THEY ARE NOT MAKING ANYMORE LAND. Well, maybe they are in Dubai! But for the average Hoosier, the land we have is all there is. So your home or commercial building purchase or sale may well be the single most important transaction of your life. Yet, so few of us consult with an attorney before signing a listing agreement or an offer to purchase. As with our aversion to legal contracts in general, many of us view real estate related agreements as largely non-negotiable, other than the price – and who needs a lawyer for that, right? However, even the terms of your real estate broker’s listing agreement are negotiable. For example, a seller does not need to automatically agree to the “standard” 7% commission. How risks are allocated within the purchase contract is also negotiable, as well as assigning interim costs and obligations related to the property, its inspection and the like. Nor do sellers have to agree to allow their brokers or agents to act as a dual agent (representing the buyer as well) where the broker or agent will not be required to disclose to you the prospective buyer’s priorities or willingness to compromise on price! Most of the items in the listing agreement and offer to purchase are negotiable and a seasoned real estate attorney will know how to navigate those waters for the buyer or selling client.
WHY RELY SOLEY ON A NON-LAWYER FOR LEGAL ADVICE? Most people do not realize that real estate brokers and agents are essentially engaging in the practice of law when they prepare, interpret or explain and execute the listing agreements and purchase agreements executed by their clients; but they do so without the same ethical restrictions as attorneys regarding conflicts of interest related to representing both parties to the transaction. Stephen Ullrich has been negotiating and drafting home and land sale contracts for much of his twenty five years as an attorney. Unfortunately, many of our clients come to us after something has gone wrong with the deal, and it is not unlike being asked to unscramble an egg! Ben Franklin had it right: “An ounce of prevention is worth a pound of cure.” The time to engage an attorney for a real estate purchase or sale is before you sign either a listing agreement or your first offer to purchase. When you engage us to represent you to assist in the sale or purchase of real estate, you do so with the assurance and confidence that you are our only client with an interest in your transaction!
CALL FOR A FREE REAL ESTATE TRANSACTION ASSESSMENT. Call us for a free over the phone chat about your particular home or land sale deal before you sign anything, and find out if it makes sense for you to engage our services and expertise. If you like, we will visit your place of business or home with no initial fee for an on-site half hour consultation. You will learn something in the process, whether you retain us or not. Please remember that making this preliminary contact will not in itself create an attorney client relationship although anything you discuss or share during that call or visit will be treated as and remain confidential.