A real estate transaction process can be a very confusing and overwhelming experience. Who are the people involved in this? What is their role exactly? Should I do what they say, without asking questions?!
Worry not, DM Law has created this guide to explain the real estate transaction process.
What is a Real Estate Transaction?
A real estate transaction is an arms-length agreement between two parties to buy, sell, or lease land or property. The real estate transaction process can be divided into four main stages:
Pre-Contract Stage: This is where both parties have not yet agreed to any terms and are simply negotiating.
Contract Stage: Here is where both parties have agreed on all terms and signed a contract.
Closing Stage: This is where all the legal and financial aspects of the deal are finalized.
Post-Closing Stage: This stage is where the keys are exchanged, and the transaction is complete.
The real estate transaction process can vary depending on the type of property being bought or sold, as well as the laws of the state in which the transaction is taking place. It is important to have an experienced real estate attorney by your side throughout the process to ensure everything is done correctly and that your interests are being protected.
Who are the Parties Involved in a Real Estate Transaction?
The parties involved in a real estate transaction can vary depending on the type of property being bought or sold, as well as the laws of the state where the transaction is taking place. In most cases, there are four main parties involved:
The Seller: The party who is selling the property.
The Buyer: The party who is buying the property.
The Seller’s Attorney: The legal representative of the seller.
The Buyer’s Attorney: The legal representative of the buyer.
The real estate transaction process can involve other parties, such as brokers, lenders, and escrow agents.
What Is the Role of Each Party in a Real Estate Transaction?
The role of each party in a real estate transaction can vary depending on the type of property being bought or sold, as well as the laws of the state where the transaction is taking place. In most cases, the roles are as follows:
The Seller: The seller is responsible for marketing the property and negotiating the sale with the buyer.
The Buyer: The buyer is responsible for finding the property, negotiating the purchase price, and obtaining financing.
The Seller’s Attorney: The seller’s attorney is responsible for reviewing the contract, ensuring that the seller’s interests are protected and that the deed is prepared.
The Buyer’s Attorney: The buyer’s attorney is responsible for reviewing the contract, ensuring that the buyer’s interests are protected, and preparing the loan documents.
The real estate transaction process can involve other parties, such as brokers, lenders, and escrow agents. Each of these parties has their own specific role to play throughout the transaction process.
DM Law has extensive experience handling all types of real estate transactions. We can help you with every step of the process, from finding the right property and negotiating the best price to ensuring a smooth closing. Contact us today to get started!