Makowski Law Offices
Pamela Walker Makowski, Attorney at Law
P.O. Box 6312
Columbus, OH 43206
216-780-0105
614-245-0223 (facsimile)
- thoughtful, caring legal advice during life's most stressful times.
Whether you are buying a small investment property, a business property or a home for yourself, there are many issues that come up in real estate transactions. Often people are handed a fistful of papers at the closing and are asked to sign. And sign away they do. And then later, when an issue arises, the show up at the attorney's office. Often it is too late, but that depends on the particular situation as well.
Even in the sale of property, there are some considerations that might have long lasting impact. What is the nature of the title that is being sought? What are your legal responsibilities once you have signed the deed over?
There might even be issues that arise in a re-financing, particularly if subordination of liens is an issue.
At any rate, consider the amount of funds at stake and then consider the peace of mind you will have once you have an attorney explain it to you. However, here are some commonly asked questions that might provide useful information to you.
Yes, sometimes you just have to grin and bear it, particularly if the property has some unique characteristic that makes this transaction perfect. But if you are doing a short sale or something a little out of the ordinary, it would be worth it to have an attorney look it over and explain things. And sometimes documents can be modified. These are supposed to be "arms length" transactions, meaning that you had a say in the terms of the sale. Again, if you are the least bit uncomfortable with the language, you should consult with an attorney.
Often the documents are presented for the first time at the closing. That is not always necessary. We have requested to see the documents prior to closing so that we can review them with our client, and that request has been honored. The review does not take very long unless something is really amiss. This is the way, however, to make sure that you know what you are getting into and to request changes. By the way, even though most of these documents are boilerplate, we have spotted mistakes in them and have had to take steps to get them corrected.
Usually, if the offer specified subject to the inspection, this opens the door to renegotiation. How much will the problem cost? That is an amount that could be put in escrow to assure that it will get fixed, but you have to have a pretty good idea of the actual amount so that you don't have too little deposited, if you are the buyer, or too much, if you are the seller.
In addition, before you even get to the inspection, you need to make sure that the conditions are put into the offer to purchase. If anything seems a little shaky or gives you some concern, you need to address it right up front.
Again, these are all reasons that consulting with an attorney can be helpful.
Maybe. It depends on what was represented. However, in Ohio, the sales contract usually says that there were no other representations that were not included in the language of the sale contract. In other words, what people said is not necessarily binding. Now sometimes you can pursue a fraud claim, but the most important thing is to make sure that everything you relied on to make your decision, whether selling or buying, is in the final written sales contract. That is the best way to protect yourself. And if in doubt, make sure that you consult with an attorney before entering into the sale contract. Some problems that may seem minor can become huge over time.
Legal advice can only come from an attorney who is familiar with the area of law and familiar with your particular situation. A number of attorneys, including me, do not charge for the initial consultation. The information contained here is not legal advice, and is provided just to make you aware that you do have options. Please consult with an experienced attorney before making these significant, potentiall life-changing decisions.
Do you need to contact an attorney?
Everything here is just legal information and not legal advice. You should treat it as such. You should consult with a lawyer before applying this information to a specific situation. Of course, I hope that you will contact me, which you can do so by calling me at 216-780-0105 or emailing me by clicking here.
A word of warning (or, actually, many words of warning):
All of this information has been provided just to make you aware of the various options under Ohio law. This is legal information, not legal advice. An attorney-client relationship is not established just because you are reading this or even just because you contact me. Also, I am not responsible for content of material you may find by following the links not am I endorsing those sites since I do not control those other websites. I am providing these links just to give you access to more information. Do not send me confidential information until an attorney client relationship is established. When you contact me, we can set up a time to talk more in depth, at which point your information will be confidential.
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The information contained herein is intended to provide broad, general information about the law. Before applying this information to a specific legal problem, you are urged to seek advice from an attorney.