Define: Real Estate Transactions

Generally, once you sign a purchase agreement, it becomes legally binding. However, there may be certain contingencies or conditions that allow you to back out, such as a failed inspection or inability to secure financing.

A real estate agent acts as a mediator between the buyer and seller, helping to negotiate terms, prepare necessary documents, and ensure a smooth transaction. They are not legal professionals but can provide guidance on the process.

Both mortgage and deed of trust are used to secure a loan for a real estate purchase. The main difference is that a mortgage involves two parties (borrower and lender), while a deed of trust involves three parties (borrower, lender, and trustee).

A title search is a thorough examination of public records to ensure that the property being sold has a clear and marketable title. It is important to identify any existing liens, encumbrances, or ownership disputes that could affect the buyer’s rights to the property.

A closing disclosure is a document that outlines the final terms of the mortgage loan, including the loan amount, interest rate, closing costs, and other fees. It should be provided to the buyer at least three business days before the closing date.

When buying a property in an HOA, it is important to review the association’s rules, regulations, and financial health. Potential legal issues may include disputes with the HOA, non-compliance with rules, or unexpected special assessments.

Joint tenancy is a form of co-ownership where each party has an equal share and right of survivorship, meaning if one owner passes away, their share automatically transfers to the remaining owners. Tenancy in common allows for unequal ownership shares and does not include the right of survivorship.

A contingency is a condition that must be met for the contract to be binding. Common contingencies include obtaining financing, satisfactory home inspection results, or the sale of the buyer’s current property.

Sellers have a legal obligation to disclose any known defects or issues with the property. Failure to disclose can lead to legal disputes and potential liability for the seller.

A real estate attorney can provide legal advice, review contracts, ensure compliance with local laws and regulations, and handle any legal issues that may arise during the transaction. Their expertise can help protect your interests and ensure a smooth closing process.