Beaverton Real Estate: The Legal Side of Real Estate, Part 1
By Ken Reetz
Buying a home will involve a Purchase Agreement that forms a written and binding contract between the Buyer and Seller. Both parties should know how to manage their risk.
This is the first article in a series that will address common issues, but nothing here should be considered legal advice or opinion – for that you need an attorney. These are great lessons in Risk Management and Due Diligence straight from the desk of real estate attorney Kate Brooke.
Question: How can a Seller terminate a Purchase Agreement?
Kate’s Answer: “Buyers have contingencies. Generally, sellers do not. Therefore, once your seller signs a purchase and sale agreement, the seller likely has no option to terminate the contract unless the buyer agrees to terminate or the buyer has breached the contract’s terms…”
Question: An Unmarried Couple wish to purchase a home together – what is best practice?
Kate’s Answer: “If your clients are an unmarried couple, they should not purchase real property together without having a Tenants In Common (TIC) agreement to guide them in case of a break up, disability, long term illness…”
Coming in the next months:
- The right way to handle Multiple Offers
- When is a “Cash Offer” NOT cash?
- Best practice when purchasing “SOLD AS IS” property
- And more…