The purchase of real estate – whether a family home or a rental property – can be among the most valuable transactions in a person’s lifetime. Ultimately, real estate transactions involve a series of contracts, and the parties to the sale can negotiate terms on sale price, date of transfer, and almost any other provision they can think of.
Reach out to a Kernersville real estate lawyer today to have the legal process behind the transfer of property explained. A member of our legal team could assist with identifying your specific goals, improving your understanding of the laws that govern the transaction, and protect your interests every step of the way.
It can be tempting to think of a real estate sale as a simple transfer of property ownership from one party to another. However, state law imposes certain restrictions on the sale of real estate and places obligations on sellers to properly represent their ability to sell land and disclose that land’s condition.
An attorney with experience in real estate may be able to help during this process. For example, a seller may be claiming to sell land with a clean and free title. While they may believe this to be true, it is always advisable to let legal counsel perform a title search of the land’s legal status. Similar investigations by a lawyer can help determine the true boundaries of the land or whether any easements or restrictions exist.
Additionally, if you are taking out a mortgage to purchase your home, your lender will require a title search and subsequent title insurance policy. This process requires the involvement of an attorney to certify there are no title defects prior to closing or to remedy any that may exist.
An attorney could also help buyers and sellers alike better understand the state’s laws concerning proper disclosure. The Residential Property Disclosure Act, codified under North Carolina General Statute §47E-4, says that prospective sellers of residential land have a duty to provide information about the condition of the land using a state-approved disclosure form. A Kernersville real estate lawyer could help sellers complete this requirement or help buyers interpret the information that a seller has provided.
Once a potential buyer agrees to purchase the property in question, it is necessary to draft contracts to effectuate this sale. There is no specific form that a real estate contract must take, and the terms are always open for negotiation. Parties may choose to negotiate on a variety of clauses, including:
Having an advocate in one’s corner during this process is essential. A real estate attorney could help identify a realistic negotiating strategy and approach the bargaining table from a position of strength. Finally, they could help ensure that all contracts meet the necessary legal standards and proper execution occurs for residential real estate transfers.
Parties will also need to sign and execute closing documents, such as a deed and closing disclosure, in a real estate transaction. A real estate attorney in Kernersville will ensure that the documents are correct and perform the task both parties are expecting. They can also help explain any documents provided by the buyer’s lender and answer any questions about their obligations.
The transfer of ownership rights to real estate can be a complex legal undertaking. Not only does this process require knowledge of applicable real estate laws, but it also necessitates your ability to fight for your interests in a contract. If you are planning to buy or sell residential property, our Kernersville real estate lawyers may be able to help. Give us a call now to schedule a consultation.