The most expensive transaction most people make in their lifetime involves real estate. Keep the following in mind when you decide to buy or sell real estate.
There are many pitfalls to avoid due to the complexity of real estate law. Real Estate litigation is costly and time consuming.
There are Ohio Department of Commerce Regulations, lead paint disclosures, Megan's Law disclosures, radon gas disclosures, “as is” clauses, expense allocation clauses,contingency clauses, “time is of the essence” clauses and many, many more.
A lack of knowledge can cause mistakes that cost thousands of dollars to remedy.
Realtors receive commissions, in most cases involving residential real estate, out of after tax proceeds.
Realtors are not lawyers but use agreements prepared by lawyers.
If problems develop, not only is the realtor paid for finding the buyer, but lawyer fees must be paid in addition, all out of potentially after tax funds.
A real estate lawyer can bring his knowledge to the transaction and potentially eliminate the need for a realtor thereby saving thousands of after tax commission dollars and eliminating error that can cost even more.
Once you have learned to work with a lawyer for your real estate transaction, you can take that knowledge and build on it thereby saving even more after tax proceeds on your next transaction.