It is important to consult a real estate lawyer as there are various contracts in real estate and it is important to understand that these contracts are absolutely necessary for the real estate deals. A contract could be understood as a legally enforceable document between two parties or more. It consists of offer, acceptance, consideration, etc.
Various contracts required in the field of real estate are discussed below. In order to seek a real estate lawyer near me, it is advised that you contact your friends or relatives, through online platforms or by contacting a famous real estate attorney near me.
Purchase Agreement:This kind of contract is related to sale of a property. It would include the name of both parties, address of the property, the signatures of the parties involved as well as the closing date.
Different types of Purchase contracts have been mentioned here as under-
State/Association Agreement- Real estate agents would also be involved in the sale of property.
General Purchase Agreement- Similar to the above agreement, other than the seller and purchaser in these agreements, a real estate agent would not be involved.
Property- Specific Purchase Agreement- It is an agreement for a mobile home.
Real Estate Assignment Contract-
This contract is mostly used in the sale of a property between a homeowner and the buyer. A real estate assignment contract can be signed when the owner of a property agrees to sell the rights to purchase the property to an investor.
This contract provides the real estate investor the rights to purchase a property (not for himself) which they could then sell to another buyer.
The end buyer would pay assignment fees to the investor, and buy the property from the homeowner.
It has to be noted that the Real Estate Assignment contract does not provide the investors with title of the property.
Power of attorney-
A power of attorney is used in 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 not physically able to sign the contract. In these situations the principal will then appoint another party to act on his behalf, therefore signing a power of attorney to them. Power of attorney could be signed in the following situations-
When the principal is physically disabled
Principal is hospitalized or has such an illness, where it is not possible for him to sign the contract.
The principal is not in the country, hence is unable to sign the contract.
The principal owns several investment properties and it would not be possible for him to be present everywhere.
Principal is elderly and hence, unable to be present to sign the contract.
Lease Agreement-
A real estate contract between the property owner (landlord) and a renter (tenant) to the property is a lease agreement. The landlord would agree to offer the property to the tenant to reside in at a specific monthly rate. The contract shall include important conditions such as a security deposit, payment of utilities other than time period for the lease and the amount required to be paid as rent.
All required conditions are to be included in the contract so as to prevent any legal disputes in the future.
Conclusion-
When you have decided to buy a real estate property, you would have to sign a real estate contract. Numerous contracts are there in the field of real estate and therefore, it is advised to seek proper 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. A real estate lawyer shall be able to help you for the same.
Lead India offers you a team of experienced advocates who have been successfully dealing with issues involving 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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