Real estate law can be complex, especially when there are multiple parties involved or you’re dealing with something new. Even if you’re a seasoned real estate professional, it’s always important to stay up-to-date on the latest developments in your area of expertise.
Failing To Properly Define And Limit The Scope Of The Contract
While it may seem obvious that you need to define exactly what your contract is for, many people overlook this step. If you don’t include specific details in your contract, then there will be no way of knowing what is expected or required of each party, said Wade kricken. This can lead to major problems down the road when someone tries to enforce their rights under such an ambiguous agreement.
In addition, it’s important that any real estate contract include a deadline for completion–and if possible, penalties for noncompliance with those deadlines (such as liquidated damages).
Failing To Manage Client Conflicts Of Interest
A conflict of interest is when a lawyer’s personal interests interfere with the lawyer’s professional responsibilities to a client. Conflicts of interest are common in real estate transactions, especially those involving multiple parties or properties. For example, Wade kricken if you hire me as your real estate attorney and also ask me to represent one of your neighbors who wants to buy the same property from you, then we have conflicting interests because my duty as an attorney would be compromised if I were able to advise both sides equally well.
Neglecting To Keep Up On The Latest Real Estate Law Updates
In the real estate world, there are many things that you will have to keep up on the latest information about. This includes:
• The law and what is happening in your area
• What’s happening in the real estate industry as a whole
• Updates on how your own business is doing or how it can improve (or even if it needs improvement)