Buying or selling a home is often one of individuals’ most significant financial decisions. Hiring an attorney to review, draft, and negotiate a purchase and sale agreement can help protect yourself and your financial interests. Working with an experienced attorney can help you protect your legal and financial interests.
With decades of experience, the Pittsburgh real estate attorneys at Jones, Gregg, Creehan & Gerace LLP are well-equipped to handle your residential real estate transactions. We will meticulously review the specific details of your transaction and draft a comprehensive contract tailored to protect you and meet your needs. We’re ready to assist you in purchasing or selling residential real estate, ensuring you feel confident in your decisions.
What Is a Buy-Sell Agreement for a Residential Home?
A purchase-sale agreement for residential real estate is a binding legal contract between the seller and buyer. Generally, buyers will put forward the terms and conditions of the agreement when they make an official offer on the home. The seller has the right to review the agreement. The seller has the option to accept or reject the agreement. Many sellers will automatically accept the terms proposed by the buyer to complete the sale. However, reviewing the agreement with an experienced attorney can help protect yourself.
As real estate prices continue to increase in many areas, purchasing or selling your home will likely be one of the most significant transactions you’ll make. Taking the time to review the agreement with an attorney will help you make an informed decision. Our attorneys can help you understand your rights and responsibilities under the proposed contracts.
Do I Need an Attorney to Buy or Sell My Home in Pittsburgh?
While it’s not mandatory to have an attorney when buying or selling a home, doing so can be a significant advantage. For many, their home will be their most expensive purchase. Ensuring you enter a fair, legally enforceable purchase and sale agreement can help avoid common pitfalls. In essence, retaining an attorney to review the purchase and sale agreement is a form of insurance against expensive litigation, title problems, and other stressful complications that can arise from poorly written agreements.
While a broker-prepared sales contract may seem straightforward, problems can arise during the transaction or the closing process. In such cases, an attorney’s legal counsel could save you significant money, time, and stress. By having an attorney on your side, you can rest assured that any issues will be promptly addressed, providing you with a sense of relief and security.
Attorneys play a crucial role in preventing problems from arising in the first place. By carefully reviewing important legal documents and identifying potential issues, they can often quickly address problems that come up. Should a problem still arise, your attorney will be able to start working to resolve it in your favor immediately.
How Our Residential Real Estate Attorneys Assist Buyers and Sellers
Our real estate attorneys have extensive firsthand experience handling residential real estate transactions from start to finish. We’ve seen all the common pitfalls that can result in buyers and sellers losing money and time and enduring significant stress after completing the transaction.
We have the experience needed to ensure your interests are protected. Our attorneys will work closely with you to draft all appropriate legal documents. Our real estate practice group will handle every aspect of the purchase-sale agreement process, including, but not limited to, the following:
- Reviewing the agreement closely
- Drafting the appropriate legal documents
- Thoroughly reviewing the title report
- Negotiating due diligence matters, surveys, and property inspections
- Completing the closing documents
Reviewing Proposed Buy-Sell Agreements for Residential Homes
If you’re a seller and you’ve received an offer from a buyer, carefully reviewing the proposed terms of sale is one of the most important steps in the process. Our attorneys can help you understand the terms of the contract. Real estate brokers frequently use standard, boilerplate forms to close the deal more quickly. Boilerplate contracts are so neutral and ambiguous that they may not protect either side, or they may only protect the buyer or the seller. Standard contracts aren’t tailored enough to deal with the unique issues involved with the property or your situation. Our attorneys will work to ensure the contract protects you in light of your situation.
Negotiating a Fair Buy-Sell Agreement for Your Home
As home prices and mortgage rates continue to rise, more sellers are willing to negotiate by paying closing costs for buyers. They may also be more willing to pay for home repairs to close real estate deals. Redfin reported that at the end of 2023, over one-third of residential home sellers gave buyers concessions. Buyers and sellers may only be aware of some negotiating strategies available to pursue a more favorable sale.
Home sellers or buyers represented by seasoned attorneys are usually better able to negotiate a more favorable purchasing agreement than those representing themselves. For example, our attorneys can help sellers negotiate to include home warranties, real estate fixtures, such as built-in bookshelves, closing costs, and home repairs. Our attorneys can help sellers ensure that buyers have adequate financing.
Protecting Homebuyers and Sellers During the Closing Process
Real estate attorneys play an important role in the final stage of buying or selling a home—the closing process. At Jones, Gregg, Creehan & Gerace LLP, we work to ensure the process is legally sound and in compliance with Pennsylvania laws while protecting our client’s interests and facilitating a smooth property transfer.
Our team will ensure all real estate transactions, including the sale and purchase agreement, title documents, and closing statements, are legally compliant and free of red flags. If any contingencies or disputes arise at the last minute, we will help mediate and resolve them in a fair way. Finally, we’ll use our experience and knowledge to reduce the likelihood of unnecessary last-minute problems or delays that can disrupt the home sale.
Contact Our Residential Buy-Sell Agreement Attorney in Pittsburgh
At Jones, Gregg, Creehan & Gerace LLP, we have decades of experience representing homebuyers and sellers in the greater Pittsburgh area. Contact us to learn more about how we can protect you by negotiating and drafting thorough purchase and sale agreements for residential properties.