A real estate lawyer is necessary to be consulted as there are numerous types of real estate contracts which are required to be signed. Even in case of a dispute for a property, the assistance of an experienced advocate would be absolutely necessary. A contract could be understood as a legally enforceable document between two parties or more. It includes the offer, acceptance, consideration for the parties, etc.
In order to seek the best real estate lawyer near me, you may contact your friends or relatives, through online platforms or by contacting famous firms near you. Numerous contracts needed in the real estate field have been discussed below-
Purchase Agreement: This kind of contract is regarding the sale of a property. It shall include the name of both parties, the address of the property, the signatures of the parties involved and the closing date. Different Purchase Contracts have been discussed as under-
State/Association Agreement- a real estate agent would also be involved in the sale of the property in these agreements.
General Purchase Agreement- as in the above agreements between seller and purchaser involved in the sale of a property, in these agreements, however real estate agent would not be involved.
Property- Specific Purchase Agreement- is a land purchase agreement.
Real Estate Assignment Contract- In this case, the principal will designate a different person to act on his behalf by giving them a power of attorney. A real estate assignment contract will be signed when the owner of a property agrees to sell the rights to purchase the property to an investor and both the parties sign the contract. This contract provides the real estate investor the rights to purchase the property (not for himself) and then they can sell the property to another buyer. The end buyer pays assignment fees to the investor, and thus buys the property from the homeowner. It is to be noted that the Real Estate Assignment contract does not provide the investors with the title of the 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 is prepared in such 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 the contract. In this case, the principal will designate a different person to act on his behalf by giving them a power of attorney. Power of attorney can be created under the following circumstances-
The principal is physically disabled
Principal is hospitalized or has 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.
Owns several investment properties and hence is not possible to present everywhere.
Is elderly and hence, not able to sign the contract.
Conclusion-
If you are going to purchase a new real estate property, then it is possible that you are going to sign a real estate contract. There are a number of contracts in real estate or most of the civil cases arise out of property disputes, hence, it is advised to seek proper guidance and assistance from a real estate attorney 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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