Real Estate Sales
Real Estate Sales
Realtors, brokers, and auctioneers play important roles in marketing and selling real estate. In some instances, however, sellers already have buyers lined up or choose to sell on their own. Our attorneys can assist in these situations. Some sellers and buyers ask for our assistance in negotiating the price and terms of the sale. Others ask us to prepare the real estate contract once the deal has been reached and then review deeds, title insurance policies, and documents prior to closing.
We can provide a checklist of terms to clients who chose to negotiate the terms of the sale on their own. Our attorneys then use this information to prepare the real estate contract to best protect our clients’ interests. The basic information needed to prepare a residential real estate contract includes the following:
- Seller and buyer contact information
- Legal description of property
- Personal property included, if any
- Purchase price
- Earnest money
- Closing date
- Loan and appraisal contingencies
- Termite, radon, and whole-house inspections
- Division of closing costs, such as title insurance, loan costs, and deed recording
- Title company
- Seller warranties
- Other contingencies
In preparing real estate contracts for farmland, additional items must be considered, including:
- Mineral and water rights
- Tenant rights and possession
- FSA and NRCS payments
- Allocation of taxes
When the parties agree to seller financing, our attorneys can prepare the installment sale documents or the necessary promissory note and mortgage, depending on which method would best meet the parties’ needs. We can also incorporate 1031 like-kind exchange provisions in the real estate contract to avoid paying income tax.
If you would like more information about selling your home, farmland, commercial and other properties, please contact one of our lawyers to assist with the transaction.
Written by: Joshua C. Howard
Related Practice Area: Real Estate Law , Agricultural Law
