Most states have intricate real estate laws on the books to protect both buyers and sellers. Both parties are required to uphold these laws and what is expected of them. However, if one or both parties are ignorant of these mandates, the entire transaction is at risk of being declared void and illegal.
Whether you are buying or selling a piece of property, you want to know the transaction will be lawful and go off without a hitch. By retaining the services of a notary public, mediator, or real estate law firm austin tx clients like you can follow the law and close on a sale that will be upheld by the courts if necessary.
Selling a Piece of Property
When you sell a piece of property, you have certain obligations you are expected to uphold as the seller. For instance, you are required by law to disclose what if any improvements or major changes have been made to the property during the time you owned it. You also by law have to tell if anyone has died on the property at any point during the past whether you owned the real estate or not when it happened.
If you are not sure what to disclose, you can use the services of a real estate lawyer who will draw up and review the contract with the buyer. The contract will have all of the legal details required by law in it. Your lawyer will make sure you cannot be sued later if the buyer is not happy with the property.
Buying a Piece of Property
If you are buying property, you also have legal obligations you have to uphold. The primary responsibilities you have to involve paying the required amount and providing that money in a timely manner. You may need so much down at closing and then another amount when the contract is finalized. Your lawyer can tell you when and how much money to pay in order to close on the real estate transaction.