An Overview of Real Estate Transaction Issues

Entering into the real estate market is a great way to make an investment. Whether you are looking to buy a home, sell a home, or become a landlord; there’s plenty of options for you regarding the market today. Playing the real estate market is not easy. You need to know how to make the right choices, who to trust, and what to avoid. There are quite a few issues that can crop up legally when involved in a real estate transaction.

The Seller Lacks Authority

One of the legal issues that occurs in a real estate transaction in New Jersey is when the seller lacks the authority to sell the property. This happens when the property is entered into a trust and the seller attempts to make a sale without having the right to do so. This is usually an honest mistake but one that can be avoided with a little research. Another ownership issue arises when the previous owner is deceased and the property is being sold by an estate.

Inconsistent Zoning

Inconsistent zoning is another problem that can occur during a real estate transaction in Burlington County. For example, maybe the buyer of the property wants to build a side-by-side home, which houses multiple families. If the land is not zoned for this type of residential property, then trouble develops.

Failing to List What Seller Takes

When the two parties fail to list what it is the seller will take from the property once the contract is signed and the keys are turned over can cause quite the disagreement. The contract for sale should include what stays and what goes. Who gets the refrigerator in the garage? Who gets the chandelier hanging in the foyer? Do the window treatments stay with the house?

Inadequate Legal Description

Writing a contract of sale is an important part of any real estate transaction. The property that is being sold must be described correctly in the agreement. One way this can fail is if the address of the property is all that is provided in the description. This is not acceptable. The description needs to include the lot and block numbers. A metes and bounds description should be set forth in the deed.

Items Weren’t Recorded in Writing

Another legal issue that is easily avoidable occurs when items were not recorded in writing. This really is common sense but everything you agree on or don’t agree on should be documented. This is especially important if you agree to make repairs to the property prior to completing the transaction. Make sure an explanation of the repairs is put in writing so the buyer doesn’t try to back out at the last minute, claiming that the repairs were done improperly or not completed at all.

Are you looking to sell your Cinnaminson, NJ, property? It’s best to have an experienced real estate attorney guide you through the process. Legal issues can arise during the sale of any type of property and an attorney can help you solve these problems or avoid them in the first place. Contact the office of Trish Davis, Esquire today for a consultation.