Purchase & Sale Agreement Attorneys
Every real estate investment involves the risk of financial loss — both for sellers and buyers, no matter how large or small the transaction. All it takes is a poorly-drafted contract and a simple oversight on the investor’s part for disputes to arise and time and money to be wasted. To minimize risk and maximize profits, many real estate investors hire brokers and agents to draft purchase and sale agreements for each transaction. Without legal expertise, however, real estate dealers are likely to use standardized contracts that are not suited to the type of transaction in question. Shortcuts like these could leave investors vulnerable to surprise dispute claims and shoddy legal paperwork.
What Is A Purchase & Sale Agreement?
A purchase and sale agreement (P&S) is a legally binding document that outlines the terms of a sale. In the case of real estate transactions, these contracts most commonly include:
- Detailed Description Of The Property
- Location & Price Of The Property
- Stipulations Regarding Repairs, Home Inspections & Potential Hazards
- Buyer Default Details
- Disclosures About Any Liens Or Problems
- Contact Information Of The Parties Involved
- Closing Date
- Title & Deed Issues
- Mortgage And Financing Information
What Can A Real Estate Attorney Help Me With?
Real estate lawyers can help buyers and sellers draft, review, and revise all types of purchase and sale agreements at any point during the transaction process. Typically, the seller will send the first draft of the contract to the buyer, who will then review the terms and negotiate changes if needed. Without the help of legal counsel, the parties involved in a business transaction are likely to use standardized contracts that do not adequately address the needs particular to each party. The result is an unnecessarily long back-and-forth negotiation between the buyer and seller that wastes time and money. In contrast, a lawyer can get it right the first time by drafting a contract that is custom made to clients’ needs. Experienced attorneys know the more significant the investment, the more time should be spent carefully reviewing the agreement for unfair and unlawful terms. Additionally, unlike agents and brokers, real estate lawyers can defend and advise you in court in the event of a dispute escalating to trial.
Real Estate Attorneys In Asheville, NC
If you are in the market for your next home or business, think twice before closing a deal on your own. Instead, choose a real estate attorney with Goosmann Rose Colvard & Cramer, P.A., to help you draft the best purchase and sale agreement for your particular business transaction.
Backed by the legal expertise and counsel of our Asheville law firm, investors can venture into the world of real estate investing more confidently. Goosmann Rose Colvard & Cramer, P.A. specializes in drafting, reviewing, and revising residential and commercial purchase and sale agreements. To help ensure the best return on your investment, contact us today for a free case inquiry.