LEGAL: Being Street Smart about Real Estate

Get Real about Property!
Travels through Real Estate Law by Tom Brodersen, Esq.

Some of my early life’s training was as a police officer for the city of Chicago. Let me tell you, it was an invaluable education.

Later, I had occasion to teach my young son how to live safely in the city, i.e., how to be “street smart.”

The essence of the lesson was this: people who well-know where they are, what they’re doing and what is going on around them didn’t unexpectedly turn into “victims.” Not like those that walked down the street like tourists, lost in distant thoughts, or worst of all, detached from the moment, staring at their phone or some other distraction. My point was, you can’t know exactly where you are in detail, who is ahead and behind you on the street, and what all is happening around you, without that firm knowledge of time and place being apparent to all who are watching you, including those who would choose you as their next victim, or choose the next guy instead.

My point now is that transacting business deals in the world of residential real estate is no different. The people around you, your negotiating partners, i.e., parties, agents and vendors are, in that sense, like the people on the street in the big city. They can tell if you are diligently focused on getting all of the information, doing your due diligence in depth, and protecting your rights every step of the way, or, if like most people, you allow what may be familiar to become taken for granted. After all, familiarity breeds contempt.

Remember always that there is no such thing as a “standard contract,” whether you’re talking about listing contracts, sale contracts, or agreements to use vendors. There are better and worse versions of each kind of contract, as well as tricky terms to understand, if you hope to deal with everyone else on a level playing field. And each kind of contract tends to contain terms that you really don’t want to agree to, such as arbitration clauses, limitations of liability, exceptions or complex procedures.

It is fundamental not only that you read and understand every word of everything you sign, but that you keep a copy of everything and, most importantly, that you get advice before you sign agreements, not after.  

If you’re thinking of buying or selling property, talk to a real estate attorney first. He (or she) will tell you what to look out for, the questions to ask, and what pitfalls to avoid. You are entitled to peace of mind.

ANDERSON & BRODERSEN, P.A., 350 Corey Avenue, St. Pete Beach, FL  33706 (727) 363-6100 www.PropertyLawGroup.com

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