If you’re experienced in real estate transactions, and in particular with purchasing vacant land, you may feel comfortable making an offer on your own or through a real estate agent. Otherwise, it’s a good idea to have a lawyer review your bid offer and Purchase and Sales Agreement, or for a little more money, to have the lawyer draft his or her own bid offer.
Also remember that however professional and friendly the real estate agent may be, the agent typically works for the seller and has a legal fiduciary obligation to act in the financial best interests of the seller, not in your best interest.
After signing the Purchase and Sales Agreement , the buyer typically hires an attorney to conduct or arrange for a title search and to handle the closing. On a piece of land with a lot of unanswered questions, I’d strongly suggest talking to a lawyer before making a bid.
A lawyer will be able to advise you about any clouds on the title, deed restrictions, or zoning issues that may affect your ability to develop the land as planned.
In most cases, you will not know everything about a parcel before bidding. For one thing, you do not want to spend any money on investigations before your bid is accepted. The remaining unknowns should be added to your bid offer as contingencies and investigated only if the bid is accepted
We can help you structure the offer with the right contingencies, and the proper escrow arrangement, to protect you and your earnest money if the property doesn’t meet your needs upon closer inspection.
As your attorney, I am on your side and can help streamline the process and help you avoid unique problems before they get the chance to derail your project, and your long-term real estate goals.
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