Real Estate & Property Dispute Lawyer

A real estate lawyer is necessary to be consulted as there are various kinds of real estate contracts and it is necessary to understand that contracts are necessary for the real estate deals.

A contract could be understood as a legally enforceable document between two parties or more. It shall consist of offer, acceptance, consideration, legal capacity and legality of purpose.

Different kinds of contracts required in the real estate field have been discussed below. In order to seek the best real estate lawyer near you, it is advised that you contact your friends or relatives, through online platforms or by contacting famous real estate law firms near you.

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.

The different kinds of Purchase contracts have been discussed as under-

  • State/Association Agreement- in these kinds of agreements a real estate agent is also involved in the sale of the property. 
  • General Purchase Agreement- similar to the above agreement between the seller and purchaser for the sale of a property, in these agreements, however real estate agents are not involved.
  •  Property- Specific Purchase Agreement- is a land purchase agreement  or an agreement for a mobile home.

Real Estate Assignment Contract- 

This contract is generally used in the sale of a property between a homeowner and the buyer. 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- 

It is a real estate contract between a property owner (landlord) and a renter (tenant) to the property. The landlord agrees to offer the property for the tenant to reside in at a specific monthly rate.

The contract includes 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 are to be included in the contract so as to prevent any legal disputes in the future. 

Power of attorney-

A power of attorney is used in the 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 such a situation the principal will appoint another party to act on his behalf, hence signing the power of attorney to them. Power of attorney could be signed in the following situations-

  • If the principal is physically disabled
  • Principal is hospitalised 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 various types of contract in real estate.

It is advised to seek proper guidance and assistance from a local real estate attorney, so that you do not face any legal problem due to the contract you have signed. It shall be favourable for you to talk at the very initial stage about the real estate attorney cost.

Lead India provides you with a team of experienced advocates who have successfully dealt with the issues involving real estate matters and hence can provide you with proper legal advice and assistance with various procedures for legal paperwork. Hence if you wish to talk to a lawyer or seek free legal advice online, you may contact us.

SOURCE:-

Visit us: https://www.leadindia.law

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