How Can an Attorney Help a Buyer in a Real Estate Transaction?
An attorney can assist a buyer in a real estate transaction in Pennsylvania by providing a range of services that ensure the buyer's interests are protected throughout the process. These services include performing due diligence, ensuring the contract details are accurate, and advising on the buyer's rights under the contract. Due diligence involves investigating the property's condition, confirming the transfer of good and marketable title, and reviewing any potential issues such as open permits or violations, special assessments, and flood zone status. Additionally, the attorney should ensure that the name on the contract matches the name in which the buyer intends to take title and specify the manner in which the buyer intends to take title (e.g., joint tenants, tenants in common). The attorney should also review and confirm lists of included/excluded personal property items and quasi-fixtures, and confirm the purchase price, deposit, and amount of financing.
In more complex transactions, such as those involving condominiums or planned unit developments, the attorney should obtain and review the association's bylaws, rules and regulations, financial statements, budget, and resale certificate. The attorney's role is crucial in navigating the legal complexities and ensuring that the buyer's interests are adequately represented and protected throughout the transaction