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Avoid these real estate transaction pitfalls

Despite the fact that real estate transactions appear as if they should be simple, the truth is that there are many ways to make mistakes throughout the process. Since there are ways a transaction can fail, it's always a good idea to work with a professional who is familiar with real estate law.

How can they help? Consider these interesting situations you could run into. Imagine trying to buy a property and discovering that you have purchased a property that the seller had no right to sell to you. That shock, along with the lost funds, is enough to shock anyone. An attorney makes calls early on to verify the parties and that the seller has the right to sell any property in the transaction.

It's also important to look into zoning regulations. If you're purchasing a home that you want to use for a business, it's wise to make sure the property is zoned for commercial and real-estate use. It's also possible that certain licenses or transactions were allowed on the property due to being "grandfathered" in, so it's wise to make sure everything you expect is transferred with the purchase. An attorney looks into these unusual inquiries to help protect your interests.

Finally, it's absolutely necessary to get everything in writing. While some people try to do this without legal assistance, it's not a good idea. Contracts are binding, and you need to know that the contract you sign is in your favor and legal. With the right help, you can make sure to avoid real estate transaction pitfalls that could hurt you in the long run.

Source: American Bar Association, "12 Ways to Foul Up a Real Estate Transaction," Evan L. Loeffler, accessed March 23, 2017

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