REAL ESTATE PURCHASE TRANSACTIONS

In California purchases of property are generally negotiated by real estate brokers. Attorneys generally do not play a part in single family home purchases. However, when the property for sale is commercial or the multi unit residential income type additional scrutiny is required along with the preparation of custom crafted documentation and counsel for the parties become a necessity for a successful consummation of the deal. No matter the type of property it is illegal for real estate brokers to draft up documentation to consummate real estate transactions other than filling in the blanks of common boiler plate purchase contracts provided specifically for Realtors.

Even in a regular real estate transaction, not involving income property, it is sometimes a good idea at some stage in the purchase transaction for either or both seller and buyer to hire counsel. This especially with being the case when matters get complicated and it looks like a breach is likely to occur or has already occurred by either party. The parties maybe deadlocked and not sure how to proceed and the brokers don’t appear to have the answers, or maybe the closing date has come and gone without the closing. Things can go wrong fast and hiring counsel at that stage would be most prudent and probably save higher costs later on (e.g. in defending and losing on a suit).