Residential Real Estate Transactions

Residential Real Estate Transactions are an essential part when it comes to any real estate transaction. A home purchase is, for most individuals, the single most important transaction they will make in their entire life. And even if one is buying residential real estate to use as a rental property or to fix it up and resell in a hurry, there are significant hazards to watch out for that potentially cost many resources. In addition, the sale of residential real estate is subject to many legally mandated regulations, many of which are subject to regular revision. If one is unaware of such standards and neglects to adhere to them, the transaction will not go through, or one will be exposed to significant post-sale liabilities. The path to the successful acquisition or transfer of residential property may be paved with the help of experts in the legal elements of purchasing and selling real estate.

Residential Real Estate Transactions Issues

Numerous errors may occur during residential real estate transactions, often breaking the real estate sale or purchase. Regardless of the magnitude of these errors, they may deter the trade from occurring. As a result, there is a need to involve a lawyer in residential real estate transactions. According attorneys for residential real estate transactions carefully go through all details in the sale or purchase of the property. The goal is to make sure that the sellers or buyers are informed of everything they need to know while abiding by all specified legal requirements. Moreover, the attorneys ensure that their clients get what they are entitled to from the transaction. For example, Seattle Real Estate Law Group a Seattle lawyer for residential real estate transactions, offers such services within the region, helping her clients comprehend the legal regulations that apply to the areas.

Avert unforeseen residential real estate transaction problems

Before finalizing the acquisition of a piece of real estate, a buyer should perform due diligence,” in which they learn all there is to know about the asset in question. When the research is done thoroughly, one can avert unforeseen problems like finding out, sometimes not until well after the acquisition, that the property is not what it looked to be. In such circumstances, it may be challenging, if not impossible, to make a lawsuit against the vendor successfully. For this reason, it is of the utmost importance to protect oneself before the deal is finalized. However, it is advisable that when choosing a lawyer in such situations, one select a lawyer that has handled similar previous cases. Everyone engaging in a residential real estate transaction expects the best from the transaction with little or no hindrance or misunderstandings. Residential real estate lawyers negotiate the transaction terms on behalf of their lawyers (buyers or sellers) to ensure that the transaction runs smoothly.

 

Real Estate Purchase Agreements

Residential Purchase and Sale Agreements.  A residential purchase and sale agreement, or PSA, is a document that is written up and signed after a buyer and seller mutually agree on the price and terms of a residential real estate transaction. In the state of Washington, the format of a single-family home purchase contract is different than a condominium purchase contract.

The purchase and sale agreement includes details like the purchase price, earnest money deposit, closing date, inspection and financing contingencies, and specific terms such as the possession date and other terms the buyer and seller have agreed upon. The residential purchase and sale agreement is the document whereby the seller and buyer agree on the terms for purchasing the home and sets the transaction in motion toward the closing.

Off-Market Sales

An Off-Market Sale is a real estate sale that does not include a real estate broker.  It includes “For Sale By Owner Sales” and sales from a Landlord to a Tenant.  Seattle real estate lawyer Scott Scher has decades of experience in Off-Market Sales and membership in both the Northwest MLS and Commercial Brokers Association. We will spend the time necessary to understand your real estate sale or purchase and advise you on every detail of the transaction from the purchase and sale agreement, escrow and title process, through the final closing date.

Understand Leases & Contracts

When purchasing real property that already has tenants occupying it, it is imperative that one carefully reviews any current leases and contracts so that you are aware of your legal authority as the new owner. If a tenant is already living on the property, your ownership of the property is likely subject to their tenant rights and the tenant will be able to continue residing in the property after closing. This situation must be analyzed prior to closing the purchase of the property to ensure a client’s expectations are realistic and the property’s rental status is clearly defined.