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Smith Welch Webb & White Blog

Monday, March 17, 2014

Risks of DIY or Generic Real Estate Contracts

Many homeowners in Georgia are resourceful do-it-yourselfers, but DIY and generic real estate contracts can leave buyers and sellers vulnerable to very expensive problems. You can protect yourself by working with an experienced real estate attorney to draft or review your real estate contract.

Reviewing your Real Estate Contract:

I’ve worked with many real estate agents in the Henry, Lamar and Butts County area, and they can usually supply a template real estate contract that works as a good starting point.  However, it’s still smart to have an experienced real estate attorney review and customize a generic contract prior to closing to ensure that you are fully protected. 

Some generic contracts are customized with special addendums.  For buyers, special addendums are a section where they can virtually ask for anything they want (from a new coat of paint to a new roof).  Sellers need to thoroughly understand and agree to all of the terms of any addendums before signing, and therefore obligating themselves to fulfilling those requests.  Having an attorney simply review an existing real estate contract is relatively inexpensive and will ensure that you are not exposed to unwanted (and expensive!) obligations in the near future. 

Drafting your Real Estate Contract:

Successful For Sale By Owners (FSBOs) are a thrifty way to sell real estate. However, since there is no real estate agent to oversee seller disclosures and other items, it’s even more important that buyers and sellers protect their own interests by working with a real estate attorney on a real estate contract.  All real estate contracts should include an inspection clause, but it is especially important when buying a FSBO property.  A good contract will open up the transaction for further negotiations after a professional home inspection. 

Overall, working with a real estate attorney is a small investment that can potentially save you big bucks when buying or selling your home.   

For more information on this topic, email Scott Mayfield at smayfield@smithwelchlaw.com or call him at 770-358-3630. Smith, Welch, Webb and White is recognized as a premier law firm throughout the state of Georgia. We have an uncompromising commitment to serving our clients and our community. Our team of experts routinely handles a wide range of legal matters, and will provide outstanding service for you, your family or your business.

 

Any representations regarding the law in this Blog is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney client relationship between you and the Blog publisher. The Blog should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.


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