Real estate can be a complicated business; there are so many details and wrinkles you have to smooth out before you can actually move into a new home. From hiring an agent, to finding that perfect dream home, not to mention the process of financing and making an offer to purchase, finally getting to the contract stage can be time-consuming and complex. But when you do make a formal offer to buy the home you want to buy, you will end up reading and filling out a lot of paperwork specifying the terms and conditions of your offer. Aside from obvious items like the address and purchase price of the property, here are some more nuanced items you should be sure to include in your real estate purchase contract. In legalese, these are called contingencies that are written in to your real estate contract. A residential real estate purchase agreement is a binding contract between a seller and buyer for the ownership transfer of real property. The agreement outlines the terms, such as the sales price and any contingencies leading up to the closing date. Duties of a Real Estate LawyerHowever, real estate transactions often represent the most expensive transaction that a person makes. Spending the extra funds to ensure that the job is done right is often a prudent choice. Real estate lawyers help in the following ways when you are purchasing or selling a home: • Reviewing Liens: A real estate lawyer often conducts a title search on a property to determine if there are any encumbrances against it or anything that is clouding the title. This search helps clarify whether the seller has the legal right to sell the property and whether there is anything that may block the sale. For example, the seller may be required to pay off a lien or judgment before selling the home. A real estate lawyer can also secure proof that the judgment or lien has been satisfied. • Recording: Property law is full of cases involving properties that were purchased but no deed was ever recorded, creating legal nightmares for buyers. A real estate lawyer can ensure that the deed is properly filed and recorded. If a deed is not properly recorded, the buyer may not be considered the legal owner. His or her income and estate taxes may be levied. Types of Real Estate ContractsThere are several types of real estate contracts, and it is important to know that contracts are necessary for real estate deals. A contract is a legally enforceable document between two or more people. The contract consists of an offer, acceptance, consideration, legal capacity, and legality of purpose. Real Estate Purchase Contract Or Purchase AgreementA purchase agreement is the most common type of real estate agreement. This contract specifies the details regarding the sale of property. It will include the address of the property, the price, names of both parties, signatures of both parties, and the closing date. Real Estate Assignment ContractA Real Estate Assignment Contract is used in a wholesale investment purchase. This could include distressed properties that are secured and then assigned to another buyer. There are certain terms added to this type of contract, as the term “assigns” is the common word used to differentiate it as an assignment contract. Real Estate Lease AgreementThis is a contract that binds an owner and a renter to the property. Therefore, the proper owner (referred to as a landlord) enters into an agreement with a tenant (the lessee) to reside in the home at a specified monthly rate. Additional items to be included in this agreement include payment of utilities and the security deposit. It’s important to ensure important items are mentioned in the lease agreement to prevent future legal disputes. Power of Attorney For Real EstateWhile a Power of Attorney is generally not used in a real estate contract, such documents could be used in situations if a party is unable to sign the contract, i.e. party is not physically in the country to sign, or has a mental disability. In this case, the party can hire another party to act as the power of attorney to sign on his or her behalf. This type of contract can also be beneficial if you are the property owner of several investment (rental) properties or if you are carrying for an older parent or family member who might not have the ability to sign the contract. Real Estate Lawyer Requirements: First of all, they help you protect yourself. When you’re signing contracts, you want to know just what you’re getting yourself into. Unless you have a legal background, you’ll likely need professional assistance from an attorney. Additionally, an attorney can be a great source of advice. They can help with negotiations, getting a better deal, and closing the property with ease. This is often much-needed peace of mind since they can provide more legal insight than your real estate agent. Real Estate Contract LawyerWhen you need legal help with a real estate contract (or REPC) in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
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