Whether purchasing a home, selling a home, or entering into a complex commercial property agreement, real estate transactions are exciting! This excitement can quickly turn to disappointment, however, when simple, avoidable errors cause your real estate transaction to fall apart. If you are a potential purchaser or seller of residential or commercial property in Georgia, review the following reasons that real estate transactions fail, and meet with a Georgia real estate attorney as soon as possible to increase your odds of a successful purchase or sale.
Doing it yourself
Sellers often try to save on real estate commission and attorney fees by selling their homes themselves. While this sometimes works, the lack of guidance from an experienced Georgia real estate attorney or real estate agent often results in failed transactions. It’s highly recommended that you obtain the services of a Georgia real estate attorney when selling or buying a property.
Poorly drafted conditions
Conditions and contingencies in a real estate contract must be properly drafted to ensure that the transaction is successful. Common contingencies include escrow conditions, acceptance of inspection reports, and title-related issues. If these issues aren’t properly addressed, the entire transaction can fall apart. In order to ensure that your real estate contract is properly drafted, ask your real estate agent or Georgia real estate attorney for guidance.
Refusing to negotiate
Good negotiators know that every transaction is a process of give and take, with each side typically needing to make small concessions to the other to keep the deal alive. In other words, every real estate transaction is negotiable. Inflexible buyers and sellers may lead to failed transactions.
The purpose of a home inspection is to ensure that the property is in good condition prior to closing. If an inspection report reveals problems that the purchaser wasn’t aware of when he or she made the offer, this could lead to the failure of the transaction.
Georgia Real Estate Attorneys
Are you planning on purchasing or selling property in Georgia? If so, you should hire an experienced Georgia real estate attorney to assist you with the transaction. At Klosinski Overstreet, LLP, we will assist you with all legal aspects of your residential or commercial real estate transaction. Our Georgia real estate attorneys have experience facilitating the purchase and sale of many types of properties, including single-family homes, condominiums, multifamily homes, retail centers, office buildings, hotels, apartment complexes, and vacant property slated for development. Therefore, if you are planning on buying or selling residential or commercial real estate of any kind in the state of Georgia, please contact us as soon as possible for a consultation.