When it comes to real estate, there are a lot of potential legal issues that can come up. For instance, if you’re buying a property, you’ll want to make sure the contract is ironclad and that there are no hidden clauses that could come back to bite you later on. If you’re selling a property, you’ll want to make sure all of the paperwork is in order and that you’re not leaving yourself open to any potential legal liability. The same goes for leasing a property—you’ll want to ensure your rights are protected and that you’re not signing away more than you’re comfortable with. An experienced real estate lawyer can help you with all of these things.
How a Typical Real Estate Transaction Works in North Carolina
In North Carolina, both commercial and residential property transactions are governed by the North Carolina Real Estate Commission (NCREC). This commission oversees all aspects of the transaction, from the initial offer to the closing. All real estate agents and brokers must be licensed by the NCREC to operate in the state. The real estate commission has a set of rules that must be followed for the transaction to be valid. These rules are designed to protect both the buyer and the seller and to ensure the transaction is fair.
All real estate contracts must be in writing to be enforceable. This includes both the purchase agreement and any other agreements between the buyer and seller, such as a financing agreement or a contract for repairs.
If the property being sold is a home, the seller must provide the buyer with a disclosure statement that outlines any known defects or problems with the property. The buyer then has the right to inspect the property and back out of the sale if they are not satisfied with what they find.
The buyer must put down a deposit when they enter into a purchase agreement. This deposit, also known as “earnest money,” is typically 1-2% of the purchase price and is held in escrow until the sale is finalized. The buyer has the right to obtain a loan to finance the purchase of the property. The seller cannot require the buyer to use a particular lender or broker.
Closing is the final step in the real estate transaction. This is when the buyer pays the balance of the purchase price, and the deed to the property is transferred from the seller to the buyer.
How a Real Estate Lawyer Can Help You
A competent real estate lawyer can help you with any issue you face before or after closing your transaction. When you are buying or selling a property, a real estate lawyer can help you to negotiate the terms of the sale or purchase and to draft and review the necessary documents. They can also represent you at the closing of the transaction.
If you need to refinance your home, a real estate lawyer can help you to negotiate the terms of the loan and to prepare the necessary documents. They can also represent you at the closing of the loan.
If you have a tenant who is not paying rent or is otherwise causing problems, a real estate lawyer can help you to evict the tenant. They can also help you to resolve any disputes that may arise between you and your tenant.
Finally, a real estate lawyer can also help you resolve any disputes that may arise during the course of your ownership of a property. For example, if you have a problem with a neighbor, a real estate lawyer can help you to resolve the dispute.
The Real Estate Attorneys You Need
When it comes to finding the best real estate lawyers in North Carolina, look no further than GPS Law Group. Our team of experienced and knowledgeable attorneys is dedicated to providing our clients with the best possible legal representation. We have a proven track record of success in real estate litigation and transactions, and we are ready to put our skills to work for you.
If you need legal assistance with a real estate matter, don’t hesitate to get in touch with GPS Law Group. Call us at (704) 549-1950 or use our online contact form to send a message and set up a consultation. We will review your case and advise you of your legal options, work tirelessly to protect your rights, and pursue the best possible outcome in your case.
GPS Law Group serves Charlotte, North Carolina, and the surrounding communities.