Charlottesville Resident Real Estate Lawyers
Buying or selling a home will likely be one of the largest financial transactions of your life. The process can be both thrilling and exhausting. As your prepare for this journey, it is advantageous to have the counsel of a seasoned real estate attorney to help guide and protect you from your judgment being clouded by heightened emotions.
A real estate contract, which is a legally binding agreement between a buyer and seller of real estate, is a special instrument with unique requirements specified by Virginia law. One of the chief purposes of a real estate contract is to allocate risks of a transaction and adequately protect the assets of both the buyer and seller. Because of that, the contract formation process is a vitally important step in any real estate endeavor, and it is wise to retain the services of an experienced real estate agent before you sign any contracts or agreements related to the buying or selling of a home. The counsel of an experienced real estate agent can give you confidence during this stressful process and help protect you from the numerous legal issues that could arise and threaten your investment.
Obviously, the first step toward getting the best contract possible is to reach an agreement on your preferred purchase price. Even if you have managed to achieve that, however, there are still many other important details that you should include in the real estate purchase agreement to make sure you are protected in the transaction.
Important terms that should be included in a real estate contract include those providing for home inspections, handling the cost of any needed repairs, obtaining satisfactory financing arrangements, identifying the type of deed to be provided by the seller, identifying the property to be included in the transaction, and the procedures to be followed until the transaction is completed. The real estate purchase agreement will also include details such as when the closing is to occur and a number of standard features that may arise in the event of disagreements between the parties.
A breach or default of a real estate contract may occur when the terms or conditions of the contract are not followed by either party. This could happen, for instance, if the buyer fails to pay on time or the seller fails to provide clear title to the property. When a breach occurs, there are a variety of possible remedies. The precise remedy available or desired will, of course, depend on the nature of the breach. Common resolutions include paying the injured party monetary damages, requiring the seller to proceed to closing and deliver the deed, or even releasing a party from the contract. If the parties cannot agree on how to resolve the matter, mediation, arbitration, or litigation may be the next best course of action.
Most real estate transactions proceed to closing without problems, and our experienced Charlottesville real estate lawyers provide closing services to both buyers and sellers. For more information, please contact Lewis A. Martin, III at (434) 817-3100 to learn how he can help you close on your home.
When a real estate contract is breached, however, either party may incur significant losses and it may be necessary to consult an experienced real estate litigation attorney to receive the legal expertise and guidance needed to protect your interests. The Charlottesville real estate litigation lawyers of MartinWren, P.C. have vast experience in representing home buyers and sellers in the Charlottesville community and across Central Virginia in contract disputes. For more information about how to resolve your real estate contract dispute, call John B. Simpson at 434-817-3100.