5 Things To Know About Real Estate Transactions

Are you preparing to sell your house and have questions? Check out these 5 things to know about real estate transactions, then give us a call.

1) How a Real Estate Attorney Helps a Transaction

  • 5 Things To Know About Real Estate TransactionsWhether you are a buyer or a seller, your attorney will assist you from the time you enter the contract all the way through the closing and beyond. Once your attorney receives the contract, he will reach out to you to discuss the contract and its terms, assess your personal situation – whether you will be selling, buying, or renting a home, and whether you’re coming from out of state or moving out of state – to understand how to assist you.
  • Following that conversation, the attorney can prepare the attorney approval letter under the terms of the contract. Then, depending upon whether they’re helping you buy or sell, they’ll pursue the next steps.
  • If you’re the seller, they will ask you to gather and provide certain documents. If you are the purchaser, the next step is the title examination and communication with you about the terms of your mortgage.
  • Your attorney should educate you on the contract, the flow of the contract, any significant or unusual terms, and your obligations under the terms of the agreement.

2) Professionals Involved in a Real Estate Transaction

  • Whether you are a buyer or a seller, several professionals will be working with you as you move through your real estate transaction.
  • If you are a seller, you will have a realtor, an attorney, and a surveyor, as well as a title insurance company that will be retained by your attorney.
  • As a buyer, you will work with a lender, a loan broker, a realtor, a home inspector, an attorney, and an insurance agent.
  • Each person has a different role, but the bottom line is that these professionals should work together to assist you – communicating regularly to make sure you are protected and alleviating any stress you have relating to your transaction.

3) Why You Need a Real Estate Broker

  • Retaining a real estate broker to help you with the sale or purchase of a home gives you access to their expertise in several important areas.
  • They can offer guidance to sellers in establishing a sale price or to buyers in arriving at a purchase price to offer on a house they may want to purchase.
  • That realtor can also share knowledge about various neighborhoods where buyers may consider purchasing and the availability of specific types of homes based on input the buyer’s needs and preferences.

4) What You Need to Remember Before Entering into a Real Estate Contract

  • Entering a contract as the purchaser means you are making an offer to purchase a piece of property.
  • You’ll execute a real estate contract that sets a price and lists any contingencies to your offer and then present it to the seller as an offer.
  • Once the seller gets that offer, they can reject it outright, accept your offer as-is – thereby creating a binding contract, or offer you a counter proposal. If the buyer accepts that counter proposal, it then becomes a binding contract.

5) Ready to Sell Your House? Here’s What You Need to Know

  • When you consider selling your house, the first and foremost, thing to do is select a realtor with whom you are comfortable and discuss the necessary steps to begin the process.
  • That realtor will gather information about recent comparable sales for you to consider as you and the realtor set an appropriate price at which to list your house.
  • You should gather such important legal documents as the title search, survey, tax receipts, and mortgage statement you may have. Assemble a year’s worth of utility bills and give the information to your realtor. During open houses, that gives people an idea of what those costs might be associated if they decide to purchase your home.
  • Determine if there are repairs to be completed before listing the house. You may want to put a fresh coat of paint on something or do other things to add curb appeal and maximize your home’s perceived value.
  • You may also choose to speak with your attorney and gain an understanding of the real estate transaction itself before entering into a contract, during the contract, and what happens at the end of the transaction.

Are you preparing to sell your house and have questions about these 5 things to know about real estate transactions? Watch this educational video by Buffalo Real Estate Attorney Richard H. Cole for advice on how to sell your house.

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