The Role of the Real Estate Lawyer in Sales Contracts

What is the role of a real estate lawyer if you are buying or selling your home? If you are buying a home, one of the important things that you must consider is the contract which must be written in a manner that protects both the buyer and the seller. Back and forth offers and counteroffers are rather common in many real estate transactions prior to an agreement to buy or sell.

Realtors are almost always present in real estate transactions and they usually set the rules and protocols that are followed throughout the entire process. However, if it is a private sale, the contract is written by a lawyer or a notary or both who knows and understands all the legalities involved when acting on behalf of the seller or buyer.

One of the most important things that you should always take into account is to ensure that whatever changes made to an offer should be initialized by both of the parties that are involved in the process. Both parties pertain to the buyer and seller. For example, when an initial offer is made, it means the starting point of the negotiation for the final agreement as to the price of the property. The contract that will be drafted by the real estate lawyer will provide the completion and possession dates.

Completion means that date when the funds will be transferred to the vendor or seller. Possession date is when the property actually changes hands and the buyer can move in. Various subject clauses can be attached to a contract. Subjects are placed in a contract as protection for the buyer’s initial deposit and to allow sufficient time for the buyer to look for financing. The buyer may also require home inspection and various other components that will form part of the offer to purchase.

Property disclosure is another important part of the contract and has to be initialized and signed by the vendor. The document contains all the necessary information with regards to the property. If you are buying property, Real Estate Lawyer in Bangkok provides a one-stop shop advice on every step of the project including property financing and taxation.