Why is it important for the buyer/seller to have representation?
Your real estate attorney is there to help you through this process so that you do not agree to conditions that are not in your best interest and to make sure that all of your conditions and protections have been included from the beginning through the end of the process.
Once you sign an offer you have started the process. You have certain rights and duties from that day forward. The next step is then to sign the purchase and sale agreement.
These forms are usually generated in blank to favor the Seller. Therefore as the Buyer it is especially important that you have included proper conditions which can effect when and how you can get out of the contract depending on things such as the home inspection and financing.
The final step is the closing. Shortly prior to closing, you will get a settlement sheet showing all costs to both parties. This is when you need to be sure the proper deductions have been charged for the closing costs, fees, taxes and insurance. This is also the time when you have to decide whether or not you want to purchase buyer’s title insurance.
Title insurance protects your investment as long as you own the property for relatively little cost. Therefore I recommend all buyers purchase buyer’s title insurance. Regardless, you will have to pay for lender’s title insurance, if you are taking a mortgage for the lender’s protection.
What is the typical process when dealing with a buyer/seller client?
Ideally you want to meet with your real estate attorney before you sign anything otherwise the best we can do is provide damage control or enforce the rights and duties you have already agreed to.