REAL ESTATE TRANSACTIONS
The HONG LAW PLLC offers services related to residential and commercial real estate handling laws. They are experts in this area and can help you with your real estate needs. This includes drafting and reviewing leases, purchase and sale transactions, deeds, easements, covenants, title insurance, and various other documents and agreements related to real estate.
Real estate transactions are governed by a wide body of federal statutes and a combination of state statutes and common law. The requirements established by state law often differ significantly from one state to the next.
Real estate brokers are employed as the agent of the seller in order to obtain a buyer for their property. The contract between the broker and seller is called a listing agreement. The agreement may be an open agreement whereby the broker earns a commission only if he or she finds a buyer. A listing is exclusive if the broker is the only agent entitled to a commission for finding a buyer. Under an exclusive arrangement, a broker may be entitled to a payment even if the seller finds the buyer without the broker's aid. Real estate brokers and salespeople are licensed and regulated by local state laws.
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The Federal Fair Housing Act prohibits discrimination in real estate transactions on account of race, color, religion, sex, or national origin.
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The agreement to sell between a buyer and seller of real estate is governed by the general principles of contract law. The Statute of Frauds requires that contracts for the real property be in writing.
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It is commonly required in real estate contracts that the title to the property sold be marketable. This requires that the seller have proof of title to all the property he or she is selling and that third parties not have undisclosed interests in the title.
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A title insurance company or an attorney is often employed by the buyer to investigate whether the title is, indeed, marketable. Title insurance companies also insure the buyer against losses caused by the title being invalid.
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In order to pass title, a deed with a proper description of the land must be executed and delivered. Some states require that the deed be officially recorded to establish ownership of the property and/or provide notice of its transfer to subsequent purchasers.
