100 Real Estate Tips in 100 Days

Attorney is not required for a closing in Colorado (Day 8 )

Over the ensuing half century, the 1957 decision has had the effect of making the average real estate licensee more capable and more liable
than is common in most states.  Although the consumer is free to retain legal counsel in a real estate transaction, it is not common for consumers to do so in
most residential transactions.

In recent times, the complexity of the contract and attendant disclosure documents have served to make the standard forms challenging for the consumer to fully appreciate the intricacies of today's real estate transaction, and there are times when an attorney with a real estate specialization can benefit the transaction.  And, of course, there is the danger that the licensee may slip into the practice of law, however innocently, and this must be guarded against.

As things stand today, most residential real estate transactions close successfully without the need for attorney's on either side, and seldom with long term negative legal implications for either buyer or seller.

Too often, the consumer is more interested in the price or terms of a proposed contract to buy real estate, and pays little attention to the many other contract considerations.  The consumer should receive a proper explanation of the contract from the licensee, and should be comfortable in their understanding of the contact and disclosures.

Copyright Kristal Kraft ~ all Rights Reserved

 

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