Once you have reached a basic agreement with a potential buyer you must exchange the name, address, phone number and other contact information for the lawyer's who will be involved in the closing of the sale.
The buyer will have his lawyer draft up the details of a purchase and sales agreement based on what you have agreed to during your negotiations and then send this agreement over to your lawyer's office.
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Your lawyer will then get in contact with you so you can review the agreement together. It is at this point that your selection of real estate lawyer will prove to be to your benefit or a very costly mistake. Your lawyer should be able to point out any potential pitfalls or clauses in the sales agreement that are not in your favor and amend the agreement until you are happy with it.
After you review and amend the agreement your lawyer will return it to the buyer's lawyer for review. This process will continue back and forth until all parties agree to all details contained in the purchase and sales agreement.
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