There are times during a real estate transaction that questions of law present themselves. Real estate brokers and salespersons are not qualified to give legal advice and answer these types of questions. Our broker’s legal abilities and extensive knowledge of law allows us to perform functions that other brokers cannot, giving us a leg up on our competitors. Precedence Properties is a real estate
brokerage founded and run by attorney Christian McLaughlin and his wife, Danielle McLaughlin. Together they bring over 30 years of legal and real estate experience. McLaughlin understands that your home is either your greatest asset, or in today’s market, it may be your greatest liability. To your average broker the distinction would be insignificant, but to an attorney the distinction is very significant. Buying or selling a home will probably be the largest and most significant purchase or sale that you will make in your life. In the typical home purchase, the seller enters into a brokerage contract with a real estate agent, usually in writing. When the broker finds a potential buyer, negotiations are conducted through the broker. Once an informal agreement is reached, buyer and seller enter into a formal written contract for the sale, the purchase agreement. The buyer then obtains a commitment for financing. Title is searched to satisfy the lender and the buyer. Finally, the property is transferred from the seller to the buyer, and the seller receives the purchase price bargained for in the contract. This seems simple, but if not done correctly the consequences could be disastrous. The broker generally serves the seller, and the lender is obtained by the buyer. Both want to see the deal go through, since that is how they will get paid. It is easy to see that, at a minimum, any real estate transaction involves a combination of contract, agency, real property and tax law. Using a broker who is also a licensed attorney can help you avoid some common problems within a real estate transaction.
