The real estate market in Rhode Island is active, as many homes that would have been listed earlier in the year are being listed and sold now as a result of the Covid-19 pandemic. In a market like this, homes are often sold quickly after they are listed, and anyone interested in buying a property in Rhode Island should be prepared to move quickly if they wish to make a purchase. A recently published article by a professional association discusses the basic steps and players in a real estate transaction.
The article notes that in addition to the buyer and seller, there may also be real estate agents, attorneys, and other professionals involved in a Rhode Island real estate transaction. Although both parties can hire a real estate broker, the majority of brokers work for the seller of a property, and are essentially salespersons. Buyers should be cautious and use discretion when evaluating the claims of real estate brokers. While brokers are not permitted to misrepresent material facts concerning a piece of real estate or a transaction, they have an incentive to make a sale, and are often not held to as high of a standard as a real estate attorney.
The purchaser of a home can best protect their rights and interests in a real estate transaction by retaining a Rhode Island real estate attorney. An attorney can represent a home buyer through all phases of a real estate transaction, helping them ensure, with the help of other experts, that the property being purchased is free of encumbrances or other defects, and that all documents are prepared and executed properly to protect the buyer’s rights and ownership interest.
An experienced attorney will help their client coordinate a thorough home inspection to ensure that the structure is safe, and free of any hidden defects or liabilities that could result in unexpected expenses if undiscovered. An attorney can also perform a title inspection to ensure that the seller actually owns the property, and that it is free of any unnoticed encumbrances, such as unpaid taxes, or easements that can affect the value and utility of the property. An attorney may advise the buyer to purchase title insurance for purchased property to protect from possible errors or fraudulent activity concerning the title.
Unless a home is being purchased with cash, a buyer will need to secure financing through a bank or other mortgage holder in order to complete a transaction. The terms of a mortgage can be difficult to understand, and a real estate attorney should review the agreement and be present at the time of closing to protect the buyer’s interest and ensure the terms of a mortgage are legal and fair.
Are You Looking for a Rhode Island Real Estate Attorney?
If you or a loved one is considering purchasing a home or other property, retaining an experienced Rhode Island real estate attorney early in the process is one of the best ways to protect your rights and ensure that the transaction proceeds smoothly and in accordance with your expectations and desires. The Rhode Island real estate attorneys at Bilodeau Capalbo advise and represent both buyers and sellers at all stages of a real estate transaction. Our assistance can give you peace of mind to proceed with your desired purchase. Contact us for a consultation with a qualified Rhode Island real estate attorney today at 401-300-4055.