Legal Question in Real Estate Law in Pennsylvania
My parents and an old neighbor are about to switch houses so he can come back to the neighborhood and they can move to the 50+ community he lives in. They live about a mile apart and their houses are of equal value. What should I be most vigilant about legally if anything?
1 Answer from Attorneys
EVERYTHING! The 50+ community probably has all kinds of covenants and regulations that your parents will be bound by and may not really want to be, and they should also be making all of the due diligence inspections that a buyer would when buying any new home. If they haven't bought a home within the last 5 years or so, the transaction has changed tremendously since they last bought one, and they should definitely have an experienced real estate lawyer representing them, as should the other party. There a re conflicts of interest if the same lawyer represents them both. Unless you yourself are a real estate lawyer, I don't know how effectively you can be vigilant "legally" on their behalf.
THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.
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