Real Estate Law 102: Legal Issues for Buying a House
Buying or selling a house is a big investment in life. This process can be difficult and stressful. It would be great for both parties if they can close on a property successfully without any tension and costly mistakes. However, the selling and buying process involves intricate laws and both sides will need a quality attorney to handle the matter.
The closing of real estate usually takes place in the presence of the buyer, seller, lawyer, broker and real estate agent. It also involves various types of documentations. Real estate lawyers study all the documentation and confirm that they are free of any legal issues. So hiring a real estate lawyer to assist in property dealings is crucial.
Purchasing a home comprises various legal formalities. Negotiations are usually conducted through the broker. Once an informal agreement is done then formal agreements proceed between seller and buyer. The seller has to come into a written brokerage contract with a real estate agent.
Listing Agreement: This is an agreement signed between the seller and the listing broker. Listing agreement usually comprises of following points.
The length of the listing period should be clearly stated.
Determine the desired sale price and the accepted price.
The amount of the commission is decided.
Both parties should pay keen concentration top listing agreement, it is best to verify the contact with a lawyer.
Purchasing Agreement: The purchasing agreement is very crucial document. Standard printed forms for the purchasing agreement are available but most attorneys prefer a fresh real estate law agreement. This can be amended as per the seller’s and buyer’s desires by a lawyer. This agreement clears any possible doubt such as, what should be the legal consequence if the closing fails, what happens with the down payment and how the payment is to be made.
A Real estate closing purchasing agreement should be clearly discussed as it is a commitment of buyer for financing.
Title search: After the agreements are signed the time comes to transfer the seller’s title of the property to the buyer. Usually a title search is ordered from title insurance company.
The Closing: All the documentation is done and the title is transferred from seller to buyer. Then the buyer pays the purchasing price as per the agreement. A closing statement is made. A court licensed attorney at lawcan help in stating and explaining the nature and amount of closing. The persons present at the time of closing are the buyer, seller, lawyer, real estate broker, title closer and attorney.
Both the parties (seller and buyer) rely on real estate agents, real estate lawyers, and brokers to assist in any documentation and legal issues. They will ensure the validity and legality of the whole procedure. Any legal issue can create problems in finalizing the purchasing process. In most cases these difficulties can lead to a lawsuit so it is crucial to contact an experienced and competent law firm.
The useful information above was contributed by the following attorneys at law:
Real Estate Lawyer Queens R.A Esq. 88-02 136th St Jamaica, NY 11418 (718) 206-1555