The Best 10 Lawyers For Property Case

leadindia422
Jun 13, 2024
3 min read

A real estate lawyer or property lawyer must be consulted when dealing with property matters, as there are various kinds of real estate contracts and one must be aware of them. A contract can be understood as a legally enforceable document between two parties or more. It consists of offer, acceptance, consideration, legal capacity, etc.

Various contracts that are required in the real estate field have been discussed below. However, if you are going to enter into a contract involving property matters, it is advised that you seek advice from an experienced land lawyer, for whom you can contact your friends or relatives, through online platforms, or by contacting famous legal firms near you.

As has already been discussed, a number of contracts are involved in matters related to buying or selling a property. Some of the most common contracts have been discussed below, which could help you understand why professional assistance is important when dealing with such matters.

Purchase Agreement

These contracts are related to the sale of a property. It will include the names of both parties, the address of the property, the signatures of the parties involved and the closing date.

Different kinds of Purchase Contracts have been discussed as follows:

State/Association Agreement

In such agreements, a real estate agent is also involved in the sale of the property.

General Purchase Agreement

Similar to the types of agreements mentioned above, these agreements are also between the seller and purchaser for the sale of a property; however, real estate agents are not involved here.

Property- Specific Purchase Agreements

These could be a land purchase agreement or an agreement for a mobile home.

Real Estate Assignment Contract

It is generally used in the sale of a property between a homeowner and the buyer. A real estate assignment contract would be signed when the owner of some property agreed to sell the rights to purchase the property to an investor and both parties signed the contract.
This contract gives the real estate investor the right to purchase the property (not for himself) and then they can sell the property to another buyer.
The end buyer pays assignment fees to the investor and thus buys the property from the homeowner.
It must be noted that the Real Estate Assignment contract does not provide the investors with the title to the property.

Lease Agreement

It is a real estate contract between a property owner (landlord) and a renter (tenant) regarding the property.
The landlord agrees to offer the property to the tenant to reside in at a specific monthly rate.
The contract would include important conditions such as security deposit, payment of utilities other than the time period for the lease, and the amount of rent to be paid.
All necessary conditions would be included in the contract in order to prevent any legal disputes in the future.

Power of attorney

A power of attorney will be used in situations where the principal (i.e., the person who gave permission to someone else to act in his place) is not in a position or is not physically able to sign the contract. In this situation, the principal would appoint another party to act on his behalf by signing the power of attorney with them. Power of attorney can be transferred in the following situations:

When the principal is physically disabled
The principal has been hospitalised or has an illness and it is not possible for him to sign the contract.
The principal is not available in the country and is therefore unable to sign the contract.
The principal owns several investment properties, so it is not possible to present everywhere.
The principal is elderly and therefore unable to sign the contract.

Conclusion

If you are going to purchase a new real estate property, then it is possible that you are going to sign a real estate contract. There are various types of contracts in real estate and hence, it is advised to seek proper guidance and assistance from a lawyer for property so that you do not face any legal problems due to the contract you have signed.

Lead India Law offers you a team of experienced advocates who have been successfully dealing with issues involving real estate matters and hence can provide you with proper legal advice and assistance with various procedures for legal paperwork. Hence, if you wish to talk to a lawyer or seek free legal advice online, you may contact us.