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Why is a purchase agreement important?

There are numerous reasons why it is crucial to include an attorney in your real estate buying team, but one of the most important reasons is the purchase agreement. Many purchase agreements are done with standard forms that may not fully reflect the property you are buying, and without the strong guidance of an experienced attorney, you may find yourself with few good options if and when things go sideways.

A purchase agreement governs how a sale will take place, and the terms under which either side may back out of the deal, among other things. Of course, no property purchase should ever occur without a thorough and careful inspection of the property. There are literally hundreds of ways that a property can appear to be a good deal and actually be a lemon. In the absence of careful legal guidance, you may agree to buy a piece of property you later realize is not a purchase you want to make. If things don't go your way, you may end up losing a great deal of money because of poorly worded documents.

Even if the property is exactly what you want, you may not be able to secure financing as easily as you hope. It is vital that you make sure that the agreement is made contingent on your ability to properly finance the purchase.

If you are considering buying real estate, especially if you are a first time buyer, it is always wise to enlist the guidance of an experienced attorney who can help you walk through the tricky terrain of purchasing property. With the guidance of an experienced attorney, your rights will remain protected even if the deal doesn't go the way you hope it will.

Source: findlaw, "Why You Need a Lawyer When You Buy or Sell a House," accessed April 21, 2017

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