Buying or selling real estate? The attorneys at Hood Law can help.
Whether you are buying or selling your home or real estate on your own or with the assistance of a realtor, Hood Law can assist in navigating the process.
Selling Real Estate
If you are selling your home or real estate on your own or with the assistance of a realtor, it is to your advantage to engage Hood Law at the beginning of your process. We can help with the various aspects of a real estate sale, including:
- Provide advice and negotiate listing agreements with a realtor
- Negotiate, advise and review the sales contract
- Order the title insurance, survey, and any other reports necessary to close
- Negotiate on your behalf to resolve issues resulting from buyer requested property inspections and repair requests.
- Provide/review all other documents necessary for a successful real estate closing.
We will attend the closing on your behalf or with you to see that you receive the full amount due to you at closing.
Purchasing Real Estate
Buying a home is often the most significant purchase you’ll make. When purchasing a home or other real estate, it is important to involve Hood Law as early as possible. We can help you avoid some common problems that can arise with a real estate purchase. Sellers often use standard forms that will not always cover all circumstances or offer you the best protection. We can draft the offer to purchase or we can review the offer to purchase and advise you before you enter into a purchase contract.
Generally, after signing the contract, most buyers choose to have an inspection of the home by a licensed inspector. After inspection, you may choose to request to have repairs made to the property. We will make those requests for you and advocate on your behalf.
The next step is to address your financing. Hood Law will carefully watch your contingencies to ensure that if your financing does not come through, you can cancel the deal and have your earnest money refunded to you.
An attorney from Hood Law will attend the closing with you and will review all the seller and mortgage company’s documents to ensure they are accurate.
Common Terms used in Real Estate Transactions
The following are simple definitions of real estate terms that are commonly seen in real estate transactions:
Affidavit of Title
A sworn legal document signed by the owner of a property given to the purchaser of the property that states under oath that there are no outstanding debts or liens against the property.
Bill of Sale
A receipt given by the seller to a person purchasing personal property that proves ownership (such as appliances, window treatments, etc.)
A sum of money that a buyer pays to the seller of a home or property at the time of entering into a purchase contract. Earnest money is held by a third party until the sale is completed and may be returned to the purchaser or kept by the seller if certain contingencies or conditions placed in the contract are not met.
Joint Tenancy Affidavit
An affidavit to remove a deceased person’s name from the title of a property owned as joint tenants.
Prepared by a professional surveyor, a Land Survey is a legal description and map of a property that details the exact dimensions of the property and shows any easements or encroachments on the real estate. A land survey is typically required before purchasing a home or piece of real estate or before building or making improvements on a property.
A legal contract in which a person makes a promise to repay a loan using a parcel of property as collateral (security).
A legal document in which a person makes a promise to repay a loan.
Personal Judgment Affidavit
A legal document in which an individual makes a sworn statement regarding their financial information.
Plat Act Affidavit
An affidavit used to meet the requirements of the Plat Act when a property is being subdivided. The affidavit ensures compliance with zoning and subdivision ordinances and informs the Recorder’s Office of the changes.
Power of Attorney (Non -Durable)
A legal document which allows someone else to act as your agent in a real estate purchase or sale when you cannot be present.
A state, county or municipal tax required whenever there is a transfer of the title of a piece of real estate. Unless the property is exempt, transfer stamps must be purchased and affixed to the deed before it can be recorded. In a real estate sale, the seller pays the PTAX.
Quit Claim Deed
This type of deed is used to transfer the ownership of a property from one person to another without warranty or guarantees. The person transferring the property makes no guarantees that the property does not have liens, debts, or other issues with the title
A document that includes all the financial arrangements made between the parties, including sales price and real estate taxes.
Title Insurance Commitment
The title company’s promise to issue a title insurance policy for a property after closing. The Title Insurance Commitment lists any liens, tax assessments, or other issues with the title and lists any requirements or exclusions to receiving the title insurance policy.
This type of deed legally transfers an owner’s interest in a parcel of property to another person or entity with a promise from the seller as to the condition of the property.
Well and Septic Report
An inspection made by a professional company for homes or properties that have their own well for water and septic field for waste treatment. The report will evaluate the condition, safety, and functionality of the property’s well and septic system. The Well and Septic Report may be required by the lender or requested by the buyer of a property.
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