The purchase of residential real estate usually involves three parties: the buyer, the seller, and the lender. This can make things complex. Plus, the law that governs real estate transactions is different from the law governing other kinds of purchases. The buying and selling of property, whether a primary residence, vacation home, or investment property, is one of the largest financial commitments most individuals will ever make and it can be one of the most stressful projects a buyer or seller can undertake.
Once an owner decides to sell a property, he or she generally lists the property with a real estate broker. After the property is listed, a “buyer” will make a formal offer that is secured by a deposit. If the property owner accepts the offer, a contract, which is usually prepared by the buyer’s realtor, sets forth the rights and obligations of both parties with regard to the sale of the property. That contract is subject to a three-day attorney review period during which either buyer’s attorney or seller’s attorney can disapprove the contract and terminate it or begin to negotiate changes to it. Once the changes to the contract are successfully negotiated or the three days pass without the contract being disapproved, the contract becomes binding. You aren’t required to use a residential real estate broker when buying, selling, or leasing a home. The decision to use a broker is a personal one that usually depends on the amount of free time you have, your knowledge of the real estate market and the legal challenges you’ll face along the way.
The law surrounding problems that can arise during the purchase of residential real estate is complicated. Plus, the facts of each case are unique. This article provides a brief, general introduction to the topic. When problems arise, it might be wise to hire an attorney to help you through the process and look out for your interests. Residential real estate attorneys at Law firm BARAM & KAISER, ESQS, Attorneys at Law can assist and advise homeowners at all stages of property ownership, including negotiating, drafting and reviewing purchase agreements; applying for zoning variances; appealing property tax assessments; clearing liens; exploring options to prevent foreclosure; defending homeowners during foreclosure proceedings; and representing homeowners in the event of defect non-disclosure litigation. Residential real estate lawyers can also represent either landlords or renters on lease negotiations, if landlord-tenant disputes occur or in the event of eviction proceedings.