Every real estate transaction comes with potential pitfalls that can pose a real risk to your investment, whether you are buying or selling a home, or developing a piece of property.. Receiving experienced advice from a certified real estate specialist can help you manage that risk, no matter which side of the deal you are on.
According to the State Bar of Arizona, certified real estate specialists are “lawyers who have substantial experience, the respect of their peers, and demonstrated special knowledge, skills, and proficiency in their area of law.” Only attorneys who are certified by the Arizona Board of Legal Specialties may present themselves as specialists in a particular area of the law. (Note: two Provident Law attorneys — Christopher Charles and J. Scott Burns — are Certified Real Estate Specialists with the State Bar of Arizona.)
Here are the top 3 reasons buyers and sellers need a certified real estate specialist for real estate transactions:
- Creating a clear contract.
Arizona real estate law is complex, and while brokers are generally willing to help negotiate and draft a contract, you need the guidance of an experienced real estate attorney who understands the nuances and application of Arizona law to real estate transactions.
For residential transactions involving a REALTOR®, The Arizona Association of REALTORS® offers standard real estate contracts online. While these are often used in Arizona, filling in the blanks incorrectly or adding additional terms and conditions can have substantial financial consequences. At a minimum, it is in your best interest for a real estate attorney to review any form contract for accuracy, as there are many pitfalls only discernable by a trained eye. Any modifications to these standard contracts should be made with legal counsel since poorly drafted language can have unintended consequences and may create “gray” areas in the contract that could ultimately compromise your position or cost you money.
The bottom line is that it is better for a real estate attorney to prepare your contract so it can be tailored to your specific purchase or sale.
- Identifying and remedying problems.
It is not unusual for problems to occur during a real estate transaction. There may be defects to the title, open permits, or a property survey that uncovers an encroachment. If this happens, you need an experienced real estate attorney to remedy these issues.
For buyers, an attorney can draft contract provisions designed to require the seller to remedy the issues rather than force the buyer to either accept the property with defects or walk away from the deal.
For sellers, an attorney can work to limit the seller’s warranties and representations upfront, so the parties are clear as to how the issues are to be handled if they arise.
- 3. An attorney is your advocate.
Since real estate transactions involve both valuable assets and people, they can by their very nature be unpredictable. If there are verbal promises or claims made by either a buyer or a seller during the negotiation, they must be written in the contract. Failure to do so could be costly if you must pursue a legal remedy post-sale.
A qualified Arizona real estate attorney is someone you can count on as a seller to ensure you get your money and avoid litigation, and as a buyer to you get what you pay for without having to go to court.
Our attorneys represent buyers, sellers, landlords, tenants, lenders, borrowers, trustees, guarantors, shareholders, partners, and others. We structure, negotiate and document a variety of real estate and financing transactions, such as leases, purchase and sale agreements, loans, and development agreements for a variety of commercial and residential projects. Contact us for more details.