Buying or selling a home in Indiana seems like a simple process. When both parties agree to the price and terms associated with the sale, things should move along smoothly. However, it doesn’t mean things always work out as expected. Civil litigation may follow after the sale. Those working with a real estate attorney before completing the transaction may be able to avoid some troubles.
For example, even when selling a home “as-is,” there may be disclosure requirements associated with the sale. Failure to disclose material defects might lead to the seller facing a lawsuit over the repairs. Buyers doubtfully wish to become involved in litigation, so informing them about potential defects may avert trouble. The buyer could walk away or accept the condition “as-is” and make necessary repairs.
Sellers may also find themselves facing unwanted problems with the real estate agent. When working with an agent, the seller signs a contract promising a commission for the sale. What happens if the wording stipulates that the agent gets a commission even without a sale? Are multiple brokerage commissions required?
Unfortunately, the average person is not likely versed in contract law, nor do they necessarily understand the wording in the contract. A definitive understanding is more than helpful. Vague terms might come back to haunt the seller, so an attorney may offer to read the contract and explain it to the client.
During a consultation with an attorney, it may be possible to draw up a thorough disclosure list. Hopefully, a comprehensive list might prevent problems after the sale.
An attorney might also prove valuable during other aspects of the real estate transaction. An attorney may assist during the closing, title search and other critical points as well as advice about other issues that neither the buyer nor the seller considered.