Real Estate Overview

Real estate transactions are governed by a wide body of federal statutes and state statutory and common law. The requirements established by state law differ significantly from one state to the next.

Real estate brokers are employed as the agent of the seller in order to obtain a buyer for their property. The contract between the broker and seller is called a listing agreement. Real estate brokers are licensed and regulated by local state laws. Professional organizations may also provide further guidelines.

The sale agreement between a seller and buyer of real estate is governed by general principles of contract law. The Statute of Frauds requires contracts for sale of real property be in writing and signed by a party to be enforceable against them. A title insurance company is often employed to investigate whether the title to the property is marketable. Title insurance companies also insure the buyer against losses caused by the title being invalid. In order to pass title, a deed with a proper description of the land must be executed and delivered. Some states require that the deed be officially recorded to establish ownership of the property and/or provide notice of its transfer to subsequent purchasers. The most common methods of financing real estate transactions are through trust deeds and realty contracts.

The sale of real estate is often accomplished by the use of preprinted forms that can be confusing and it is important that both sellers and buyers be aware of their legal rights and obligations.  Seek independent counsel and advice from an attorney to make sure you understand your rights and duties and the documents are prepared accurately and according to the terms and conditions acceptable to you.

More Information

If you or someone you know needs legal representation, contact Kryger Alexander Carlson PC at (541) 928-6171 (Albany Office) to set up an appointment to speak with one of our attorneys, or submit a free case review form.