Sapulpa Real Estate Law Attorney
In Oklahoma, the selling and purchasing of land, homes, and commercial buildings is governed by the law. The reason for this is because the buyers and sellers have different interests. The seller obviously wants to get the maximum amount of money possible for the property with as little liabilities paid. This means taking care of any liens that may come with it, or any damages that need repairs. And the seller wants to get the most value for their dollar, meaning a clear title is imperative and no surprises down the road. Because certain things can remain on property titles and descriptions for so long, we strongly urge you to never engage in a hand shake deal. Instead, hire a Sapulpa real estate law attorney.
Statements And Insurance
As the seller of a property, you are required to list any disclosures about the property. Let’s say you are selling a house, and that house needs a new roof. By law, you must list that in the property disclosures documents for potential buyers to see. If you have insurance on the property you are selling, it would be good to use that to perform any repairs so that the property is in tip top shape. Now, there are certain cases where you won’t do this. Selling a fixer upper or flip house for example.
As the buyer of a property, you should ask for these disclosures. You may also elect to pay for your own inspections. Another important document would be the settlement statement. You are going to want to know how much closing costs you are looking at, and get a good faith estimate of closing costs.
Consulting A Real Estate Attorney
There can be a lot to work through in the acquisition of property. Do not be afraid to ask questions. The office of Keri D. Palacios is here to help you with any real estate questions you may have. Whether you are selling a property or looking to purchase one. Call us today to help!