The Dual Role Of Agents And Attorneys In Real Estate Transactions

In this article, you can discover:

• Why it’s beneficial to have both a real estate agent and attorney for property transactions.
• How to prepare for selling or buying property, focusing on inspections and disclosures.
• The common title issues that can delay real estate transactions.

Do I Need Both A Real Estate Agent And A Real Estate Attorney To Buy Or Sell A Property?

It is not mandatory to have a real estate agent or an attorney when buying or selling a property. However, it is advisable to engage a real estate agent. The need for a real estate attorney may not be immediate but becomes crucial if there are undisclosed issues with the property. In Michigan, for instance, a seller must disclose all known issues, no matter how minor, to prevent fraud or other claims against them.

What Are The Most Important Factors To Consider When Buying Or Selling Real Estate Property?

Key considerations include a detailed seller’s disclosure statement and a thorough inspection. Both parties need to conduct inspections between signing the purchase agreement and closing. Understanding the property’s value is equally vital.

How Can I Prepare Beforehand To Buy Or Sell My Property, And Is A Title Abstract Or A Home Inspection More Important?

Before selling, assess the condition of your property and determine what needs to be disclosed to the buyer. As for purchasing, focus on the property’s condition and the seller’s disclosures. While a reputable title company can manage title issues, sellers should resolve any title problems beforehand, possibly consulting a title company or a real estate attorney.

Buyers should prioritize home inspections to identify any property issues before finalizing the purchase. It’s important to remember that buyers are not obligated to proceed with a purchase if the inspection reveals significant problems.

What Common Issues Affect Titles That Can Hold Up A Real Estate Transaction?

Common issues include the type of deed, whether it’s a quitclaim deed or a warranty deed, and the seller’s ownership. Mortgage and title insurance companies generally favor warranty deeds over quitclaim deeds. Another issue is the presence of easements or other interests on a deed, which can complicate transactions if not properly reflected.

What Happens At The Closing Of A Residential Property Sale? What Can My Real Estate Attorney Do To Make This Process Go Smoothly?

During closing, parties sign the necessary documents. A real estate attorney should be involved from the purchase agreement to closing, clarifying documents, addressing delays, and ensuring proper inspections and disclosures. By closing, the attorney should have prepared the client for signing, with their primary role being to verify the documents.

Who Does Your Firm Represent In Water And Agricultural Law Matters?

Our firm represents farmers and their neighbors in water and agricultural law matters. Under Michigan’s Right to Farm Act, we navigate the unique privileges and challenges facing farmers, such as dust, smells, and animal management issues. We also assist farmers in estate planning, including transferring properties to the next generation, whether keeping the farm within the family or dividing it among children.

What Are The Most Common Issues That Arise With Water And Agriculture That Require The Assistance Of An Attorney?

Common issues involve transferring water, smoke, dust, or odors from one property to another. Managing these issues within the framework of the Right to Farm Act, nuisance laws, and the complexities of estate planning for farmers often necessitates legal assistance.

For more information on Handling Real Estate Transactions In Michigan, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (616) 300-1212 today.