A lot of attention is given to buyers needing a real estate attorney Seattle when they purchase a home. After all, a buyer is making a significant investment and needs to get legal advice to protect himself or herself. What is less commonly mentioned, however, is that sellers are also entering into an important financial transaction. There are significant amounts of cash at stake for sellers too, and they too should consult with a real estate attorney Seattle when they find a potential buyer for their home.
A real estate attorney Seattle will provide a great deal of important advice to sellers. First and foremost, the real estate attorney will help the sellers to understand what their obligations are. There are required disclosures in all states and failure to know and understand these disclosures could later subject a seller to a lawsuit with significant financial cost.
A seller also enters into a contract with the buyers when the buyer makes an offer. Like any legal contact, this should be reviewed by an attorney to make sure the sellers interests are protected. A real estate attorney Seattle may, for example, help a seller to determine what types of contingencies are included in the contract. Contingencies can allow the buyer or seller to walk away from the transaction and sellers may want to minimize the number of contingencies that buyers have so they do not waste time or take the home off the market, only to have the deal fall through.
On the other hand, sellers may also want to include contingencies of their own, especially if they are also buying a new house and want to keep their existing home in case their own purchase falls through.
With the help of a real estate lawyer Seattle, sellers will go into a transaction informed and will make wise choices that protect the significant investment they have in their house.