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Information Overview

  Real Estate Transactions

 

   Legal Focused Topics 

Structural Failures and/or Collapses
Mold Liability and Management
Construction/Building Claims and Disputes
Bid Protests and Disputes
Construction Mediation
Construction Insurance Procurement and Negotiations
Contract Law
Property Law
Fair Housing Act
Eminent Domain
Landlord Tenant Law
Fair Housing Act
Covenants and Conditions

  Insurance Topics

Insurance Coverage and Disputes
Homeowner’s Insurance
Home Title Insurance

  General R/E Topics

Dual Agency
Real Estate Development
Real Estate Overview
Real Estate Transactions
Home Inspection
Real Estate Agent
Real Estate Broker
Zoning and Permits
Deed of Trust

  Finance Topics

Fannie Mae
Taxpayer Relief Act
Real Estate Investment
Real Estate Property Tax Planning and Appeal
Real Estate Finance
Fixed Rate Mortgages
Adjustable Rate Mortgage
Liens
Promissory Note
Refinancing
Foreclosures
Mortgage Broker
 

Any purchase or sale of real property is executed by signing a contract or deal document, which then becomes a public property. This is termed as a real estate transaction. These are governed by the common law property law and the state statutory. These state laws may differ from one state to another. Also, the agreement between the buyer and seller is governed by the contract law, which requires the contracts to be in writing. Moreover, according to the real estate contract law, the title to the real property being sold should be marketable, and the buyer should not have any undisclosed interests in the property.

A real estate transaction usually involves a seller, buyer and a real estate broker/agent. The agent/broker acts as an intermediary in the transaction, and is usually appointed by the seller. He helps in getting potential buyers for the property, and is paid a commission on the deal. The broker and seller are bound by a contract which can be open, and the broker is paid only if he gets a buyer or it can be exclusive where the broker is paid even if the seller gets a buyer without the agent’s help. The real estate transaction also involves a number of real estate agents who provides his services to a licensed real estate broker, and earns a part of commission on the deal fixed by him.

The price of a property in a real estate transaction is suggested by the agent/ broker, who are well-versed with the current market situation. The real estate transaction/documents are published in newspapers and put up on websites, for public interest, since they are a form of legal documents and a part of public record. However, one can prevent their documents from being public in certain cases to maintain privacy. In such cases it is required to consult one’s legal attorney.

Before a real estate deal is closed, and the transaction is completed, it is necessary to verify all the information, and ensure that all the terms and conditions of the contract are met by both the parties. Often the real estate agent/broker plays part in closing a deal, if not a legal attorney.

 
 

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