The purchase of real estate is perhaps one of the most important financial decisions you will make in your lifetime. Whether you are purchasing property with the assistance of a real estate agent, or working directly with the seller, you may want to consider having your documents reviewed by an attorney. A real estate attorney can not only prepare and revise purchase and sale agreements, but can explain the important terms in these documents, and provide advice regarding your responsibilities as the purchaser.
Real estate law is a product of both Washington state case law and statutes, so is a dynamic area of law that is subject to change, and real estate laws are frequently rewritten and amended. It is important to be aware of current law as it applies to real estate transactions. For example, purchasers need to be aware of their responsibilities during the transaction, the contingencies surrounding the purchase; the inspection period, financing requirements and timelines that are specifically addressed in the purchase agreement.
Purchasers need to understand the rights and obligations conveyed by the purchase agreement. They should understand under what circumstances they can be in breach of the agreement, and whether or not their earnest money may be at risk. As a purchaser, you may also wish to have an attorney explain the purchase process, the importance of escrow and review your closing documents. In a real estate purchase, there are often many considerations. It is wise to consult a real estate attorney if there are provisions or complex legal terms that are not easily understood.
In Washington state, real estate agreements must be in writing, and verbal agreements to convey real estate are not binding. Written agreements for the purchase or sale of real estate are legally binding and can be enforced. Never sign any documents you do not understand, and always trust your instincts.
The above information is general in nature and is not intended to constitute legal advice. Consult Marine View Law & Escrow today to assist you with your real estate purchase.
Contact Marine View Law & Escrow, P.L.L.C.
I provide a confidential consultation to all new clients. Contact me by email or call my office at 206-701-6564 or 877-449-4819 and schedule a meeting.