Review Home Purchase Contract

 

About To Make your Greatest Investment?   Review What You Sign.

It seems so simple, but most people get busy and think that the documents they need to sign are standard or cannot be changed. Whether you are purchasing a home or business, having construction done for either, or renting or leasing, you should take the time to review all documentation before signing and see a lawyer and other professionals such as an accountant. What you think is going to be a routine transaction with someone you feel you can trust, could turn out for the worse. Seeing an attorney after you have a problem, is a good idea, but they can only work with the contract, lease, or construction agreement that you signed and any documentation you have regarding the work that has been done, the payments you have made, or the problems that have arisen. Seeing a lawyer before you commit to an agreement or allowing yourself time to review the agreement with your lawyer, is the better alternative. An attorney can help explain the contract, assist you in making changes to the agreement or construction terms to help protect you and accurately describe the project being done and the materials being used or the agreement you talked about or even help advise you on how to try and avoid mechanic’s liens or further problems down the road. The parties’ relationships and payment terms can be fully defined to avoid any questions later on. If you have a title commitment, review all the documents that are recorded against your property and ask if you have any questions. Those documents can give you information regarding the property you are purchasing and any restrictions on it. From association covenants to an easement, it is better to take the time to fully understand the property, before any deadline to object to the title. Inquire into public records that are not shown on the title commitment, such as building department records on a property. Were permits pulled when a renovation was made or that basement was finished? Does it comply with the building code? Is that a legal mother-in-law apartment? Take your time and there will be few surprises after you have signed the documents. Sometimes even the simple deal could be a headache if you do not take a few simple precautions.

Cinthia M. Manzano is a shareholder with Frascona, Joiner, Goodman and Greenstein, P.C. Her practice areas include Construction Defect, Construction, Special Needs Education Law, Real Estate, Litigation, and Association Law. Contact Cinthia Manzano.

Disclaimer — Content is general information only. Information is not provided as advice for a specific matter, nor does its publication create an attorney-client relationship. Laws vary from one state to another. For legal advice on a specific matter, consult an attorney.

CINTHIA M. MANZANO