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Common Real Estate Legal Jargon: and Interview with Dan Corley of McGrath Lawn Firm

By Dan Corley

The McGrath Law Firm was founded by Peter McGrath approximately 19 years ago. The McGrath Law Firm has offices in Concord, New Hampshire and Mt. Pleasant, South Carolina which specialize in real estate litigation, commercial and residential closings. It is helpful if a buyer or seller is familiar with real estate law prior to working with an attorney to understand what their rights are when entering into a transaction. An important aspect of any transaction is to investigate the condition of the real estate that is being purchased. Every purchaser should have a home inspector go through the home to make sure there are no unsafe and hidden conditions that exist. Some of these conditions are infestation, the structural integrity of the building, lead paint, mold and radon problems.

Further, a septic inspection is a must. Usually, the boiler plate purchase and sales agreement used by most attorneys and real estate brokers provide a period of time to conduct an inspection upon which the purchase is contingent. If there is a problem with your septic system, or a mold or lead paint condition is discovered, you may require a specialist, such as an engineer to determine the condition, risk and cost of repair.

An escalating problem in the real estate world is "mold". There have been several recent cases handled by the McGrath Law Firm whereby the purchaser was required to leave the home upon discovering mold conditions which resulted in respiratory injuries. Mold is usually caused by either a long term water source problem or contaminated sheetrock installed with existing mold. Unfortunately, most insurance companies will not cover the cost of removing mold. They consider the condition to be "pre­existing". It is better to have a simple air/mold test conducted prior to purchasing a property. It is further necessary to consult with an attorney to review the mortgage terms, the closing costs and the financial obligations of the transaction. An attorney will help guide the purchaser through the process from the purchase and sale agreement to closing.

Purchasing a home is an exciting time for new home buyers and it is better to be cautious and spend the extra money to get proper advice and to conduct the necessary tests to determine if this is the right home for you. Purchasing a home is the biggest investment people make and it is always better to be on the safe side. The McGrath Law Firm is happy to answer any questions. For more information on Daniel Corley and the McGrath Law Firm, visit www.mcgrathlawfirm.com. Daniel Corley has been in real estate practice for about 30 years and is licensed in New York and New Hampshire and has assisted many families in purchasing their dream home

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