A real estate lawyer has to be consulted as there are various kinds of real estate contracts which are required to be signed. Even for a case of dispute over a property, assistance of an experienced litigation lawyer from day one is absolutely necessary. A contract can be understood as a legally enforceable document signed between two parties or more. It includes provisions including the offer, acceptance, consideration for the parties, etc.
In order to seek a legal lawyers near me, you can contact your friends or relatives, through online mediums or by contacting famous firms near you. Various contracts required in the real estate field are discussed below-
Purchase Agreement:This type of contract is created for the sale of a property. It will include the name of the parties to the contract, address of the property, signatures of the parties involved in the deal and the closing date for the transfer of title and possession of the property. Purchase Contracts are discussed here under-
State/Association Agreement- A real estate agent shall be involved in the sale of the property in these agreements.
General Purchase Agreement- As mentioned in the above agreement between seller and purchaser involved with the sale of a property, in these agreements for sale, real estate agents will not be involved.
Property- Specific Purchase Agreement- is a kind of land purchase agreement.
Real Estate Assignment Contract-
This contract is mainly used in the sale of a property between the homeowner and buyer of such property. A real estate assignment contract would be signed when the owner of a property agrees to sell his rights of purchasing the property to an investor and both the parties sign the contract.
This contract provides real estate investors rights to purchase a property (not for themselves) after which they could sell the property to another buyer.
The end buyer would pay assignment fees to the investor, and therefore would buy such property from the homeowner.
It must be noted that the Real Estate Assignment contract would not provide investors with the title of property.
Lease Agreement-
A lease agreement is a contract related to real estate between a property owner (landlord) and a renter (tenant) of the property. 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 security deposit, payment of utilities other than the time period for the lease as well as the amount of rent to be paid.
All important conditions will be included in the contract so as to prevent any legal disputes in the future.
Power of attorney-
Power of attorney will be prepared in situations 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 a contract related to real estate. In this situation, the principal would appoint a third party to act on his behalf, thus transferring the power of attorney to them. Power of attorney shall be prepared under the following circumstances-
The principal is physically disabled
Principal has been hospitalized or has illness, where it is impossible for him to sign such a contract.
The principal is not in the country, therefore will be unable to sign the contract.
The principal is the owner of several investment properties and therefore is not possible to be present everywhere.
Is elderly and therefore, unable to sign the contract.
Litigation-
Real estate litigation mostly involves taking steps such as legal action, filing, presenting evidence and seeking remedies or resolutions through the procedure of court. The objective behind the process of litigation is to protect and enforce legal rights, resolve the conflicts amongst the parties, and reach a fair and just outcome for matters about real estate. Thus, before deciding to initiate the legal proceedings in case of real estate, it is advised that you seek legal counsel from solicitor.
Conclusion-
If you are going to purchase a new real estate property, then a real estate contract for the transfer of title is required to be signed. A number of contracts in the real estate or majority of civil cases are filed due to property disputes, therefore, it is advised to seek proper guidance and assistance from a real estate lawyer near you, so that you do not face any legal problem due to the contract you have signed.
Lead India provides you with a team of experienced advocates who have been successfully dealing with the issues related to real estate matters and therefore could offer you required legal advice and assistance with different procedures for legal paperwork. Therefore, if you wish to talk to a lawyer or seek free legal advice online, you may contact us through both offline as well as online modes.
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