Purchasing a home, getting a mortgage or selling property are all one of the most challenging decisions that a person has to make at a certain point in their life. These decisions have to be carried out with a degree of care and meticulous attention to detail, as one mistake during real estate transactions can prove to be quite detrimental for everyone involved.
The law that governs real estate transactions comprises of various statues and precedents; this law comprehensively encompasses the rights allotted to each party associated with the real estate transaction. Understanding the nuances of these transactions can be quite challenging; this is exactly why we at CARLAW have articulated a guide to simplify the law that governs real estate transaction as follows:
Purchasing property is an intricate process which is governed by many different regulations and prerequisites that are imposed by law. A potential buyer will have to make an offer through an agent who will convey the offer to the seller and this initiates a purchase cycle. Once the seller has agreed to the offered price, a contract will be drafted to set out all of the terms and conditions of the purchase.
By law, many aspects of the transaction have to be mentioned in the contract or it could be deemed void if different regulations are not met. It is imperative that you equip yourself with an lawyer if you are interested in purchasing property as only experienced professionals can make sure that the contract encompasses all of your rights. Furthermore, only a lawyer can fully understand a contract and make sure that there are no clauses which might induce problems.
Most real estate purchases are done via a bank mortgage. A mortgage is basically a bank loan where the borrower will have to make monthly payments and offer collateral in exchange for the loan. In most cases a lien is allotted for the property being purchased and different payment rates are offered according to the down payment and the amount of the loan offered.
Again, understanding mortgages or receiving the best rate out there can be quite difficult as banks will do everything in their power to make sure that loan is best for their interests. This is exactly why it is imperative that you contact a real estate lawyer as they can help make sure that all your rights are protected during this process.
Selling property is another transaction which is extensively covered by different regulations. There are many different prerequisites which have to be met for a party to effectively transfer the title of a property to another individual. The contract itself will have to be drafted according to the specifications laid down by the law.
Only a real estate lawyer can help you draft an accurate contract and help you effectively transfer the legal and equitable title of a property to another individual. Any mistake in these contracts could render the sale void and lead to different problems which might discourage the buyer!
These three real estate transactions are only a glimpse into the array of transactions that will require an lawyer in order to protect your rights! So if you are currently involved in any type of property transaction please call 905-553-2572 to get in touch with a lawyer specializing in real estate transactions at CARR LAW.