|
|
|
|
|
|
|||||||
|
|
|
About Us * |
|
|
|||||||
|
|
|
The Typical Residential Real Estate Sales Transaction: An Overview for Buyers and
Sellers |
NOTE: This article is intended
to be a brief summary of law only, parts of which may or MAY NOT be applicable to your situation and/or your local
jurisdiction(s). Any information you
glean from this article DOES NOT
constitute legal advice and should be supplemented with the advice of an attorney
licensed to practice law in your locality. |
Check out our
|
|
||||||
|
|
|
Unfortunately,
is can sometimes lead to further confusion! Basically, the interest rate
associated with the lender’s prospective loan that is referenced on the TILA
form is an all-inclusive number that attempts to express in interest
rate form what the true cost of buying the house will be for the Buyer. [This
means that the TILA rate will, in almost any imaginable situation, be higher
than the interest rate referenced on the Note.] 5.)
The
Closing. Although not technically required
under the law, a real estate transaction is typically only finished when the
Buyer and Seller (or the Seller’s representative) have met to tie up all of
the lose ends at the Closing. Although by the time of the Closing, the Buyer
and Seller have already been legally bound by the real estate contract for
several weeks, it is at the Closing that the actual legal document evidencing
ownership to the property, the Deed, is transferred to the
Buyer, and it is at the Closing that the Buyer effectuates transmittal of the
purchase
price to the Seller. What follows is a list (not comprehensive, by
any means) of the more important documents that a would-be Buyer or Seller of
real estate should familiarize themselves with (and that both parties’
attorneys should explain in detail) prior to the Closing: a. The
Deed. The deed to the property being sold is the legal document that, when
properly executed and delivered, passes title from the Seller of real estate
to the Buyer of real estate. Generally, a deed must meet the following
requirements in order to viably pass title: i.) Grantor and Grantee. As in the
drafting of the real estate contract that precedes it, a deed must contain
the name of the Grantor (i.e., the Seller) and the Grantee (i.e., the Buyer)
in order for the granting (i.e., conveyance or sale) of real estate via the
deed to be valid. However, the deed need only be signed by the Grantor.
Although not legal requirements, the Grantor’s signature should always be
notarized and the deed should always be dated for title insurance purposes. ii.) Consideration.
The sometimes arcane and rather obtuse requirement of consideration basically
means that the transfer of a deed cannot be gratuitous. The Grantor (i.e.,
the Seller) must be given something in exchange for the deed. In most cases,
of course, the Seller of real estate receives the purchase price, which sum
is his/her true consideration for conveying the deed to the Buyer. However,
the Buyer and Seller will also typically want to keep the financial details
of their transaction private. Thus, a “nominal consideration can be stated on
the deed, instead of the full purchase price. A sum as low as $1 will
probably suffice. iii.) Delivery.
This is one of those fascinating and seemingly archaic aspects of the law in
most |
See Also: Doctrine of Equitable Jump Preliminary Matters v v Hiring a Real Estate Agent/Broker v Negotiating the v Pre-Closing Matters v The Closing The Deed Affidavit of
Title
Business Law Home |
|
|||||||
|
|
|
If you would like further
information about this topic, or would like to request attorney services for
the writing, negotiation or closing of a real estate contract, click here to
contact us today. |
Go to: page 1 / 2 / 3 / 4 /
5 / 6 / 7 / 8 of this document |
&
Family Law Home |
|
||||||
|
|
|
|
|
|
|
|
|||||
* Licensed to practice law in
© Roger Galer, 2004
The information contained on this website is protected
from infringement by the laws of the