A real estate lawyer would have to be consulted as there are numerous real estate contracts and it is important to understand that contracts are necessary for the real estate deals. A contract can be understood as a legally enforceable document between two parties or more. It will include offer, acceptance, consideration, and other necessary details.
Different types of contracts are required in the real estate field which have been discussed below. In order to seek a real estate lawyer, it is advised that you ask for reference from your friends or relatives, through online platforms or by contacting famous real estate legal firms near you.
Purchase Agreement:This type of contract is related to the sale of a property. It will include the name of both the parties, the address of the property in question, signatures of the parties involved as well as the closing date.
The different Purchase Contracts have been discussed as under-
State/Association Agreement- a real estate agent will also be involved in the sale of the property.
General Purchase Agreement- similar to the agreement mentioned above between seller and purchaser for the sale of a property, under these agreements, however real estate agents will not be involved.
Property- Specific Purchase Agreement- is a purchase agreement
Real Estate Assignment Contract-
Contracts generally used for the sale of a property between a homeowner and the buyer. A real estate assignment contract would be signed when the owner of a property has agreed to sell the rights to purchase the property to an investor and both parties have signed the contract.
A real estate investor would have the right to purchase a property (not for himself) through this contract and then he will be able to sell the property to another buyer.
The end buyer will pay assignment fees to the investor, and hence, buy the property from the homeowner.
It must be noted that a Real Estate Assignment contract would not provide the investors with the title of the property.
Lease Agreement-
It is a real estate contract between the owner of a property (landlord) and a renter (tenant) to the property. The landlord would agree to offer the property for the tenant to reside in at some specific monthly rate. The contract would include important conditions such as a security deposit, payment of utilities other than the time period for the lease as well as the amount of rent required to be paid.
All important conditions would have to be included in the contract in order to prevent any legal disputes in the future.
Power of attorney-
A power of attorney could be prepared for situations where the principal (i.e. a person who has given the permission for someone to act in his place) is not in a position or is physically able to sign a contract. In these situations the principal would appoint another party to act on his behalf, hence transferring the power of attorney to them. Power of attorney can be transferred in the following situations-
When the principal is physically disabled
Principal has been hospitalized at the time or is suffering from some illness, where it will be impossible for him to sign the contract.
The principal is not available as he or she is not present in the country, therefore is not able to sign the contract.
The principal is the owner of several investment properties and therefore it is not possible for him to be present everywhere.
Is elderly and therefore, not able to sign the contract.
Conclusion-
If you are going to purchase a new real estate property, then it could be possible that you are not aware of the various procedures required to be followed, or you may already be the owner of some property and have a dispute over it. For these reasons and many more similar to it, it is advised that you seek proper legal guidance and assistance from a real estate attorney, so that you would not have to face any legal problem due to the contract you have signed. It will be in your favor if you talk at the very initial stage about the cost charged by the real estate attorney near me.
Lead India offers you a team of experienced advocates who have successfully dealt with issues related to real estate matters and therefore could provide you with proper legal advice and assistance with various procedures for legal paperwork. Hence if you wish to talk to a lawyer or seek free legal advice online, you may contact us.
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