It is often more effective, both in substance and cost, to use a lawyer before trouble starts. When considering transaction or a major change in your business or personal life then it may be a good time to seek the assistance of an attorney. Such a change may be buying or selling real estate, financing and changes to your real estate, whether it be improvements or boundary line adjustments.
These types of changes may pose risk as there are often traps for the unwary. Seeking an firm that regularly handles certain types of transactions can greatly mitigate these risks. Generally when people enter into a given transaction they are optimistic that everyone involved with do as they promise. Often, if people do, then all is well in the world. However, the grim reality is that from time to time the best laid plans go astray. By contemplating what may go wrong, it will allow us to put you in a better position to address the situation.
Nearly every transaction will require some level of due diligence to make sure the funds, ownership status and representations are true and accurate. This can be accomplished by performing title searches, preparing purchase and sale agreements, title insurance, preparation or review of leases, review of zoning or private encumbrances. Before investing in such due diligence, it normally makes sense to have a Purchase and Sale Agreement in place. This will confirm that the buyer has the right to buy after performing the research and the seller will be obligated to sell. Investing in this much of an investigation only to have the seller refuse to sell or unjustly increase the selling price would be maddening. For this reason, we often start with a Purchase and Sales Agreement then proceed with the due diligence in an effort to keep all parties expectations in check and confirm the legal obligation to proceed.