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How do I protect my interests when I own or want to
buy real property?
Why do I need an attorney for my real estate transaction?
How important are Restrictive Covenants when it comes
to buying a home?
How do I protect my interests when I own or want to
buy real property?
Real estate transactions can involve a great deal of "small
print". Most real estate transactions are long term
and costly commitments; it is crucial that you enter
the transaction knowing it is accurate, legal and exactly
what you want. A Marsh, Higgins, Beaty & Hatch, P.C. Attorney can provide the legal advice and real estate
documents to assure satisfaction.
* Sales & Purchases
* Boundary Disputes
* Real Estate Contracts
* Foreclosure & Forfeiture
* Construction Matters
Why do I need an attorney for my real estate transaction?
For most of us, the purchase and/or sale of real property
is one of the most significant investment transactions
we will make during our lifetimes. Needless to say,
it just makes sense that you have a competent real
estate attorney represent you, or at a minimum review
the transaction for you to assure you that it is being
done right! The process of purchasing and/or selling
real property is usually commenced by the execution
of an earnest money agreement formally known as a Real
Estate Purchase and Sale Agreement (RESPA). A RESPA
is executed after negotiations have been conducted
between the buyer and seller over purchase price, payment
terms, deposit of earnest money and conditions for
either retaining or refunding the earnest money, contingencies
for purchase and/or sale, representations as to certain
physical conditions of the property itself, payment
of closing costs, closing and possession dates, and
remedies in the event of default. The seller must also
provide the buyer with a statutory disclosure statement
for most residential transactions. A RESPA must contain
all material terms of the transaction. However, it
is important to note that a RESPA containing all material
terms is a binding and enforceable contract once executed
by the parties. There have been numerous times our
clients have requested one of our attorneys to review
an executed RESPA, and we have had to tell them that
the terms are already binding upon them. If the circumstances
dictate that you must execute a RESPA prior to review
by an attorney, it would be prudent to negotiate and
provide for a contingency that the agreement is subject
to review by your attorney. This will provide you with
a means of getting out of the transaction if your attorney
discovers adverse terms which you were not aware of
or did not understand. A consultation with a competent
real estate attorney to review a RESPA before you are
to be bound by such an agreement is cheap insurance
against potential problems resulting from a bad real
estate transaction. At Marsh, Higgins, Beaty & Hatch, P.C., Michael
Higgins is a skilled attorney with more that sixteen
years of real estate law experience in transactions
ranging from simple residential to residential subdivisions
to million dollar commercial shopping malls.
How important are Restrictive
Covenants when it comes to buying a home?
The answer quite
simply is that restrictive covenants are very important
when determining whether or not to purchase a home subject
to such restrictions. Homeowners, all too often, underestimate
the significance of such restrictions that will attach
to their property indefinitely or until revoked by the
granting party.
Restrictive covenants are a double-ended sword for many
homeowners or perspective homeowners. These covenants
help to protect the subdivision and homeowners from "undesirable
activities" or "nuisances" which might
occur in the area. Such "undesirable activities" could
include; A neighbor painting his/her house fluorescent
green, a neighbor putting in large flood lights to protect
his/her prized gnome collection which sits in the front
yard, or even a neighbor moving in who decides to "remodel" his/her
home and consequently constructs a three-story tepee.
Granted, these illustrations may be extreme, but they
help to point out what many restrictive covenants attempt
to do. Ultimately, many restrictive covenants attempt
to keep the neighborhood esthetically beautiful and peaceful
for all homeowners.
Conversely, restrictive covenants may make it difficult
for an individual to so much as put in shrubs in his/her
front yard or even put up a white picket fence. Often,
a individual who desires to make changes or alterations
to his/her own property must undergo a strenuous process
which includes getting approval from neighbors you may
not particularly like or even get along with. Homeowners,
and perspective homeowners, should be aware that because
of restrictive covenants, particularly from a "Homeowner's
Association", much of what can be done with your
own property will require neighborhood politicking.
Make sure when determining whether or not to purchase
a home, to ask the real estate agent as well as title
insurance company whether or not restrictive covenants
are currently attached to the property. Make sure you
have in writing whether or not any restrictive covenants
are attached to the property. If so, make certain you
know exactly what those restrictions are and what they
mean. It cannot be stressed enough, read and make sure
you know what type of restrictions apply and what is
needed for approval under the covenants. Most of all,
if you have any questions or concerns, stop, ask an attorney
before you sign any agreement or contract which involves
restrictive covenants attached to your property.
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