Whether you’re in the market to buy a piece of real estate in Revere, or are thinking about selling real estate, if you’re new to the experience you probably have numerous questions. Fortunately, our Revere real estate lawyer at the office of Deborah Gold-Alexander, Attorney at Law, is available to answer all of your real estate law questions. Consider the following FAQs our clients ask, and call our law office today if you need information about something not listed below–
Should I Waive My Right to Perform a Home Inspection?
Waiving the right to a home inspection is something a seller may certainly ask a buyer to do – this is both very legal and very common. However, our lawyer recommends never waiving your right to a home inspection, even if you feel confident that the home is in good condition, and especially not when the home is dated. If you waive your right to a home inspection as a buyer and a defect on the property is discovered later on, you will have no legal recourse.
Can I Pull Out of the Purchase Agreement?
It is important to note that a purchase agreement that is entered into by a buyer and seller is a binding contract, and breaching the contract can have consequences. That being said, there are some situations in which a contract can be broken.
For buyers, a contract can be terminated when there is a contingency within the contract that allows for such termination. For example, if mold is discovered and the contract says that the discovery of a defect allows the buyer to cancel the contract, the buyer can back out.
Perhaps one of the most critical contingencies in a purchase agreement is the contingency to obtain financing. The date designated for the buyer to obtain an “unconditional” financing commitment is so important that if you that date arrives and you do not have a “clean” “unconditional” financing commitment from your bank or other mortgage lender or financial institution and you do not give proper notice that you have not obtained your financing, you risk losing your entire deposit. If you have a substantial deposit, that could be a large sum of money that you will be forfeiting. Having a competent and experience attorney that is going to “track” your financing commitment date and give proper notice is of utmost importance.
For sellers, pulling out of a purchase agreement is more difficult. In fact, unless the buyer breaches a duty–like making a good faith effort to secure lending in the amount of time required by the contract–there are few scenarios in which a seller can pull out. If you are a seller who wants to cancel a purchase agreement, your best bet is that the buyer is understanding and will allow you to do so.
My New Home Has Mold – Was the Seller Obligated to Disclose this?
If you’ve recently purchased a new home and discovered a defect, such as a leaking roof, mold, or another problem, you may be wondering whether or not the seller was obligated to disclose this, and whether or not you have any legal recourse. The answer is that in the majority of cases, no – you have no legal recourse because the seller had no duty to tell you about the property’s defects. There are a couple of exceptions, of course: in the event that the seller intentionally misrepresented a defect, they can be held liable for this misrepresentation. You can also hold a seller liable for failure to disclose lead paint and the existence of a septic system.
Do I Have to Work with a Lawyer?
Massachusetts law requires that a lawyer is present during the closing process, but working with a lawyer at other stages can prove helpful, too. If you have more questions about buying or selling real estate in Revere or the benefits of working with a Revere real estate lawyer, call Deborah Gold-Alexander, Attorney at Law, today. Deborah Gold-Alexander has over 30 years’ experience in real estate law and can help you to understand the process.