Real Estate Transactions

Real estate law includes both federal and state issues, with the state rules varying widely from jurisdiction to jurisdiction. These state and federal laws encompass everything from ownership of land and buildings to related issues such as financing, leasing, construction, taxes, and environmental laws. A competent and experienced real estate attorney can protect a party’s interests in both routine and complex transactions and disputes.

Brokers – A seller may employ a real estate broker to solicit potential buyers for his or her property. As an agent, a real estate broker or sales person has duties and obligations to the person who hired him or her. Some brokers serve as transaction brokers with limited responsibilities to buyer and seller. Sullivan, Admire & Sullivan, P.A. can assist you by reviewing a brokerage listing agreement and acquainting you with the responsibilities of real estate brokers and other parties to a real estate transaction.

Real Estate Contracts and Transfers - The agreement to sell between a real estate buyer and seller is governed by the general principles of contract law. The statute of frauds requires that real property contracts be in writing. To pass title, the seller must execute and deliver a deed with a proper description of the land. Many states require that the deed be officially recorded to establish ownership of the property and to provide notice of its transfer to subsequent purchasers.

Mortgages – A borrower typically repays a mortgage loan in installments that include both interest and principal. If the borrower does not make payments, foreclosure can result with the lender declaring the entire mortgage debt due immediately. Failure to pay the mortgage debt once foreclosure occurs results in the sale of the property to satisfy any remaining mortgage debt. If a lender is threatening foreclosure, a borrower should immediately contact a competent and experienced real estate attorney to protect the borrower’s interests and pursue all available recourses.

Home Improvements – A home improvement project can be a good experience, but there are many challenges and legal issues involved with using a contractor. An attorney who understands home improvement law can help make your experience a positive one.