Hiring A Real Estate Attorney Before Buying An Estate Home: Contract Overview
Buying an estate property can be a little different from buying any other type of real estate. It is really important that you bring in the help of an experienced real estate attorney for advice. Specifically, you should have a real estate attorney look over the contract before you make any final moves and commit to buying the property. As the attorney looks over the contract, make sure they go over the following things with you.
Talk to the real estate agent about any contingencies in the contract and what they mean.
Every home-buying contract comes along with certain contingencies or statements that may be a little harder to understand if you are not familiar with legal jargon. Having a real estate attorney check over the contract before you fulfill your side of the contract and make the purchase is always a good idea. When buying an estate home, you may come across statements like:
- The home is being sold as-is
- The estate owner is not liable for faults in the property because they didn't live there
- The sale must be approved by the court
Your attorney can help you better understand these contract terms so you fully understand what you are agreeing to with the property purchase.
Talk to the attorney about any obligations you will face as part of the contract.
It may sound odd, but some estate homes are sold with certain obligations. When a person makes outlines in their will about what will happen with an estate once they are gone, it is not uncommon for a judge to uphold those wishes even if the property is sold. For example, if the deceased property owner requested the property not be used for business purposes, this may be something you have to agree to as the purchaser.
Talk to the attorney about the fees involved in the purchase contract.
Fees can be a bit different when you buy a home that is part of an estate than what they are when you buy a home in other ways. For instance, you may be wholly responsible for having the home inspected before the purchase or you may have to pay fees for court costs associated with probate. Your attorney will go over the fees section of the contract to make sure you understand what you will be responsible for paying for along with the cost of the property itself.
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