There can be times when a person may be considering selling their property, whether it’s a house, an apartment, or a tract of land. However, selling properties is not like selling someone any commonplace object you have in mind and be paid right away. The complicated nature of real estate transactions requires the professional assistance of a property lawyer to close the deal on the right terms, as pointed out in a Land Think article.
Properties changing hands may be in the minds of many people in the great state of Alabama. The Alabama Center for Real Estate reported that property sales for the state in March 2015 totaled 4,289 units, which was a 19.3% improvement over the same period last year, and a 33.4% surge from the sales logged for February 2015. When you are on the verge of selling your property but need guidance on the legal aspects, real estate law firms in Birmingham such as Cloud Willis & Ellis, LLC have the right people to assist you.
Uninitiated homeowners can get confused by the language that defines the terms of the transaction. Your lawyer will take charge of drafting a purchase agreement’s terms, given certain situations, such as part of your property being subdivided for sale.
The purchase agreement will have a lot of provisions, and the Land Think article recommended reading out the contract in full and your attorney will explain them in simple terms. According to Lawyers.com, these aspects include the entering parties, price and financing terms, and a date of inspection and closure.
You may also add a provision stating that the contract can be “contingent on review and approval” by your lawyer within seven working days after the contract is signed. Be prepared for the possibility that your preferred realtor will have their own contracts handy; have the attorney review them and act accordingly. Prepare yourself for negotiations because some offers and counter-offers may fly, and tax issues might be discussed as well.
Shake Hands and Close
If your review of the purchase agreement shows no problems, it can be signed and sent to the buyer’s camp for final review. Once it passes muster, you and your lawyer will assemble the deed of sale, and finalize closing costs as well as process a settlement deal by the buyer. At closing, all pertinent documents are turned over to the buyer and all fees are paid.
What does a real-estate lawyer do for a seller?, Land Think
Selling a Home in Alabama, Lawyers.com
Alabama residential sales in March increase 19%; 80% of local markets improve from last year, AL.com