Real Estate Series: The Basics of Buying a Home
Every sale is different; however, typical home sale goes through the following stages:
The seller enters into a listing agreement with a real estate agent, usually in writing, to sell their house. In the alternative, a seller skips step one and moves directly to number two, listing the house on their own.
The listing agent advertises and lists the house with the MLS.
When the listing agent (or seller) finds a potential buyer, negotiations are conducted through the listing agent (or seller or seller’s attorney) and buyer’s agent, if any.
Once an informal agreement is reached, buyer and seller enter into a formal written contract for the sale, known as the Purchase and Sale Agreement (next week’s post will provide details on the Purchase and Sale Agreement).
The buyer then obtains a commitment for financing- if they haven’t already and if necessary.
Title is searched to satisfy the lender and the buyer.
Finally, the property is transferred by the recording of a deed and processing of excise tax affidavit. Title is the transferred the seller and vested in the name of buyer, and the seller receives the purchase price bargained for in the contract less any fees and costs.
This seems simple, but without a lawyer, the consequences may be disastrous.
Our office is asked nearly everyday to review purchase and sale agreement and title reports even when someone has a real estate agent. If you are interested in having our office assist you in the home buying process, feel free to call or email us.
Disclaimer: The information in this blog post (“post”) is provided for general informational purposes only, and should not be construed as legal advice from Leos & Gilkerson, PLLC or the individual author, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through, this Post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a licensed lawyer.