"It's ironic

that with so much money at stake, and after many

days of searching for the right home at the right

price, a home buyer would sign something without

a second glance," says Richard Roll,

president of American Homeowners Association.

"Home buyers are well advised to get their

contracts reviewed by real estate attorneys prior

to signing." For information, go to

https://www.ahahome.com

Standard sales

contracts are generally accepted in the real

estate industry by buyers and sellers, as well

they should be. To a point, the basic contract

approved by state and local real estate boards

serves everyone well.

The problem is that

in a standard real estate transaction, it's not

the job of the agent presenting the contract to

look out for the buyer's interests - not

unless the buyer has hired a buyer's broker

specifically for that purpose.

Neither is the

settlement attorney looking specifically for

loopholes that might hurt the buyer. The

settlement attorney handles the final transaction

on behalf of all parties. The home buyer needs a

separate legal review.

In some cases, home

buyers don't realize their risk until it's too

late - their financing falls through for

whatever reason, so they default on the contract

and forfeit thousands of dollars in deposit

money. Or a repair problem causes a dispute about

the condition of the home. Ironically, just a

simple provision in the contract can prevent

major problems, if you let a lawyer review it for

you.

Another way to

protect yourself is to make sure the lender has

fully approved your loan, before you sign the

sales contract. The lending business is booming,

and a busy lender might issue a quick commitment

letter after only a cursory review of your

financial situation. Later on, if they find

something they don't like after reviewing your

loan application, they can refuse to close on the

loan.