A real estate contract deals with purchase/sale, exchange, or other conveyance of real estate between parties.Real estate called leasehold estate is actually a rental of real property such as an apartment, and leases (rental contracts) cover such rentals since they typically do not result in recordable deeds. Real estate contracts are typically bilateral contracts (i. e., agreed to by two parties) and should have the legal requirements specified by contract law in general and should also be in writing to be enforceable
A real estate contract should contain the following seven conditions:
1. It must be a written contract. If the real estate contract is not written, it is not a legal contract. Even the initial offer will only be considered if it is in writing.
2. The contract must be a legally enforceable contract
3. The contract must be between legally competent parties.
4. Both sides should get something of value under the contract.The most common form of consideration is an agreed upon price in exchange for the title to the property.
5. The Seller must relinquish title and perform other work they agree. The Buyer must provide the agreed purchase payment through down payment and financing. The buyer must also perform other actions they agree
6. The Buyer and the Seller must
7. One side must agree to a series of terms proposed by the other.
You can determine the role the real estate attorney plays in such a transaction. You can put a limit on the duties of the law firm. Generally in a real estate transaction, the lawyer will draft and revise the agreement with the realtor, your agreement to purchase and the documents required for the closing. The lawyer will review the other documents including abstract of title to ensure that the vendor can legally transfer the title to you. The lawyer will also check for covenants and liens against the property . The law firm will not only prepare the legal documents but also prepare them.
When you hire a real estate lawyer, you can rest assured that your interests will be protected and the lawyer will sort out the legal problems that may crop up during the transaction. Your lawyer will prevent you from entering into any deal that can get you into legal trouble. The law firm will advice you of the legal implications of any decision you make in the course of the deal. The attorney will inform you of the likely outcome of any lawsuit including the financial costs of the lawsuit.
Source: http://www.freearticlesnow.com/article-a-valid-real-estate-contract-74318.html
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