Submitted by Anonymous on Wed, 01/26/2011 - 10:38
Posted in
I paid my attorney a couple hundred bucks to look at my Purchase and Sale Agreement for a house we're buying before signing it and now I'm wondering why I bothered. He sent it back saying it was fine without making any changes. I thought there were always issues with the standard P & S Agreement and that they usually favor sellers. So what happened? Did I get ripped off?
Review of P & S by Lawyer
No, you didn't get ripped off. I always recommend that those about to purchase real estate have an attorney review the purchase and sale agreement (and the offer to purchase, as well). As to your situation, I can't give you much useful information, because I have not seen the document in question. Yes, most attorneys will tell you that certain changes should be made to the standard Purchase and Sale Agreement to cater to the needs of the buyer. Attorneys will often point to such matters as inserting a mechanism for required seller repairs, septic system/Title V compliance, radon gas testing, dealing with any UFFI insulation, and issues with mortgage rate expiration. However, different forms of P & S agreements abound, and it is possible that yours was OK. Presumably, if any problems arise with the purchase and sale agreement that your attorney should have picked-up on, he will help you resolve them. If he overlooked a major problem that cannot be easily resolved, and if his actions or inactions amount to professional negligence, then you will have recourse against him. Hope the purchase goes well.