Real Estate lawyers are responsible for understanding the legal implications of any real estate transaction.Real Estate Transactions lawyers; These professionals have a high degree of education, training and experience.Real Estate Transactions lawyers; They are expert professionals in their field who take a keen interest in their clients’ lives.
Real estate transactions lawyers are highly complex. It is essential that you have an experienced lawyer guiding you through the process. There are lots of legal points that could go wrong during the process.
The main reason why people get into trouble is because they get confused by the legal terms and jargon that these lawyers use. They are unable to grasp the meaning of all the legal points discussed. This makes it a difficult task for them to understand what the real estate lawyer means when he is talking to them.
Real Estate Transactions lawyers
The lawyers, however, do not make their clients confused about the legal terminology and terms. In fact, the lawyers use the language as per the clients’ needs.
Here are the 10 most common mistakes that real estate lawyers see on the first day of representation.
1. Lack of knowledge
2. Poor communication skills
3. Poor documentation
4. Poor understanding of client needs
5. Poor judgment
6. Lack of follow up
7. Failure to provide a written proposal
8. Ignoring the law
9. Poor research
10. Taking the client for granted
10 Common Errors and Blunders Real Estate Lawyers See On The First Day of Representation
When you hire a real estate lawyer for your real estate transactions, it is the most important and most sensitive time for you. You need to ensure that everything you do, is legal and you need someone to guide you. Otherwise, you can face serious consequences like jail or huge fines.
1. ‘The client and the seller agree on a price that is lower than the value of the property’
Most of the buyers and sellers will agree on a fair price for the property. If you are the buyer and you agree to pay the seller $100,000 for the property, the seller is going to charge you $120,000. In this case, both parties agree that the amount is fair, but the lawyers will see this in a different way. They will say that the seller has sold the house at a loss of $20,000. They are going to sue the seller for breach of contract.
2. ‘The offer is a deposit and the full price is due upon settlement’
In some states, the buyer is required to give the seller a deposit of $3,000 when he makes an offer. The sellers will usually ask for this deposit in order to protect themselves in case the buyer does not complete the sale. But the lawyers will see this differently.Real Estate Transactions lawyers; They will say that the buyer is giving the seller a non-refundable deposit of $3,000 for the property. In this case, the buyer has offered $20,000 for the property, and the lawyers will sue the buyer for breach of contract.
3. ‘Buyers pay the seller’s closing costs, including loan origination fees and application fees’
In most states, the real estate agents collect the closing costs from the buyer. Most buyers don’t know that these costs, including the loan origination fee, are paid by the seller. The lawyers will say that the buyer is paying the seller’s closing costs. They are going to sue the buyer for fraud.
4. ‘Buyers make multiple offers on a property, but the seller accepts the highest bidder’
If you make an offer for a property, but it doesn’t match the previous offer, the seller is going to reject your offer. In this case, it is obvious that both of you made a mistake in your calculations. The lawyers will see this differently and they will file a lawsuit against the buyer for fraud.
5. ‘The seller accepts the buyer’s offer’
If you make an offer for a property, but the seller rejects your offer, the seller is going to accept your offer. In this case, you have accepted the seller’s counter-offer, and now you are going to own the property. The lawyers will see this differently and they will sue the seller for fraud.
6. ‘Buyers do not have sufficient funds to close the transaction, and they owe money to the seller’
Real Estate Transactions lawyers
All the above are common errors made by the lawyers. If you want to avoid these errors, then it is very important that you hire a lawyer who is well versed with the nuances of the real estate laws.