Law Library Articles

Top 10 Purchase and Sale of a Residence Articles

Purchasing or selling real estate is simple, assuming you have endless amounts of cash and an accomplished team of attorneys and real estate agents at your beck and call.

Otherwise, you may find the real estate world to be somewhat intimidating. Coming to terms with things like mortgages and property liens might even strike you as something of a nightmare.

As a starting point, the LegalMatch Law Library has compiled a list of the Top 10 Articles on the Purchase and Sale of a Residence.

1. Mortgages

Mortgages are never fun to think about, but they are usually necessary when buying a new house. For anyone that needs a primer on the different type of mortgages available and what they mean, this article is for you.

2. Property

There are actually many different types of property in the legal system, including real property, personal property, and intellectual property. Each type of property is governed by different laws.

3. Real Estate Contingencies

Real estate contingencies are like emergency escape hatches a buyer can use to walk away from a deal when all of their conditions are not met before closing. Common contingencies buyers have in place include requiring that agreed upon improvements are actually completed or making the deal contingent upon the buyer being able to secure financing.

4. Discharging a Property Lien

A complication to selling your property is having a lien on it. A lien generally has a negative effect on the marketability of your property. However, not to worry, there are actually several ways to discharge a property lien and leave your property unencumbered.

5. Land Contracts

Land contracts are often used when the seller finances the buyer’s purchase of his or her property. Rather than having the buyer seek financial assistance from an outside lender, the seller is usually paid by the buyer in installments and once the entire amount is paid off, that is when the seller conveys the deed to the property to the buyer.

6. Disclosing Defects when Selling a Home

Generally, when selling a home, you are required to disclose any material defects. Laws regarding how much you need to disclose vary from state to state, but most states require that the seller disclose all major problems such as a leaky roof, toxic conditions, or if the property is located in an area susceptible to natural disasters (flood zone, earthquake fault, wildfires, etc.).

7. Full Disclosure Requirements for Real Estate Brokers and Agents

As real estate brokers and agents are professionals when it comes to selling houses, they are held to a higher standard when it comes to selling houses. As such, whether the agent is representing the buyer or seller they have a duty of loyalty to their employer. This duty of loyalty means they have to fully disclose information that would benefit their employer.

8. Timeshare Purchase Cancellation or Rescission

Buyer’s remorse is probably a term that was coined for timeshare purchases. Even if it wasn’t, timeshares do everything from offering free vacations, free airfare, to a free breakfast in order to lure you into buying one and it’s not until after you realize what a big mistake you made. If you’re lucky, that timeshare contract you signed might have several provisions that allow you to rescind or cancel a timeshare contract.

9. Contract for Purchase or Sale of a Home

Oftentimes a contract for the purchase or sale of a home is subject to several conditions that must be met before the purchase or sale is finalized. That contract is still binding even though it has those contingencies in place. This means that if all the contingencies are met and the buyer or seller still backs out, he or she might be in breach of contract and subject to damages.

10. Purchase and Sale of a Residence

Buying or selling a home is a great deal of work and involves significant portions of time and can result in a great amount of stress. However, there are people who can help you in your endeavor and help you save not only your sanity, but some money as well. Real estate agents and brokers, and even lawyers, are essential for a stress free sale or purchase of a home.