Hire a Lawyer for Your Real Estate Transactions – or Pay the Price

When engaging in real estate (and other large, comlex) transactions, too many people feel that they really don’t need a lawyer. They might have their real estate agent look over the documents, and they might possibly use a stock, one-size-fits-all contract. You know, one of those fill in the blank, downloadable contracts you can find on the web. You will save a few bucks on the front end of the deal, there’s no question about it.

You can try to console yourself with all the money you saved by not hiring a lawyer to draw up or examine your contract while you’re grieving aver how you got taken to the cleaners. You may think you can just take this stuff lightly, and far too many people do, despite the advice of experts. However, failure to take this simple precaution can be fraught with peril. I have a neighbor who is selling their home and an adjoining vacant lot. They had listed their home and the lot as a package deal, with the lot at a $20,000 discount over its price if purchased separately.

A prospective buyer made an offer on both, but subsequently had their financing on the home denied. The financing on the lot however, was approved. The way the two properties were listed, and the way the contract was written, the purchaser was able to purchase the property for the discounted price, although they didn’t buy the home along with the lot. Needless to say (although I will anyway) my neighbor is a bit miffed over the whole situation, being out $20,000.

Paying a lawyer a few hundred or a thousand dollars to draw up the contract could have avoided this unfortunate situation, and my neighbor would have an extra $19,000 in the bank today because of it. Think about it the next time you’re tempted to bypass the important step of having your real estate lawyer examine a contract when you’re a buyer, or draw up a contract if you’re the seller. The money you save will be your own.

There’s nothing wrong with using a stock form for some things, or having one of those discount, on-line legal form services create your documents for you. They work well, and can save you substantial money for certain things. Real estate transactions are not one of them however. For that, you need the real thing. There’s nothing like witnessing something like that up close to drive the point home.Have a great Halloween. If you’re taking your little ones out and about to get their haul tonight, be careful.