Purchase Sale Transactions
Many real estate purchase/sale transactions in Arizona are handled by the parties’ respective real estate agent/broker, who normally uses boiler-plate real estate purchase/sale contracts provided by the Arizona Department of Real Estate. While the use of such boiler-plate real estate contracts may suffice in certain basic transactions, mostly in the residential market, the parties to such real estate purchase/sale transactions are strongly advised to have a real estate lawyer review and revise the pertinent contract provisions. Specifically, and at a minimum, a real estate lawyer should be involved in order to assure that the representations made by each party, and their respective obligations under the real estate purchase agreement, accurately reflect the parties’ understandings leading up to the real estate closing, and further protects their respective rights in the title to the underlying property.
In the commercial setting, the use of real estate attorneys becomes more crucial, as the investment values in such commercial real estate properties are usually higher than the typical residential investment, and may often involve other legal issues, such as powers of attorneys in transactions where an entity’s representative may be granted authority to execute the transaction on the entity’s behalf; and/or the assignment of existing leases from the property seller to the new buyer.
The Scottsdale real estate attorneys at Bar Urness guide our clients through the real estate purchase process, and help assure that our clients are able to not only avoid common pitfalls that may otherwise affect title or other rights in the purchased property, but that our clients’ best interests are protected at all times during a seemingly standard real estate purchase/sale transaction.
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