Real Estate Transactions
Trying to navigate a real estate transaction without a real estate attorney is akin to climbing the Matterhorn without a Sherpa to guide you. The complexities of a real estate transaction are that way as there are three legal jurisdictions involved: the federal government, the state government, and local government as well as common law. Moreover, state laws differ in the states as far as real estate goes. You need a real estate attorney to protect your rights in such a complicated legal transaction.
The first step of a legal transaction is the contract between the seller and the real estate agent. It is a wise seller who sees areal estate attorney before engaging a real estate agent. The agent’s marketing plan, commission, length of engagement and disclosure if they are representing both buyer and seller need as well as other term need a contract.
A real estate attorney to make sure that what you agreed to verbally is what is in the contract should then review the contract. It is a small price to pay to know that if your agent is not performing as required, you can fire them.
Federal law comes into play due to the Fair Housing Act. It prohibits a seller from not selling to a person due to race, religion or national origin. Often sellers get pressure from neighbors not to sell to a certain buyer – they claim they want to protect their property values. If you plan to refuse a bona fide offer for any reason, first discuss this issue with your real estate attorney to make sure your reasons are legal.
Contract law applies to all real estate transactions. Simply put, all real estate transactions are under the terms of a written contract. A qualified real estate attorney is best consulted before signing such an agreement to protect their rights.
For a seller to actually sell property he must prove that he has the title to the property – in other words proof that he owns it. The title needs to be unencumbered for the sale to go ahead. Generally a Title Insurance Company or an attorney will investigate to make sure that the seller has clear possession of the title.
Most buyers get a mortgage to finance the buying of real property. These documents are complex and are best reviewed by an attorney.
A closing is a meeting where the documents get signed. It is not uncommon for a buyer or a seller to be absent but allow their attorney to make sure that all documents are correct and the attorney will execute them on behalf of his client if he has power of attorney.
For strong representation from a lawyer dedicated to maximizing your benefits, call Foth & Foth Co., LPA, now at 440-846-0000. There is no obligation to hire, and we collect no fees unless we make a recovery or settlement on your behalf.