could result in long and costly legal battles.
• Not Addressing Title Issues:
  Title issues are quite sensitive and can easily derail closings or expose the buyer to unexpected legal complications. The contract should require the seller to deliver a clear title. Where this is not possible, the contract should outline the process of resolving any easements, liens and encroachments associated with the title.
• Missing Disclosures:
  Another common pitfall in real estate contracts is the lack of clauses or language requiring the seller to disclose known hazards or defects in the property. The contract should also require the seller to provide guidance on zoning and environmental disclosures to avoid post-closing lawsuits.
• Unrealistic Deadlines:
  You may notice that a contract has short deadlines for financial approval, inspections, or closing. While some sellers may want to finalize the transaction quickly, ample time should be allowed for due process. Additionally, there should be flexibility for common delays in processes such as title clearance and lender approval.

These are just some of the common pitfalls in real estate contracts, but they are not the only ones. Depending on the seller's intentions, the contract can have other encumbrances, making it crucial to allow a real estate transactions lawyer to review the contract before you sign.

Understanding Common Contingencies, Financing Clauses And Inspection Terms In Real Estate Contracts

Besides the common red flags, it’s also essential to understand the different aspects and clauses of the contract, such as the contingencies, financial clauses and inspection terms. All these are crucial in ensuring a smooth transaction and effortless closing.

Contingencies

These are terms and conditions that should be met for the transaction to proceed to the next step. Contingencies can be set up to protect the buyer or the seller. There are different types of contingencies, which include:

• Financing or mortgage contingencies
• Inspection contingencies
• Appraisal contingencies
• Home sale contingencies
• Clear title contingencies
• Attorney review contingency
• HOA document review contingency

These contingencies may not apply to every real estate transaction and depend on the circumstances surrounding the sale and the property's location.

Understanding contingencies can be a challenge without a legal background. However, your real estate transaction attorney can help you review them to ensure all contingencies are legally enforceable and clearly written to protect you during the transaction.

Your attorney will also ensure that the deadlines are trackable and realistic and that your interests are protected should the transaction fall through due to financing, title, or inspection issues.

Don’t fight the real estate red tape alone. We can help ease the process of buying or selling your property today.

Buying or selling real estate is an intensive process with many moving parts and considerations.

Having an experienced real estate law firm to help you with the process, whether as a buyer or a seller in Susquehanna Township, PA, can make it more bearable and even shorten the closing process.

At North Star Legal Services LLC, we help our clients handle real estate transactions, cutting costs by charging a flat rate for our services instead of a commission. If you’re looking for accessible guidance in real estate transactions, contact us at (717) 990-7178 to start the process today.