Review in Advance – Protecting Your Interests
A real estate agent will normally have all the necessary forms you will require to make a deal, and will quite often review them with you at the time of the listing. It is very unusual for a lawyer to be involved in the negotiation or writing of the contract. This is what your real estate agent has been trained to do.
If you are selling a home privately without the help of a realtor, talk to a lawyer first. A lawyer will help you review the Offer to Purchase and assist you to complete any Counter-Offer you may wish to make.
A lawyer will also ensure that when all conditions, if any, are removed, the purchasers acknowledge in writing that the agreement is binding. This is done by completing a Removal of Condition form or by way of correspondence between the respective lawyers.
Occasionally a buyer attempting to complete the Offer to Purchase document on their own will not complete important items or will fail to properly list specific terms that are advantageous to the seller.
If a proper review is not conducted by either your lawyer or realtor before you endorse the acceptance section on the document, you may wind up with a very unsatisfactory contract or perhaps no contract at all. Therefore, speak with your realtor or lawyer first and ask questions. Either person will help you avoid such pitfalls.