Real Estate Law
Residential Real Estate Transactions
Buy-Sell Agreements | Mortgages | Deeds | Title Issues | Easements and Covenants | Leases | Condominiums and Cooperatives
When you buy or sell real property, chances are it’s one of the largest transactions of your life. Real estate conveyances are also extremely complicated, with many documents that require attention to minute details. In any residential real estate matter, you want a dedicated and knowledgeable lawyer to protect your interests.
At The Legal Café, located at 114 Main Street in the heart of the Fort Worth courthouse district, we have specially designed tools to help connect you with an experienced attorney. Complete our online form or stop by the Café for help finding the right lawyer for your real estate issues.
How a Real Estate Lawyer Can Help You Purchase or Sell Residential Property
A knowledgeable real estate lawyer will guide you through the legal process:
- Your attorney can help you negotiate all the terms of your agreement, including price, closing date, and other matters.
- Your lawyer will prepare or review all documents required to complete your real estate transaction, including:
- The buy-sell agreement – This document sets the legal terms of the transaction, with the legal description of the property, the responsibilities of both parties, the agreed-upon price, any contingencies to the sale, and the effective date of the transfer.
- The deed – The deed legally transfers title to property. Typically, the deed conveys title to the purchaser, with a lien against the property (held by the lender) until the note is fully paid. The most common type of deed—the warranty deed—assures the buyer that the seller has transferred clear title. The other commonly used deed—the quitclaim deed—conveys no assurances of title.
- The mortgage – This document establishes the real property and house or other building as collateral for the loan.
- The note or other financing instrument – The note contains the borrower’s legal obligation to repay the loan and identifies when the borrower is in default and what happens upon default.
- Easements – An easement is a right, typically conveyed in the deed, to use or access property owned by another person. A deed may contain an easement of access to landlocked property, for example.
- Covenants – Some real estate transactions also carry covenants, provisions that restrict the use or disposal of property. These restrictive covenants often relate to homeowner association rules regarding home colors, construction of out-buildings and additions, and conduct of business activities on the premises.
If you are considering buying or selling residential property, visit The Legal Café or complete our online form to be put in contact with an experienced real estate attorney.
Different Types of Property Ownership
In most real estate transactions, conveyance of title gives you the rights of ownership and enjoyment of the land and all buildings. There are, however, a couple of unique types of real estate ownership:
- Condominiums – With this model of ownership, the deed transfers sole ownership in the condominium unit itself, but ownership of common areas is shared with other owners.
- Co-operatives – In a co-op, the owner has an interest in the entire building and leases his or her living space.