Understanding Real Estate Purchase Agreements
The purchase of real estate is perhaps one of the most important financial decisions you will make during your lifetime. Whether you are purchasing a property with the assistance of a real estate agent or working directly with the buyer or seller, you will want to consider having your documents reviewed by one of our attorneys. Our real estate attorneys not only prepare and revise purchase and sale agreements but can also explain to you the necessary terminology. We will provide advice regarding all of your responsibilities.
Marine View Law represents clients in Des Moines and throughout western Washington in all types of leases and purchase agreements. Ours is a trusted name in real estate purchase and lease agreements. And Renee Roman, of our firm, is a real estate lawyer with over 20 years of experience.
Learning about Your Rights And Options
Real estate law is a product of both Washington state case law and statutes, and such laws are frequently rewritten and amended. It is essential to be aware of current law as it applies to real estate transactions.
If you are the buyer, you want to be aware of your responsibilities during the transaction and any surrounding contingencies. The purchase agreement will address the inspection period, financing requirements and timelines.
You will need to understand the rights and obligations conveyed by the purchase agreement you sign. You should know under what circumstances you could unknowingly breach the contract and whether your earnest money could be at risk. If you are the seller, you want to understand your rights and what you can expect from the transaction, what it will cost you, and what you need to do to perform. You will want to minimize your liability for unknown issues that could come to light in the future. Whether you are the buyer or seller, when you sign the agreement, you need to be sure you understand the document in its entirety. In Washington state, verbal agreements to convey real estate are not binding, and therefore any terms you wish to include MUST be in the purchase and sale agreement. You should never sign any documents you do not fully understand, and you should always trust your instincts and if you have any questions, you should always consult an attorney before you sign.
You may also wish to have one of our attorneys explain the purchase process and the importance of escrow, as well as review the closing documents. In a real estate purchase, there are often many considerations. It is wise to consult with our attorneys if there are provisions or complex legal terms that are not easily understood.
Understanding Real Estate Lease Agreements
We also prepare and review lease agreements. Whether you are a landlord, property manager, or tenant, we can assist you. The lease will be the document that conveys your rights and responsibilities and is a reference for almost anything that comes up during the lease term. Verbal agreements are not binding so if you have an understanding with your landlord or tenant, that needs to be in writing. Washington laws do change so if you’ve been using the same lease agreement, you may wish to get it updated in order to comply with current law.
Experienced Assistance Throughout The Real Estate Process
Note: The above information is general in nature and not intended to constitute legal advice.