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 and salespersons are licensed and regulated
by local state laws. Professional organizations may also provide further guidelines.
The Federal Fair Housing Act prohibits discrimination in real estate transactions
on account of race, color, religion, sex, or national origin. Real estate brokers
are specifically prohibited from discriminating by the act.
The agreement to sell between a buyer and seller of real estate is governed
by the general principles of contract law. The Statute of Frauds requires that
contracts for real property be in writing. 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 method of financing real
estate transactions is through a mortgage.
If you or a loved one is in need of legal assistance, call DerGarabedian, Dillon, Nathan, Marino & Rodriguez at (516) 766-1619 or schedule a consultation
and review. The initial consultation is free of charge, and if we agree
to handle your case, we may work on a contingency fee basis, which means we
get paid for our services only if there is a monetary recovery of funds. In
many cases, a lawsuit or other claim must be filed before an applicable expiration
date, known as a statute of limitations. Please call right away to ensure that
you do not waive your right to possible compensation.