Real Estate Transactions

Purchases and Sales: Commercial and Residential Real Estate Transactions

A real estate transaction may be best described as a process wherein the ownership or rights to real property are transferred from one or more party to another. Whether a real estate transaction involves commercial or residential property, it may be complex for various reasons. The value of the transaction itself is a factor, as are the laws and government regulations pertaining to the matter and the complexity of transferring property rights. There are costs, regulations and legal proceedings to consider, making it all the more important to approach a real estate transaction with full knowledge of one's rights and responsibilities.

Working with a real estate attorney may be beneficial in addressing your transaction, which is why we recommend conducting a search for a local law firm. You can also review helpful information related to the various types of real estate transactions and key subjects related to these:

Real Estate Sales
Commercial and residential real estate sales can be complex for a seller. The seller will need to determine what the property is worth and how to effectively market it. The seller may need to consider whether to hire a broker and/or real estate lawyer to facilitate the transaction. A broker can handle marketing the property and negotiating offers, for example. It is important for a seller to consider what price will be best based on the fair value of the property and his or her financial interests.

Real Estate Purchases
As a homebuyer or business looking to purchase commercial property, there are specific matters to consider. It may start with determining what you can afford and deciding whether to seek professional help from a broker and attorney. From there, you will need to find a property you wish to purchase, make an offer and negotiate a reasonable agreement with the seller. Because this will likely be one of the largest purchases you will make in your lifetime, it is important to approach it with care.

Home Inspections
Property inspections are one of the most important aspects of a real estate transaction. The property will need to be thoroughly inspected, by a professional, to determine whether there are any defects or issues that will need to be addressed. The buyer and seller may need to determine how to address repairing defects found, if any.

Title and Deed Reviews
A thorough and proper review of the deed and title are crucial in any real estate transaction. The language on a deed can be complex, making it easy for a buyer or seller to miss an important clause that affects the entire transaction. The title must also be reviewed to ensure ownership can be properly transferred to the new owner. A real estate attorney can provide invaluable services related to title and deed reviews, helping a property buyer or seller ensure their transaction is legally sound and in their best interests.

Types of Mortgages
There are different types of mortgage loans that a prospective homebuyer may wish to consider before purchasing a home. There are two primary categories of loans: fixed rate and adjustable rate. Under these, there are many sub-categories. The particular type of loan that is right for a buyer may depend on their financial situation, the type and value of property involved and whether they qualify for special government programs or assistance.

What to Expect at Closing
The conclusion of a real estate transaction involves a specific process typically referred to as "closing." Closing costs and the steps involved will vary depending on the type and value of the purchase or sale as well as the jurisdiction. The process begins when you sign a purchase agreement and will end approximately 4 to 8 weeks later, when you finalize the sale and ownership of the property is actually transferred. Because a closing can be complex and may involve various fees and legal documents, it is helpful to get professional assistance and information.

Why a Lawyer for a Real Estate Transaction

In approaching a real estate transaction, you may wonder whether you need legal counsel. This is an issue you must decide upon on your own, but we can offer the suggestion that you at least consult with a local real estate lawyer to find out more about the services they can provide. You can make a better decision about whether to hire a lawyer when you know the costs involved and what a difference it may make in your particular purchase or sale.

For help with a real estate transaction, find a real estate lawyer in your area.