Monday, May 18, 2009

Excellent Site for Those Selling a Home

1129 Lower Main StWailuku, HI 96793(808) 242-7222
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Writing The Sale Contract
By Poelman & Langa, Attorneys
So you have successfully marketed your home on your own. You have a buyer at your price.
What now?
First thing, put the deal in writing and get his signature on the contract. That contract is crucial. It fixes your rights and obligations and if done right, it assures that your deal will go through to closing without grief and anxiety. "Whoa there," you say, "I'm not that expert in writing contracts."
Never fear, that's what your lawyer is for. His job is to guide you through the thickets of contract law, statutory disclosure requirements, and other arcane things that no normal person wants to be familiar with.
Most attorneys prepare real estate contracts on an hourly or a flat fee basis. You should avoid an attorney who expects a real estate commission, if you are the one who actually markets the property.
Often, the quickest and easiest way to get your contract in writing is to take your buyer by the hand and take him to your lawyer's office, where you can get help in the writing and signing. Many of our clients find this the most efficient and convenient way to nail down a sale. Sometimes, though, it's not possible, or you're not conveniently near your lawyer's office.
For those occasions it is useful to have some blank forms on hand. That's what the realtors do, but their forms, unfortunately, are an abomination. They call their form the DROA, but might better call it the Quagmire.
The realtors' form was written by their lawyers to protect the realtors, not their clients. Many years ago the realtors had a fairly good form that was two sides of a single page. It was handy and did work pretty well for buyers and sellers. Some lawyers still maintain a supply of those old forms for use by their clients, and if you can get copies of that form you may find it adequate, with some obvious modifications.
There are also forms available at stores like Office Max that may do the job with some minor modifications, and most lawyers have developed forms of their own that they can give their clients for signing up buyers. A copy of a real estate contract form that is legal in Hawaii can be found on this web site. Like all other forms, this one, too, will normally need modifications to fit the transaction.
But filling in the blanks is not always as easy as it sounds. Your lawyer is always going to be more comfortable with a process in which he can see what you are going to sign before you sign it.
In our next article we will discuss the statutory disclosure requirements that sometimes are a trap for the unwary.
Of course, the information in this article is general only. If you have more questions, we suggest you consult an attorney that practices real estate law.
©Poelman & Langa (808) 242-7222, 1129 E. Lower Main Street, #104, Wailuku, Maui, HI 96793
Sanford J. Langa, born in Puunene, Maui, graduated cum laude from Harvard and from the University of California at Berkeley law school. He has maintained his law practice in Wailuku since 1959.
Lloyd A. Poelman, born in Richland, Washington, graduated magna cum laude from the University of Utah and from Brigham Young University law school. He has been practicing in Hawaii since 1991.

Writing the Sale Contract
Real Estate Contract Form
Take My Hand
A Helping Hand in Escrow
Do You Need a Survey?
The Problem of Disclosure
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(more to come)
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