A real estate sale involves a contract, in which the property costs and transaction conditions are listed. A real estate contract serves as the sealing agreement between the buyer and property seller. If a property is under a contractor, it means that the seller has signed the contract and it has been sent to the buying party. The role played by a real estate contract lawyer during the process of buying or selling a home makes him an excellent addition to your team. Like any other law aspect, real estate contract law should be left to the experts.
Unless you’re legally entitled to practice real estate contract law in your state, you’ll need professional help. Here are some of the details that your attorney will take care of.
The services of a real estate contract lawyer may be helpful especially if you have any questions regarding the selling or buying price and other issues. Speaking to an experienced attorney about any issues and concerns during the pre-negotiation part ensures that each party understands everything before being bound by a contract. You’ll be comfortable concerning certain questions you may have about the property sale.
Drafting the Real Estate Contract
A real estate lawyer first drafts a real estate contract and then it’s approved by both local and national real estate board. This contract includes sections stating the duties and rights of both the buyer and seller. What the agreement should include may vary in different states, but there are vital pieces of information that should be included in all real estate contracts.
The names of the buyer and seller and an in-depth description of the property on sale are crucial pieces of information that the contract should include. The sale price should be indicated, as well as the binder fee or earnest money amount. The closing date should also be stated. And of course, for a valid contract, the seller and buyer signatures should be present.
Reviewing the Contract
Your real estate contract attorney will review the contract of sale and purchase and advice of potential issues. The seller is typically responsible for preparing the transfer, which is a document that transfers the title of the property from the seller to the buyer.
They’ll review transfer documents received from the buyer’s lawyer, which includes the statement of adjustments which shows debits and credits for buyer and seller, for items such as property price, property tax, tenant rent or damage deposits, commissions to be paid to realtors, down payment paid by the buyer and title transfer.
They will speak to the buyer’s lawyer if necessary and fix any problems or concerns concerning the accuracy of figures and or title issues.
Closing the Sale
Closing the sale is the final step in a real estate property sale. This is where the property deed is signed and sent to the buyer, indicating the transfer of ownership. A real estate lawyer ensures that all closing documents are available, accurate and the closing is appropriately executed. Should you have any final questions regarding the sale or closing documents, the attorney will answer them for you. He also ensures that the purchase funds have been received from the buyer.
A real estate sale is a complex process that involves lots of complexities. These are just some but not all roles played by a real estate contract lawyer. Getting the help of these professionals ensures that all legal aspects are followed, and the sale is completed without lots of hassles.