Is There Any Sort Of Grace Period Once A Real Estate Transaction Is Complete?
There is no grace period once a real estate transaction is complete. Once people sign the contract, they are generally bound by that contract. There are certain contingencies in some contracts where you can back out, for instance, if title is not clear or there is no mortgage commitment issued with respect to the transaction. You can generally get your down payment back at that point. If the bank is committed to the loan, and you have signed the contract, you are generally bound by that contract unless there is something in it that allows you to back out of the deal.
Should I Use The Standard Listing Agreement Contract Used By Realtors To Buy Or Sell A Property Or Should I Have A Custom Agreement Created By My Attorney?
If you have specific or unique issues with regard to your listing you should utilize a custom listing agreement. It is a good idea to get an attorney involved as soon as possible to review that listing agreement. In the real estate transaction, the people who generally make the most money on the transaction are the real estate agents. There could be anywhere from 3% to 6% commissions that are earned by the realtor, so you definitely want to make sure that the agreement is either drafted by an attorney, or at least reviewed by an attorney. After the paying off of a mortgage, the next biggest expense in selling a piece of property is generally the realtor fees.
How Long Does It Generally Take For A Real Estate Transaction To Be Completed?
The length of time it takes for a real estate transaction to be completed depends on the particular situation. If it is a cash deal where there is no bank involved, and people have the money to just buy the property outright with no loan, which happens sometimes, it’s generally quicker. In this situation, it could be a matter of 3 weeks to a month. Most of the time, the purchaser is waiting for the bank approval to be able to fund the transaction, and sometimes that takes a little more time. Depending on the bank and the particular qualification of the purchaser, it can take from one to three months.
What Are Some Important Things To Know Prior To Getting Involved In A Real Estate Transaction?
The one thing that I think a client should appreciate is they are buying a significant asset, and they should utilize the services of an attorney such as myself as soon as possible. Sometimes people contact me before they even start looking at properties, and I advise them what the process is going to look like in the near future. Sometimes people come to me very late, where they’ve already had a contract signed, and they didn’t have anybody review it with them or go over with the legal ramifications of the contract. My advice would be to get an attorney involved as soon as possible—sometimes even before you’ve found an actual piece of property to purchase.
For more information on Grace Period In Real Estate Transaction, an initial consultation is your best next step. Get the information and legal answers you’re seeking by calling (914) 686-3171 today.