Friday, 17 November 2017

5 Tips for Keeping Your Real Estate Purchase Legal

Written by Posted On Monday, 03 October 2016 16:46

Purchasing a property is one of the most significant transactions that you will ever make. Since it is a legal transaction, it will be very important to make the purchase as legitimate as possible. When looking to make your real estate purchase legal, you will need to follow a few steps. It will be important to make a purchase agreement, sign a purchase contract, prepare forms for transfer rights, draft a deed and also arrange title insurance. With these steps, you will make any real estate purchase completely legitimate and legal.

 

Make a Purchase Agreement

The first thing you will need to do in order to make your real estate purchase legal is to make a purchase agreement. This is a document that states the description of the property, the terms, the price and also who is selling and buying the property. By drafting this agreement, you will have a written record of the purchase of a property that can be given to the local authorities for recognition.

 

Sign a Purchase Contract

Another step you will need to follow in order to make a real estate purchase legal is to sign the purchase contract. This is when the buyer signs their name on the paper. The signature will clearly declare the new owner of the property and allow the authorities to recognize who just bought it. This is one of the things that helps finalize the transaction as well.

 

Prepare Forms for Transfer Rights

When looking to make any real estate purchase legal, it will be important to prepare forms for any transfer rights. These forms may include a property transfer affidavit which is used to file with the city property assessor. This type of document may also be used to declare a residence exemption as well. In all, these forms help buyers get the benefits of being a property owner immediately.

 

Draft a Deed

Anyone looking to make a real estate purchase legal will need to draft a deed. This is document that transfers legal title of the property from seller to buyer. This is usually held in escrow until the property is paid for.

 

Arrange Title Insurance

The last step in making a real estate purchase legal is to arrange title insurance with a service like TitleSmart. This is when a buyer submits paperwork to the title agency which will give them official ownership of the property. With this document, the buyer will now be officially recognized as the official owner of the property.

  

Making a real estate purchase legal is the best way to ensure a smooth transition of property ownership between two parties. In order to make a real estate transaction legal, individuals will need to follow a few steps. Drafting and signing a purchase agreement is a vital first step in getting the transaction legally recognized. You will then need to prepare forms for transfer rights, draft the deed and arrange title insurance. Following these steps will ensure that the sale of any property is formally recognized.

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