What You Need to Know Before Buying or Selling Property

Buying or selling property is a huge undertaking. The majority of Americans only do it a few times throughout their entire lives. A mistake can have long-lasting financial ramifications. If you are considering buying or selling property in Eastern Pennsylvania, you should contact an experienced real estate attorney.

Five Things You Should Know

• Purchase agreement: The purchase agreement is the single most important document associated with a real estate transaction. A well-drafted purchase agreement will consider every potential issue and will protect both the buyer and the seller. It is often best to have an attorney draft a purchase agreement that is tailored to your individual transaction. At the very least, an experienced real estate attorney should always review your purchase agreement, or any other contract, before you actually sign. Whether you are buying or selling the property, you need to be certain that your purchase agreement includes important protections. For example, the buyer needs protection in case the property does not pass an inspection, while the seller needs to be aware of how they are protected in case the buyer’s financing falls through. Both sides need to know exactly what they are getting into, and what their rights are in case a dispute arises.
• Financing: Most real estate buyers finance a substantial portion of the purchase. As a buyer, it is important to make sure that you have your financing in order. For the seller, it is critical that the purchase agreement contains explicit provisions for what happens if a buyer fails to secure adequate financing. Unfortunately, that does happen.
• Tax Consequences: Real estate transactions can sometimes have significant tax consequences. The buyer will want to be aware of how a home purchase will affect their tax situation going forward. But, the tax issue is even more important for the seller, as there can be immediate effects. A home sale may trigger capital gains taxes. A real estate attorney can help prepare you for the tax consequences of a property sale and help you structure the deal to make sure that you are not subject to an unfair level of taxation.
• Title: A property’s ‘title’ is how legal ownership is officially confirmed. A real estate attorney will ensure that a title search is performed on the property to ensure that there are no title defects.
• Closing: This is when title will transfer from the seller to the buyer. During closing, the deed and other important documents will be finalized. The process can be complicated and confusing, but it is the last hurdle. If everything has been carefully prepared ahead of time, the closing process will be smooth and exciting.

Contact an Experienced Pennsylvania Real Estate Attorney

At Randy H. Kaplan Law Offices we can handle all of your real estate needs. Our experienced team diligently negotiates, drafts, and reviews all necessary real estate documents. In the case that a dispute arises, we will aggressively protect your legal rights. If you are planning on buying or selling real estate in Pennsylvania, contact our office online or by calling 215-576-8870 for a free legal consultation