What Are The Actual Real Estate Transactions?
Buying and selling a home is not an easy process. It involves you working with a lot of different people and going through a complex real estate transaction process. This may be a bit overwhelming to some, especially first-timers.
Denny Fraser of the Fraser Law Firm, LLCis the right attorney for this and he will patiently walk you through the entire process.
Real estate transactions are what we do every day so you can be sure that we will be able to get you out of any hiccup that you may encounter before you can get the keys to your new home (assuming that you are the one buying the home).
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The 6 Steps in Real Estate Transactions
Here are the 6 steps that you will have to go through. But remember, you will not be doing this alone—you have us!
1. Listing Agreement
To start with, the seller must provide a listing agreement that contains all the information about the property. It likewise includes the outline of the sales price of the property, the commission rates for all the real estate agents involved, and the length of time the property will be up on the market.
The seller is also required to divulge any information related to the house like the presence of lead paint, a list of known sex offenders in the neighborhood, and any personal relationships that exist between the sellers and the listing real estate agent.
2. Purchase Offer
Next, the interested buyer will have to create a purchase offer that the seller may either accept or counter. You will have to agree on the terms of the sale, such as the final sale price and the length of time allowed to close the sale. After this, you and the seller will sign the official sales contract.
In this stage of the process, a neutral party holds all the funds as well as contracts until all the conditions of the sale have complied. This is where the title search is done to determine if the current owner legally owns the house.
As the buyer, you will need to pay for an inspection of the house, which will be done by a licensed professional. The inspector will check the electrical work, the roof quality, or any pest infestations.
Any differences from the information disclosed by the seller will give you a chance to renegotiate or cancel the transaction.
You’re almost there! This is where you get evaluated so you can acquire a mortgage. In order to get approval, you must have good credit standing. You must also provide the value of the home you are looking to purchase.
This is the long-awaited finish line. You and the seller will receive final closing documents, including the title paperwork and loan paperwork.
Once the title of the home has been legally transferred to you as well as the house keys handed over to you, then you have officially closed the transaction.
South Carolina Real Estate Attorney
Denny Fraser of Fraser Law Firm, LLC is trusted by so many people from his compassion and real estate knowledge.
He has had years of practice in the field and even authored a book entitled “Law School at Fifty.”
Residential real estate transactions may seem like a daunting process, but Denny offers a full understanding of the home buying and selling process.