The Purchase and Sale of Real Estate is unlike the purchase of most things. Generally, the Purchase and Sale of Real Estate process can be broken down into three steps. First, the owner of the property will decide to sell and put their Real Estate onto the market where potential buyers will be able to view the Listing and, if the property suits their needs, the buyer will bid on the property. Should the seller and buyer reach an agreement on the price to be paid, the items to be conveyed in the sale, and any number of other issues (time of sale, warranties, indemnities, Financing, etc.), then the first stage will end with the signing of a Purchase Agreement by both the Seller and Buyer.
The second step encompasses the Executory Period, or Due Diligence Period. The Executory Period begins at that point in time immediately after the Purchase Agreement is signed. It is during the Executory Period that the Buyer will undertake inspections of the property, research the title on the property, seek out funding for the proposed sale, as well as see to numerous other investigations into various aspects of the property and its proposed uses. This second step of the Purchase and Sale of Real Estate will end with the Closing. It is during the Closing that the Buyer will pay to the Seller the purchase price, in whatever fashion they have previously determined, and the Seller will execute a Deed to the property in the name of the Buyer. The Deed is then recorded and the second step is complete.
The third step in the Purchase and Sale of Real Estate begins after the Closing takes place. Now, the Seller has left the property, or has arranged to leave the property, and has removed all of their belongings that were not subject to the sale of the property. The Buyer is then able to take possession of the property. The third step ends when the Buyer has received possession of the property, a copy of the recorded Deed, a copy of the title insurance policy (if any), and all other incidentals relating to the sale of the property are taken care of.
That is the Purchase and Sale of Real Estate in its most basic form. Sometimes the Purchase and Sale of Real Estate really can be that cut and dry and have few problems, if any. Other times, however, major issues can develop at all three steps. The fact of the matter is, having a thorough and well informed understanding of the process of the Purchase and Sale of Real Estate is a must when contemplating entering into such a transaction, whether as a buyer or as a seller. We at the Gabriel Law Office, PLLC have dealt with and continue to deal with the Purchase and Sale of Real Estate on a regular basis. We have the knowledge and experience to help you or your business make well-informed decisions so that your transaction has fewer problems, and so that those problems that do arise are dealt with quickly and correctly. If either you or your business are considering the Purchase and Sale of Real Estate the Gabriel Law Office, PLLC is more than willing to discuss the matter with you and help make sure that legal issues are not issues for you or your business.