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FOCUSED LEGAL REPRESENTATION FOR BUYERS, SELLERS, and REAL ESTATE PROFESSIONALS in PA & NJ
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TELEPHONE CONSULTATION 215-253-8494 PENNSYLVANIA & NEW JERSEY

HELP FOR SELLERS

My legal services are important for Sellers. Whether you have a broker or salesperson working with you, or are For Sale By Owner (FSBO), no matter the situation, once a Seller has a Buyer, it is essential that you have an experienced real estate attorney to assist and guide you through the process of a real estate transaction. This does not mean any attorney, it requires an attorney who practices in real estate law.

When selling property you are embarking on a detail oriented transaction. It is likely your most significant financial decision. The legal documents before you can be intimidating and truly demand sound legal guidance. Reliable legal advice may be the most wisely spent money of the entire transaction.

My legal representation depends on how you desire to retain me. I offer full legal services based on your particular needs. I draft or review the most central documents of the transaction, most importantly; the Agreement of Sale, which controls and outlines the legal obligations of the deal. The Agreement of Sale sets forth all the terms and conditions for Sellers and Buyers. It contains detailed legal language concerning the transaction. The language contained in this document is important and legally binding with time-sensitive dates, controlling contingencies, and ongoing responsibilities. These scenarios include establishing sales price, timing of payments, as well as understanding the various inspections contingencies required of the Buyer.

In addition to preparing or reviewing the Agreement of Sale, I review and explain the Seller’s Property Disclosure Statement. This is a document that Sellers in Pennsylvania must complete and present to the Buyer disclosing material defects in the property prior to closing. It is a highly scrutinized document that has been the subject of recent litigation, so it is particularly important to prepare and review this document accurately.

While not the responsibility of the Seller to obtain Title Insurance, it is important for the Seller to have counsel review title documents obtained by Buyer, to determine if there are any encumbrances or defects in title to your property. If there are issues, I can help to achieve resolution of the concern prior to settlement.

Also of importance, as part of my representation of Sellers is the review and explanation of the Uniform Settlement Statement (commonly known as the HUD-1), the document that lists all the expenses of both Seller and Buyer for settlement. In conjunction, if you choose, I can represent you at your settlement, when you close on the property. Having an attorney at settlement can greatly aid in the completion of settlement, should issues arise, they can be resolved with legal representation.

IF YOU ARE FOR SALE BY OWNER (FSBO)

My legal services are particularly helpful for those who are listing their property as a For Sale By Owner (FSBO), without the aid of a broker or real estate salesperson . As a FSBO,it is imperative to retain a lawyer who specifically practices in the area of real estate law to prepare and advise on all of the necessary documents of a real estate transaction. Do not make the mistake of hiring an attorney unfamiliar with the complexities of real estate.

Many FSBO’s engage the services of Internet web sites that aid in listing and selling their property. Those sites, at times, can perform well if you decide that you do not want a real estate professional listing your property. However, absent from those listing services is the component of professional legal advice and services.

Your legal documents are the most important facet of your sale and if not done properly can cause considerable problems. Do not use a generic forms from the Internet or from an office supply store. While those documents may work in a very simplistic transaction, they often lack well established tested language and many important contingencies, which if not properly addressed, often lead to disputes between the parties culminating in litigation.

I am commonly retained by FSBO’s to prepare and review the Agreement of Sale which dictates the terms of the transaction. This document contains comprehensive writing, with time-sensitive dates and contingencies that need to be accurately addressed. Its current version has over 30 paragraphs, many of which contain detailed sub-parts. New Jersey and other states have similarly extensive documents. It is essential as a FSBO to have a competent professional either draft or review the Agreement of Sale. Do not take the word of the Buyer, or their representative; they are not in a position to protect your interest. You need your own representation.

In addition to creating or reviewing the Agreement of Sale, I can provide, explain and review the Seller’s Property Disclosure Statement. This is a required document in most jurisdictions (particularly Pennsylvania) that obligates the Seller to disclose material defects in the property they are selling. In recent years the disclosure statement has become a lightning rod for law suits for the failure of Sellers to adequately disclose defects. Therefore, it is important to have a lawyer advise you in completing this document.

In addition, I can review the title report, if ordered by the Buyer, to look for encumbrances and defects in the title. Also, if you desire, prior to settlement, I can review and explain the Uniform Settlement Statement (the HUD-1), which lists the expenses due of the parties at settlement, and if you choose, I can prepare for and attend the settlement. Legal representation at closing can substantially reduce the chance of the deal failing should any problems arise. An attorney at your side can provide you with peace of mind.

My services depend on how you retain me. Generally, when I represent the buyer, I draft or review the most important part of the transaction, the Agreement of Sale. This document contains, in detail, the terms and conditions of the deal. In Pennsylvania, the standard Pennsylvania Association of Realtors Agreement of Sale has over 30 paragraphs that all contain sub-parts. New Jersey and other states have similarly complex documents. The Agreement of Sale is a detailed document concerning your transaction with specific language, time-sensitive dates and contingencies that need to be accurately addressed. While on its face it appears to be a “fill in the blanks” document, it is not. It contains legally binding language that creates responsibilities for the Buyer.

FOR ALL SELLERS

You will find my fees reasonable and perhaps the best money you spend in selling your real estate.
If you take away one piece of advice from my site as a FSBO it is this: CONTACT ME BEFORE YOU SIGN ANY DOCUMENTS! Your first telephone consultation with me is free at 215-253-8494. Thank you for visiting jafferealestatelaw.com.


SERVING PENNSYLVANIA & SOUTHERN NEW JERSEY