I am not going to go into any real estate laws in particular as I really want to discuss the importance of having a good lawyer on your team. Every real estate transaction is different and you need someone to protect your interest and help you to navigate threw all the complex terms and clauses.
A good lawyer is key. They can advise you on what repairs need to be disclosed to the buyer. They can also help with the closing and make sure you do not make any careless errors in judgment.
If you ever want to get into investing you will need a great lawyer on your team. I can not tell you the number of times I have had real estate agents tell me you can not do that, only to find out they did not understand the strategy and in a moment of confusion screamed “hit the breaks”. As an investor you have a lot more flexibility and leeway.
Usually the buyer’s lawyer will advise them to get a property inspection. This is going to include the entire property especially your roof and basement. The last thing you want is to sell your house and get sued.
You do not want to be in a scenario where you had your property sold and you purchased another property only to have your original property returned due to contract breaches or litigation issues such as disclosure.
I always tell people do not think of the money the lawyer is costing you, rather think of the potentially millions of dollars they are saving you in litigation.
Hello my name is Robert but you can call me Bob, a year ago I made a decision that I would not be a slave to money. This is what I learned.
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