Are you aware of the role a real estate attorney plays after your property inspection? Post-inspection negotiations can be confusing as it involves significant matters like plumbing and HVAC systems. An attorney helps determine what issues are severe enough to request repairs or credits. This expertise is needed in both residential and commercial transactions, especially in today’s competitive market. Watch our video to learn more about how a real estate attorney can assist you!
Once you’re under contract and have completed inspections, negotiating repairs or credits becomes highly important. Most real estate board contracts encourage buyers to ask for repairs on significant components of the home, such as plumbing, electrical systems, HVAC, and the roof. This is where an attorney can help you determine which issues are severe enough to warrant a request for repairs or, in some cases, credits.
Cosmetic issues, like minor aesthetic problems, are typically not addressed in these negotiations and are not supposed to be requested as part of the contract. Given the current seller’s market in 2024, buyers need to be strategic about what they ask for to avoid jeopardizing the deal.
For commercial properties, contracts tend to be more ambiguous and open-ended regarding what can be requested for repair, replacement, or credits. However, the principles of negotiating these items in commercial transactions are quite similar to those in residential transactions, focusing on significant and essential components.
What sets me apart as a real estate attorney is my extensive personal experience in buying, selling, flipping houses, and owning rental properties. This hands-on experience gives me unique insights into the issues that arise after inspections and how best to address them.
If you need assistance with your real estate transaction, give us a call at (847) 577-4476. We are here to help ensure your negotiations and transactions proceed smoothly. Thank you for considering the Good Law Group for your real estate needs.
