Real Estate Legalities from Contracts to Closing
The real estate market is governed by many legalities, and understanding the legal framework is crucial to a smooth transaction. There are three key components of the real estate legal process: contracts, disclosures, and closing procedures. Contracts: At the heart of any real estate transaction is the contract. This legally binding document outlines the terms and conditions agreed upon by the buyer and seller. The contract typically includes: Property Description: A detailed description of the property, including its address, boundaries, and any additional features. Purchase Price: The agreed-upon price for the property and the payment structure, including the initial deposit…