When selling your home it’s a good idea to be represented by an attorney especially an attorney with expertise in real estate transactions. When a potential buyer puts an offer in writing and you accept it, the signed acceptance becomes the sales contract. Your attorney can help you protect your interests with the sales contract at the closing.
Elements of a sales contract:
- The Sale price
- Items included in the purchase.
- The amount of the down payment
- The date of settlement and possession date
- Contingencies to the sale–inspections (e.g. structural, lead-based paint, radon), required improvements, legal review of the contract by the buyer’s or seller’s attorney, etc.
- The amount and length of the mortgage loan, interest rate and time limits to secure the loan.
- Determining which closing costs are to be paid by the buyer and which by the seller
The fee you pay the lawyer can easily be offset in the long run.