A real estate lawyer is important to be consulted as there are different types of real estate contracts and it is important to understand that these contracts are absolutely necessary for the real estate deals. A contract is a legally enforceable document signed between two parties or more.
It must include an offer, an acceptance, a consideration, the ability to act legally and the legitimacy of the goal. You may search for an appropriate advocate by contacting your friends or relatives, through online platforms or by contacting famous real estate attorneys near you.
Purchase Agreement-
These agreements are related to the sale of a property. The name of both parties, the address of the property, the signatures of the parties involved as well as the closing date would be included in it.
The Various kinds of Purchase Contracts have been enlisted as under-
State/Association Agreement- in these kinds of agreements a real estate agent is also involved in the sale of property.
General Purchase Agreement- similar to the above mentioned agreement between the seller and purchaser for the sale of a property, in these types of agreements, real estate agents will not get involved.
Property- Specific Purchase Agreement- is an agreement for land-purchase or an agreement for a mobile home.
Real Estate Assignment Contract-
This contract is generally used in the sale of the property between a homeowner and a buyer. A real estate assignment contract will be signed when the owner of the property agrees to sell the rights to purchase such property to an investor and both the parties would sign the contract.
These contracts provide the real estate investors, rights to purchase a particular property (not for himself) which they can further sell to another buyer.
The final buyer would pay assignment fees to the investor, and would buy such property from the homeowner.
It has to be understood that the Real Estate Assignment contract would not provide the investors with the title of the property.
Lease Agreement-
The kind of real estate contract between a property owner (landlord) and a renter (tenant) for the property. The landlord agrees to offer the property to the tenant so as to reside in at some specific monthly rate.
The contract would include important conditions such as security deposit, payment of utilities other than the time period for lease as well as the amount of rent which is required to be paid.
All important conditions are required to be included in the contract in order to prevent any legal disputes in the future.
Power of attorney-
A power of attorney will be used in conditions where the principal (i.e. a person who has given the permission for someone to act in his place) will not be in a position or is physically unable to sign the contract.
In such situations the principal will appoint another party to represent himself or to act on his behalf, hence signing a power of attorney to them. Power of attorney could be signed in the following situations-
When the principal is physically disabled
The principal has been hospitalised or has an illness, where it will be impossible for him to sign such a contract.
The principal is not in the country at the moment, hence will be unable to sign the contract.
The principal owns several investment properties and hence it is impossible for him to be present everywhere.
Is elderly and hence, unable to be present when signing the contract.
Conclusion-
When you purchase a new real estate property, then you will sign a real estate contract. Various types of contracts are there in real estate and therefore it would be favourable for you to seek proper guidance as well as assistance from a real estate attorney, so that you would not have to face any legal problem in the future, due to the contract you have signed. A real estate lawyer will be able to help you in this regard.
Lead India provides you with a team of experienced advocates who have been, for years, successfully dealing with issues involving real estate matters and hence can offer you with proper legal advice and assistance with various procedures for legal paperwork. Therefore, if you wish to talk to a lawyer or seek free legal advice online, you may contact us.
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