ClickCease
Hex Element
Jan 10, 2022
Published by Ammoree Amankwah
Category: Buying, Selling

Navigating the Legalities of a Real Estate Transaction

As a Realtor with a background in law, I am acutely aware of the consequences legal missteps can have on a home sale or purchase. In fact, it is wise to think of any real estate transaction as a legal transaction. The documents, requirements, and laws pertaining to property ownership are legally binding and require careful consideration at every step of the process.

 First and foremost, always be confident you understand what you are signing. This advice does not only apply to the contract, but to all the other documents pertaining to the transaction. The representation agreement you have with your Realtor, inspections, and  lending documents are only a few examples of the various things you may be required to sign. Realtors have a term for the mountain of paperwork entailed in getting property bought or sold – “pushing the papers”. There are so many documents involved in a real estate deal, sometimes it seems the only thing happening is papers being slid around a table. It can become tempting to detach and blindly sign away – but don’t. Arm yourself with knowledge. When you don’t feel confident about what your are signing, seek legal advice.

 In spite of the daunting legalities of buying or selling a home, you have the power to make it as stress-free as possible. Preparation goes a long way. During every step of the process, assume there will be something requiring your signature. To avoid having to sign documents in a rush, ask for paperwork ahead of time. Go over it carefully, and what you don’t understand, ask an expert. The most considerable amount of paperwork usually happens at closing. Obtain copies of it before closing day, and especially go through the monetary amounts and information filled in specifically for your transaction.

Some real estate deals are more complex than others. To be legally protected and in compliance with the tax consequences of property transition, you may need the advice of a real estate lawyer or an accountant. As your Realtor, if I don’t know the answer to your questions, I will refer you to the professionals who do.

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Ammoree Amankwah