A real estate purchase is often the most significant and expensive purchase a person will make in his or her lifetime. After locating a residential property in Wisconsin, buyers submit to sellers an Offer to Purchase, generally on Form WB-11. Real estate licensees are vital to helping the process run smoothly, and good agents are knowledgeable of the market and the law. In most situations, it would be foolish not to enter into an agency agreement with a great real estate agent.
Even though real estate licensees do a lot of great work, the scope of what they can do is limited in some respects. For example, REEB 16.05 prohibits licensees from providing legal advice or opinions regarding the legal rights or obligations of parties to a transaction. Licensees can fill out pre-approved forms but cannot interpret the language within those forms.
Considering the amount at stake, it is imperative to protect your interests. There is great temptation in wanting to save a couple bucks by going at it alone and cutting out the costs of hiring an attorney to review your documents. But this effort to save a couple hundred dollars today can often result in disaster and potentially cost you tens of thousands of dollars down the road. At a minimum, you should consider having an attorney at least review and explain your rights and obligations under what might possibly be the biggest contract you ever sign in your life!
Contract drafting and interpretation can become quite complicated. Attorneys are trained to interpret and apply this language to the individual circumstances of a given case, and thus we consider not only the present but also the future implications of clauses and their meanings. Don’t risk your future when there are professionals ready, willing, and able to help!