Buyers and Sellers Must Be Aware
It’s important that you and your lawyer read any agreement carefully before signing. The danger may be to unwittingly create a costly problem for yourself that will take a lot of time and resources to resolve.
One common example is a real estate purchase. You can go ahead for the sake of expediency, but always include a “Subject to my lawyer’s approval” clause. This gives you an out if your lawyer finds something in the contract that may cost you – whether it be time, money, or tribulation.
A survey of the property with compliance is known to lawyers as a Real Property Report (RPR). If you don’t have one as the seller, you may be forced to pay to have it done prior to your sale going through. You may have purchased the property without one, or you may not have had one done since you added the deck or a fence. If the fence is outside your property line, or the deck does not leave the required space between its edge and the property line, you are not in compliance. Whether you are the buyer or the seller, this needs to be clear.
Vendors can even be sued if they sell without an RPR and are found afterwards to be non-compliant. There really are a lot of good reasons to have your lawyer review everything before you sign.
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One common example is a real estate purchase. You can go ahead for the sake of expediency, but always include a “Subject to my lawyer’s approval” clause. This gives you an out if your lawyer finds something in the contract that may cost you – whether it be time, money, or tribulation.
A survey of the property with compliance is known to lawyers as a Real Property Report (RPR). If you don’t have one as the seller, you may be forced to pay to have it done prior to your sale going through. You may have purchased the property without one, or you may not have had one done since you added the deck or a fence. If the fence is outside your property line, or the deck does not leave the required space between its edge and the property line, you are not in compliance. Whether you are the buyer or the seller, this needs to be clear.
Vendors can even be sued if they sell without an RPR and are found afterwards to be non-compliant. There really are a lot of good reasons to have your lawyer review everything before you sign.
Click Here for More Information on Our Related Services.
Disclaimer: The information on this web page is meant as general information only. It is not meant to be used as legal advice for specific legal problems. Information is checked for legal accuracy at the time it is posted but may become outdated as laws change.
