The purchase or sale of real estate is a complex transaction that often involves multiple moving parts, particularly with commercial transactions. The most important step in real estate transactions is the contract. It must be drafted with an eye to the future by anticipating all possible conflicts and resolving them before they ever happen – that is the purpose of contracts: to avoid conflict! We are understand residential and commercial real estate transactions and would be happy to take you through the process with confidence.
A very brief summary of the real estate transaction process follows. Once the contract is signed, there is usually an agreed upon due diligence period that allows for inspections and, if necessary, environmental assessments. A title policy and title commitment will need to be issued by a title company. The title commitment details the chain of title and any liens on the property. If the due diligence period expires without incident, depending on how the contract is drafted, the buyer generally accepts the property “as is”. Financing, if applicable, must also be secured by a date certain. If all goes according to plan, the parties close the transaction on a set date. If it is a residential transaction, depending on how the contract is drafted, the buyer will usually receive a warranty deed that warrants against defects to title. In commercial transactions, again depending on the contract, it is more likely that the buyer will receive a quitclaim deed that does not provide warranty of title.
It is essential that you hire an attorney to represent you throughout your residential or commercial real estate transaction, from contract negotiation through closing. At Abrams Law Firm, P.A., we know what to include in land purchase and sale contracts to avoid future headaches, and can assist with many legal issues that arise throughout the process and through closing.