Pennsylvania Real Estate Contract Attorney
The process of buying and selling a home is a lengthy one, with financial risks for both sellers and buyers. By working with an experienced Pennsylvania real estate contract lawyer, you can feel confident that the details of the process and your final sale transaction are being handled by a real estate professional who is looking out for your best interest.
The real estate lawyers at Max L. Lieberman & Associates, P.C., have more than 70 years of combined real estate experience. We can guide you through the process, answering all questions, alerting you to problems or risks, and removing barriers to a sale. Contact a Blue Bell real estate deeds lawyer at our office when you need legal advice on a residential real estate matter.
- Learn more about why you need a real estate attorney.
Legal Documents in the Residential Sales Process
- Brokers listing agreement: The seller and the broker sign a listing agreement, obliging the broker to work to find a buyer and the seller to pay the broker's commission if a sale results. You may regret not speaking with a lawyer before signing this contract.
- Appraisal: An appraisal is prepared by a real estate appraiser and is usually required by the mortgage lender to verify the value of the property. It is an estimate of value of your property based on a comparison of your home with similar homes in your area and their sale price.
- Agreement of purchase and sale: This legal agreement regarding the sale of a property is between the seller and the buyer and is governed by general contract law. The purchase and sale agreement describes the property and any appliances or other items included in the purchase price. It outlines costs to be paid and which party will pay them, notes damages to be paid in case of default on the contract, defines earnest money to be paid upfront, and schedules a closing date for transfer of title.
- Title report: A title report is generated by the title insurance company and explains any issues identified with title to the home. The title searcher should identify unpaid mortgages, unpaid taxes, liens against the property, government claims, foreclosures, condemnations, covenants and easements.
- Title insurance policy: Title insurance protects against title defects (except for those excluded by the policy).
- Deed: A deed transfers ownership of a property. There are different kinds of deeds transferring different rights. The real estate transaction is not complete until the deed has been delivered and recorded. Accuracy is extremely important. A deed must include the names of the buyer and seller and the property's legal description. The deed must be signed by the person transferring the property.
- Contract for deed: Under a contract for deed, the buyer pays the owner for the property, rather than a bank. Once the terms of the contract are met (the agreed-upon amount is fully paid), then the buyer is given the deed for the property. Both the seller and the buyer assume a greater risk when buying or selling a property by contract for deed.
- Mortgage documents, which include a) the note and b) the mortgage document: The Real Estate Settlement Procedures Act (RESPA) requires mortgage lenders to disclose details of the costs associated with the transaction, copies of the lender's servicing and escrow account practices, a fair estimate of the service charges for which the client is responsible, and a description of the relationships among the service providers to the transaction.
Contact a Blue Bell Real Estate Deeds Lawyer
For high-quality legal representation, a thorough analysis or careful preparation of legal documents, and sound advice in case of real estate problems, contact a Pennsylvania real estate contract attorney at the law office of Max L. Lieberman & Associates, P.C.
