The process of buying, leasing, or subletting property all fall under the auspice of real estate transactions. At some point in your life, you will most likely find yourself a party to some sort of real estate transaction. For that reason, it is important to understand what a real estate transaction is.
Real Estate Transactions – Generally
Real estate transactions are governed by a combination of federal and state statutes, as well as common law. Real estate transactions vary widely by state as the real estate transaction requirements are established by state law. A typical transaction involves the purchase of residential or commercial property and will most often, especially in New York, involve a real estate broker. Real estate brokers are employed to act as an agent for the seller in an effort to purchase a particular property. This relationship is governed by contract law and the contract between the seller and the broker is called a listing agreement.
In addition to state laws involving real estate transactions, the Federal Fair Housing Act allows for equity in these transactions by prohibiting discrimination on the basis of race, color, religion, sex, or national origin.
Real Estate Transactions – More Specifically
Just as the relationship between a seller and broker is governed by contract law, so is the relationship between the buyer and the seller, and contracts for real property must be in writing. In addition, in order for real property to be offered up for sale, the title must be marketable. If you are curious what qualifies as a “marketable” title, the Law Offices of Melvin Monachan, PLLC are experienced at performing title examinations (title and lien searches). Along with title examinations, the Law Offices of Melvin Monachan provide a plethora of transactional services pertaining to real estate law, including but not limited to the following.
- Reviewing real estate legal contracts.
- Acquisition of residential property in New York.
- Drafting Powers of attorney.
- Drafting joint property agreements.
- Residential and commercial lease review.
- Reviewing offering plans.
- Drafting purchase and sales agreements.
- Assistance with mortgages and real estate financing.
- Negotiating deeds in lieu of foreclosure.
Having Trouble Understanding Real Estate Transactions? We Can Help!
If you own or rent commercial or residential property in New York, you will definitely be involved in a real estate transaction as some point in time. If you have any questions about the legality or procedure of any transaction taking place, do not hesitate to contact the Law Offices of Monachan Law, PLLC for assistance. You can contact any of our real estate lawyers in the NYC, Nassau, and Suffolk areas to schedule an appointment. Simply call 516-714-5763 or use our online contact form to set up a free consultation. We have the knowledge and depth of experience to represent individuals on both sides. Contact the Law Offices of Melvin Monachan, PLLC today.