After unprecedented intervention by the U.S. Federal Reserve, the housing market is finally cooling off. Rising interest rates and still-high home prices are behind the slowdown.
In January, sales were down 27% in Pennsylvania from the prior year. In December, less than 9,200 homes were sold.
However, sales typically decline in the winter months. Home transactions are expected to rise again as interest rates peak and homes become more affordable.
Legal issues are one potential obstacle that could disrupt your home sale. Read on to learn when to hire a real estate attorney. Explore five everyday situations that leave buyers and sellers searching for a “real estate attorney near me.”
1. Misrepresentation
Each real estate listing includes a detailed accounting of the home’s technical specifications. This provides information on the home’s roof, foundation, square footage, and more.
Buyers carefully use this information to find a home that meets their needs. For example, many buyers are concerned with the age of the home’s roof.
What if the buyer provides incorrect information on the age of the roof? Consider a situation where the buyer discloses that the roof is ten years old. When the home inspector takes a look, they conclude the roof is much older than ten years.
This may cause a significant issue for the buyer. This scenario is just one possible example, and many more like it. To navigate situations like these, a real estate lawyer is necessary.
2. Inspection Issues
During the inspection, an experienced professional carefully reviews the house’s exterior and interior. They inspect all the major systems in the house, including electrical, plumbing, and more. Appliances, windows, and the roof are also items an inspector typically reviews.
What happens when the inspector identifies a significant issue in the home? For example, the inspector discovers mold on the foundation in the crawl space.
Your real estate lawyer will take the lead in resolving this problem. Whether getting the seller to pay for mitigation or backing out of the deal, your lawyer’s participation is critical.
3. Fair Housing Violations
Federal, state, and local governments have taken action to protect discriminated groups of people—for example, laws on books that prevent gender or sexual discrimination.
A real estate listing may call for no children. This seemingly ordinary statement could violate a state’s fair housing laws and trigger legal intervention.
4. Environmental Issues
State and local governments take environmental issues seriously. They do not want to see houses trading hands with known problems like mold, asbestos, or lead-based paint.
Therefore, some laws and regulations require disclosure of environmental issues like lead-based paint. You will need an attorney if a seller fails to disclose or remedy ecological problems.
Your Guide to Issues That Require a Real Estate Attorney
You now have an answer to what a real estate attorney does. They help buyers and sellers navigate issues on significant contractual problems and get you to closing.
If you are looking for the best real estate attorney, contact us today to schedule an appointment.