For some people, the buying or selling of property may be the biggest financial transaction in which they are ever involved. Real estate transactions are typically high-value exchanges, and they can also be an emotional decision. Because of what all is at stake and the complications that can arise, it is important for Michigan residents to protect themselves during real estate transactions.
Legal professionals who deal with real estate transactions expect to attend to certain services on behalf of the buyer or the seller. One expected service is the drafting a sales agreement, and both the buyer and seller need to review the document with their counsel so that they are aware of what is actually in the agreement. Negotiations pertaining to certain sticking points may also need legal intervention.
However, unexpected issues may arise that require legal intervention. If a poor inspection occurred, there may be specific repairs or items that need to be negotiated if the real estate transaction is to continue. One example of an inspection issue that can put the brakes on the entire transaction is the discovery of hazardous material on the property.
The success of real estate transactions depends on a number of variables. Small issues can arise that may lengthen the process, or a major issue may derail the whole transaction all together. The support and guidance of a legal professional who has experience dealing with real estate transactions in Michigan can be necessary to ensure the rights of a buyer or seller are protected throughout the process. Our website has more information about real estate transactions in general and why legal guidance may be beneficial.