Posted by admin | Non Fiction | Posted on January 3rd, 2009
If you are planning on selling your home fast, in the current real estate market, it is important to be aware of the necessity of hiring the services of a real estate agent. A real estate agent, due to his expertise, can help you make a profit, by closing the deal to your benefit. Selling the house by yourself can make you vulnerable to the repeated reality of incurring losses. This happens for a number of reasons, the first being that you may not possess the adequate knowledge pertaining to this field and secondly, you may be unaware of the legalities involved in the process.
In addition, hiring the services of a real estate agency will ensure that most of the realtors who are a part of the MLS list will take notice of your home. Almost 90% of all the potential buyers utilize the services of agents to guide them during their search for new homes. It is profitable to hire an experienced and well-established professional, since he is capable of guiding you through the whole procedure. The assistance and services of the real estate agent is extremely important if you wish to sell your home fast, in any part of the world. An agent having a minimum experience of 5 years can help you strike a highly profitable deal.
How can a Real Estate Agent sell your Home fast for you?
Once you have established rapport with a particular agent, one whom you trust and rely on, give him the responsibility of informing you about the current market trend and position. Compare prices and decide on an ideal quotation for your home and property. This will provide you with a more realistic approach to the procedure at hand. It is advisable to set a slightly lower price for your home, a price that is lower than that of other similar houses in your neighborhood.
The agent should be fully equipped to present you with picture comparisons of similar properties that are also available in your area, from the local MLS office. Often, a prospective buyer will examine your home in just a few minutes and the price of the house is rarely discussed. However, prior to visiting the house, your agent briefs the buyer about the probable price for the house. A real estate agent provides information and advice on any renovations or changes that your house might have to undergo, in order to make your property seem more appealing and worthy of the price. This procedure of allowing for changes in the exterior as well as interior of the house is referred to as staging the house.
In addition, a real estate agent can also prescribe certain changes, like the factors that may be responsible for discouraging potential buyers from buying the property. A smooth and constant flow of potential customers is a healthy indication that your home is priced reasonably. Your home is displayed to prospective buyers regularly by the real estate agents. They are also responsible for pricing your home, depending on the current market situation.
Attempting to sell your home fast does require a lot of patience. However, with constant monitoring of the market, everything flows smoothly. Not only do the real estate agents ensure that you receive the most lucrative deals, but they also take on the responsibility of handling all the legal documents and liaisons involved in the process.
Posted by admin | Non Fiction | Posted on May 30th, 2007
Orlando is one of the most popular cities in United States and boasts of great weather, pristine lakes and natural beauty. Tourism occupies a significant portion of the economy of Orlando and is mainly responsible for making it a hot favorite spot for relocation. Other reasons include the growth in job opportunities and its excellent infrastructure. The real estate industry of Orlando is flourishing like never before.
Real estate investments promise maximum profits more than any other form of investment. However, it is imperative for property owners to ensure that they are dealing with the right people and that the property is not a disputed property. Transparency in a deal is crucial to enjoy a hassle-free buying experience. While purchasing any property, both the seller and the buyer enter a mutually agreeable contract commonly referred to as the real estate contract. It is one of the most important elements of property deals. Unfortunately, many people fail to realize its significance.
Since the real estate contracts in Orlando are governed by common law contract principles, individuals must understand some of the key terms pertaining to this branch of law. In most states in America, real estate agents and lawyers used standard contracts that are usually drafted in the form of an offer. Generally, the buyer (offeror) signs it and it is not binding until the seller accepts it.
Thus, mutual assent(or a meeting of the minds) is necessary to indicate that both parties have mutually agreed to enter the contract. In case the seller (offeree) agrees to the exact terms included in the offer, then it indicates acceptance. A counter offer is made if the seller sets a particular time limit within which the deal should be closed. Mutual agreement is the core of any real estate contract. If the conditions specified in the offer are not fulfilled, then the possibility of entering a contract is ruled out.
A real estate contract in Orlando is signed between the two parties, the buyer and seller, for the sale, purchase, exchange or other conveyance of real estate. Typically, real estate contracts are bilateral contracts (two-way agreement), wherein the seller agrees to sell a property and the buyer agrees to buy the same. The Statute of Frauds makes it mandatory for all real estate contracts to be in writing to be enforceable in Orlando.
Some of the legal requirements of a real estate contract are as follows:
Identify the parties: Full names of both the parties are specified in the contract. The parties, buyer(s) and seller(s), are referred to as principals in order to differentiate them from the real agents.
Identify the real estate (property): Proper address and legal description of the property must be clearly indicated to identify it.
Identify the purchase price: The contract must include the amount of the sales price or a reasonably ascertainable figure.
Include signatures: For the contract to be enforceable, it must bear the signatures of both parties.
Include Consideration: Consideration is a binding agent in a contract and refers to the value bargained for in exchange of the property.
Must Involve Competent parties: The contract can be drawn between competent parties usually defined as those with a legal age and sound mind. For instance, mentally impaired, drugged persons, minors cannot enter a contract.
All real estate contracts in Orlando must essentially have a legal purpose.
Posted by admin | Non Fiction | Posted on May 30th, 2006
A real estate sale is usually initiated by an offer from the buyer to the seller, written on a real estate contract form, and backed by a monetary deposit. If the seller accepts the offer, the buyer and the seller are bound by a legally binding contract. While the forms vary by locality, the essential terms include the offer amount, legal description, names of the parties, and date of closing. In addition to these terms, the contract interweaves numerous contingencies, disclosures of information, and procedures that dictate responsibilities of buyer and seller. The contract is the road map that takes you all the way through to closing. It is very important to understand its terms and follow them carefully. If it becomes necessary to terminate the contract, your close adherence to contract terms and procedures is critical.
Loan Contingency
Your contract may contain a provision that the buyer must be approved for a specific mortgage loan and interest rate. If the mortgage cannot be obtained within the prescribed time, the buyer may terminate the contract and receive a refund of deposit. If it becomes necessary to terminate under this contingency, you should be prepared to document that you took prompt action to obtain the loan, received a written rejection, and gave notice to the seller within the time limit set by the contract. Termination based on credit disapproval is likely to cause anger and disappointment on the part of the seller. The seller may feel that he has been misled into signing a contract with an unqualified buyer. When anger and strong emotions enter into the transaction they may lead to difficulty in resolving the termination. Title and Survey Review
Contracts usually provide a title review period for the buyer. The buyer may object in writing to defects noted in the title documents. If title defects cannot be cured, you have the right to terminate. In the same vein, the buyer usually has the right to review a survey of the property. If construction is found to overlap building lines, or if there are encroachments on the property, you may choose to terminate your contract. It is worthwhile to promptly consult an attorney if you have some concerns about the title documents or survey. Your objection to title or survey problems must be made in writing within the time frame allowed by the contract.
Review of Seller’s Disclosure
In Texas, sellers (with some exceptions) are required by law to provide a seller’s disclosure notice to the buyer. On this form, the seller answers questions and provides information about the property. If the buyer receives the form after the contract has been created, he may terminate the contract within a certain number of days after receiving the seller’s disclosure. The receipt date of the disclosure should be documented in order to establish the start date of the review period. Be careful to avoid confusion about when a time period starts running.
Mandatory HOA Review
In areas where there is a mandatory homeowners association, the Texas contract allows the buyer a period of time to review Subdivision Information. This information is normally supplied by the HOA manager after the contract is created. After receipt, the buyer has the right to review the documents, and possibly terminate the contract. Again, the termination notice must be given within the time limits in the contract.
Inspection Contingency
Contract procedures to allow the buyer to conduct inspections of the property vary from region to region. In some areas, the buyer may terminate if repairs exceed a pre-agreed dollar amount, and seller declines to make the additional repairs. In Texas, the buyer is allowed an “option period,” during which time he has the unrestricted right to terminate the contract. Inspections are done within the option period.
Inspection issues are the most common reason for contract termination. During the inspection period, there is usually some re-negotiation of the price or terms in order to resolve repair issues that have been brought up by inspections. It is crucial to get inspections done, deliver repair requests, and negotiate contract amendments, or, if necessary, terminate the contract, all within the time guidelines set by the contract.
Contingency for Sale of Other Property
In some cases the buyer may have a contingency for the sale of a certain property, usually the buyer’s current home. If this property does not close by a certain date, the buyer may have to terminate. As with other termination procedures, giving notice to the seller within the required time is critical. By allowing this type of contingency the seller has accepted the risk that the contract may not close. Lead Paint Contingency
Federal law requires that sellers of homes built prior to 1978 notify the buyer of any knowledge or inspections that they may have regarding lead paint. The buyers are allowed a period of time to review materials and conduct their own inspections. If lead paint is found, the buyer may terminate the contract within the prescribed time frame.
Finalizing Termination
We have touched on the most common termination clauses in standard real estate contracts in Texas. Contracts used in other states, or provided by builders for new homes, or written by an attorney for a particular transaction will vary greatly in the contingencies and terminations clauses included. In addition, there may be ways to terminate your particular contract, other than through contingency clauses.
The important thing to remember is that the contract of sale is of primary importance to the real estate transaction. If you follow the terms of the contract and act within time limits, you may exercise the termination rights that the contract contains. If you fail to follow the terms, most contracts state that you have waived the right to terminate.
After you have given the seller notice of termination, two closely related steps must follow: The parties must formally terminate the contract, and the earnest money deposit must be released. If the buyer and seller agree to the termination, their agreement is usually formalized by signing a termination form. In Texas we have an “earnest money release” form that handles both steps – it releases the parties from further obligations under the contract, and instructs the escrow company to give the deposit to one party or the other. It is usually in the best interest of all parties to resolve the earnest money and contract termination issues as soon as possible.
If the buyer and seller cannot agree that the contract is terminated, the matter could lead to prolonged negotiation and possibly, litigation. In most cases, it is in the seller’s best interest to have formal termination of the contract, freeing him to put the property back on the market. However, occasionally, even when it is clear that the buyer has followed contract procedures, the seller may prolong the formal termination process. The seller may want to receive compensation from the buyer for the delay in selling the property. Buyer and seller may have conflicting points of view of the issue. The non- settlement of termination issues can result in additional time and money, and cause unwanted stress. Most buyers do not enter a real estate contract with the intention of terminating. However, buyers must not take for granted that all will go as expected. If a contingency date lapses, you will lose the benefit and protection of the contingency. A good Realtor, in addition to helping you find the property, can be invaluable in helping you to meet your obligations under the contract and, if necessary, exercise your right to terminate.
Disclaimer: This article is provided as a service to the public. Nothing in this article is intended to serve as legal advice, or as a substitute for legal advice tailored to your specific situation and jurisdiction. If you have a question about an issue discussed in this article, you should consult an attorney directly.