what kind of lawyer can draw up sale of property contracts

Do lawyers draw up contracts when selling a house?

From a legal perspective, you do not need to hire a real estate attorney when you purchase or sell land or property. In fact, you do not even have to involve a real estate agent as you can draw up a legal agreement directly with the other party involved in the transaction. However, hiring a real estate attorney does provide some benefits and could help you to avoid running into legal …

Who draws up the contract when buying a commercial property?

A real estate contract is a legally binding agreement relating to the sale, purchase, or rental of real property. Real property is fixed property. The property may be residential, such as a home, or the property may be commercial, such as an office building. Under a real estate contract, if a party does not comply with one or more of the terms ...

What does a real estate lawyer do when selling a house?

Whether you are a small business, large company, or individual, a contracts lawyer can offer the legal advice you need when dealing with contracts. Contracts lawyers negotiate contracts, handle contract drafting and revisions, and execute legally enforceable agreements, including: Business contracts; Employment contracts/employment agreements; Independent contractor …

What does a contract lawyer do?

A real estate lawyer helps to draft deeds to effectuate the transfer of real estate. Additionally, he or she can review any contracts related to the real estate transaction that have to do with a corporation, partnership or trust so that no terms of the charter agreement are breached.

Who draws up the contract?

Who Writes the Contract in a For Sale by Owner? In a traditional sale of a home, the seller's real estate agent or attorney would draw up the paperwork and help negotiate the deal.

Who typically prepares the contract in the sale of a home?

Most commonly, the buyer's real estate agent will write up and prepare the purchase agreement. Note that agents (not being practicing attorneys themselves) cannot create their own contracts.

Who prepares the purchase and sale agreement in Massachusetts?

seller's agentThe seller's agent or attorney will draft the Purchase and Sale Agreement (P&S). This is the more binding legal document that is the official contract to purchase the home.

How do you write a sales contract?

A sale deed includes the following details:Name and address of the buyer and seller.Detailed description of the property.Total payment to be made, mode of payment, date when the payment is to be made.Date of handing over of property documents.Other terms and conditions of the sale.

At what point is a house sale legally binding?

Exchanging contracts is the moment when a buyer and seller swap documentation to confirm a property sale is legally binding. Once a buyer and seller have exchanged contracts, the sale is confirmed for the agreed asking price, with neither party able to pull out without facing extremely serious financial consequences.

Do I need an attorney to sell my house in Massachusetts?

Do I need an attorney to sell my house in Massachusetts? There is no requirement that you hire a real estate lawyer in Massachusetts. But when selling a large asset, having proper legal protection and guidance is recommended.

Do you need an attorney for real estate closing Massachusetts?

In Massachusetts, the practice of closing transactions for buyers and sellers when there is a home loan is considered the practice of law; therefore, the settlement agent for any real estate closing involving a lender must be conducted by a licensed attorney.

Who does the Sale and Purchase Agreement?

A sale and purchase agreement provides certainty to you and the seller about what will happen when. To obtain a sale and purchase agreement you'll need to contact your lawyer or conveyancer or a licenced real estate professional. You can also purchase printed and digital sale and purchase agreement forms online.

Which of the following is necessary for a valid legal contract?

The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.

What is P & S in real estate?

The Purchase and Sales agreement, commonly referred to as the P&S in real estate deals, is the contract that governs the transaction. Such documents are often long, detailed, full of legalese, and most significantly, binding, making it an essential item to familiarize yourself with before signing.

What should be in a purchase and sale agreement?

The PSA includes details like earnest money needed, the closing date and specific contingencies the buyer and seller have agreed to. The PSA is where the seller and buyer agree on the terms for purchasing the home and sets the transaction in motion toward the closing.

What happens once your house is sold?

The moment signed contracts are exchanged, the sale becomes legally binding and the buyer will pay a deposit of between 5% to 10% of the total agreed price. The contracts will literally be exchanged between the buyer and seller and the date of completion (when the keys are handed over) will be agreed.

Do real estate agents have lawyers?

However, real estate laws vary from state to state and most real estate agents are not practicing lawyers. While real estate agents have a broad knowledge of real estate transactions, an opinion based on prior real estate experience and state law are two entirely different things.

Can you sue a real estate agent?

Legal issues can arise after you complete a real estate transaction and, in some states, you have the right to sue your real estate agent, the seller or even the home inspector if problems emerge with the home after the completion of the sale. If the real estate attorney facilitated the sale, then the attorney already has prior knowledge of the sale, which makes any litigation much easier to complete. While many real estate transactions move smoothly without the involvement of an attorney, people involved in sales that go awry often end up wishing that they hired an attorney.

How long does it take to close a real estate transaction?

Closing. After you sign a contract in which you agree to a real estate transaction, you normally have to wait a few weeks for the lender to appraise the property and complete the loan underwriting process. On the day of the loan closing, you sign the actual sale documents.

What is an estate planning lawyer?

The estate planning lawyer specializes in wills and trusts, and can help you to draw up a will to pass on your assets. Among other estate planning legal services, this type of lawyer can help you set up a trust which will help take care of your children’s financial needs.

What can a corporate lawyer do for you?

A corporate lawyer will be able to help you with issues related to the formation of your corporation, general corporate governance issues and corporate compliance issues.

What is an IP lawyer?

Also known as an IP attorney, an intellectual property lawyer can advise you with regard to issues relating to intellectual property, such as copyrights, trademarks, patents, industrial design and trade secrets.

What is an employment lawyer?

Employment Lawyer. Whether you’re a company that’s having a problem with an employee, or an individual who’s having problems with the company you work for, an employment lawyer can generally provide advice about legal issues which arise from an employment contract or within an employment relationship.

What is a worker's compensation lawyer?

If you’ve been injured while on the job, or have had to face the death of a loved one as a result of a workplace accident or occupational disease, a lawyer who specializes in workers compensation law can help you navigate the issues you face, such as the extent of the employer’s fault and the amount of benefits to which you are entitled.

What is a disability attorney?

The Social Security Disability system can be a particularly complex system in which to navigate. An attorney who specializes in Social Security Disability issues can help you with any step in the Social Security Disability process, including assisting you with eligibility issues, launching an appeal of a decision to deny you benefits and dealing with the reduction or termination of your benefits.

Do doctors make mistakes?

Doctors do occasionally make mistakes, and if you’re facing the consequences of a medical mistake such as a medical misdiagnosis or inaccurate treatment, a lawyer who specializes in medical malpractice issues can be particular helpful.

Can a seller choose an attorney to represent them?

Sellers can also choose to seek out an attorney to represent them and draw up the contract. This means that they are only forfeiting the services of a real estate agent before the offer is accepted.

Why do you need a purchase contract?

Because home sales are so complicated, they require purchase contracts. A purchase contract is a legally binding written agreement that outlines the details of the sale between the two parties.

Is the American dream true?

The American dream has always been to own a cute house with a white picket fence, and for many people, that dream still rings true. Owning a home can be a gratifying experience, but the time and effort required to buy and sell one can be daunting. It can also be an expensive process, so it's common to look for ways to cut costs.

What is a real estate contract?

A real estate contract names the parties, and describes the land or dwelling to be purchased or rented. The contract also includes the price the buyer or lessee pays for the sale or rental. The contract may contain other provisions, including how payment is to be made, and when payment is due. Many real estate contracts include warranties.

Can a seller breach a contract?

In some instances, the seller may breach the contract. For example, the seller may promise to deliver the property in a habitable condition. The buyer, after paying for the house, may discover the house is not in a habitable condition. Under these circumstances, the buyer may be entitled to recover damages. These damages can be measured by the ...

What happens if a buyer breaches a contract?

In a case where a buyer breaches the contract by failing to pay for the property, the seller’s money damages can be measured. The money damages equal the difference between the contract price for the house, and what the fair market value of the house is at the time of the breach. In some instances, the seller may breach the contract.

What is a warranty in real estate?

Many real estate contracts include warranties. A warranty is a promise made by the seller or lessor that relates to the property. For example, a lessor may insert, or the law may require, a warranty of habitability provision, promising to provide the leased premises in a habitable condition (fit for human life).

What happens if you don't pay rent?

Under a lease or a rental agreement, a buyer may breach the agreement by failing to timely pay rent. The agreement may contain a provision requiring a tenant to pay a flat fee penalty, in addition to the owed rent. For example, a rental contract may require a tenant to pay the rent due, plus a penalty of $50, if the rent is not paid within two ...

Can a buyer be awarded damages if they are angry?

Damages must be measurable to be awarded. For instance, if a buyer claims damages because they are “really angry” the deal did not go through, the damages will not be awarded. The monetary value of being “really angry” cannot be measured.

What is money damages?

Money damages are sums that compensate the non-breaching party for money it lost as a result of a breach. The value of the monetary damages is determined by the judge.

Need Help Drafting Or Enforcing A Contract?

Whether you are a small business, large company, or individual, a contracts lawyer can offer the legal advice you need when dealing with contracts.

How Do I Choose A Contract Lawyer?

Consider the following when determining which law firm should provide legal representation for your contract case:

What does a real estate lawyer do?

A real estate lawyer often conducts a title search on a property to determine if there are any encumbrances against it or anything that is clouding the title. This search helps clarify whether the seller has the legal right to sell the property and whether there is anything that may block the sale. For example, the seller may be required to pay off a lien or judgment before selling the home. A real estate lawyer can also secure proof that the judgment or lien has been satisfied.

What happens if a deed is not recorded?

Property law is full of cases involving properties that were purchased but no deed was ever recorded, creating legal nightmares for buyers. A real estate lawyer can ensure that the deed is properly filed and recorded. If a deed is not properly recorded, the buyer may not be considered the legal owner. His or her income and estate taxes may be levied.

Is real estate the most expensive transaction?

However, real estate transactions often represent the most expensive transaction that a person makes. Spending the extra funds to ensure that the job is done right is often a prudent choice. Real estate lawyers help in the following ways when you are purchasing or selling a home:

What is a purchase agreement?

A purchase agreement is a contract that outlines the conditions of the sale of a home. Once the buyer and seller have agreed to these conditions and apply their signature, this document becomes legally binding.

What is contingency in home inspection?

The most common type of contingency has to do with the home inspection, where the buyer has an opportunity to discover any defects. If the inspection report comes back with issues such as termites or small cracks in the foundation, the buyer can require the seller to fix the issue before closing.

What happens if you can't get financing?

So, if the buyer can’t get financing at a certain interest rate by a certain date, then they can back out of the sale without penalty. The most common type of contingency has to do with the home inspection, where the buyer has an opportunity to discover any defects.

What is a contract of sale?

The contract of sale or home-purchase agreement includes a number of significant details. A real estate attorney or broker can draw up the sales agreement. The purchase agreement is a legally binding contract that commits both the seller and buyer to certain obligations; therefore, there are basic guidelines you should follow if you type up ...

What is a purchase agreement?

The purchase agreement is a legally binding contract that commits both the seller and buyer to certain obligations; therefore, there are basic guidelines you should follow if you type up the contract yourself. Signatures on the contract make it difficult for either party to back out of the deal unless the conditions specified have not been met.

Can a closing date be extended?

Sometimes the closing date gets extended if a mortgage lender or title company gets backed up. The seller usually gets to select a location for closing and relinquishes possession of the property to the buyer at closing.