Legal Documents for Selling Property

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Commonly Asked Questions about Legal Documents for Selling Property

Who typically prepares the contract in the sale of a home?

Who Prepares The Purchase Contract? Most often, the buyers real estate agent will write up and prepare the purchase agreement for a house. Note that agents (not being practicing attorneys themselves) cant create their own contracts.

Who usually writes the purchase and sale agreement?

A purchase and sale agreement, also abbreviated as PS or PSA, is a standard form that buyers and sellers complete as part of a real estate transaction. Its generally drawn up by the sellers agent or a real estate attorney after a buyer and seller agree on a homes purchase price.

What are the three most important documents in any sale of property?

Youll need a variety of documents in order to sell your home. Some of the most important include your mortgage loan documentation, mandatory disclosures and the deed.

Does a seller or buyer create a contract?

The contract is initiated when the buyer makes an offer. Once the seller accepts the offer and the terms of the contract are negotiated, the parties will sign the contract making it legally binding and enforceable.

Who draws up the contract for the sale of a property?

The seller draws up the For Sale By Owner real estate contract. However, the seller can hire other professionals to do the job. They can be the buyers agent or a California real estate attorney.

Can you sell a house in NY without a lawyer?

If you are selling a home in New York state, you will need to hire not only a real estate agent to market and negotiate offers on the property, but also an attorney to prepare the contract of sale and to represent you at the closing.

Does a seller need an attorney at closing in NY?

If you are buying or selling a home in the state of New York, it is required that you work with an attorney to process all contracts and represent you at the closing.