Real estate and property law is a broad legal field governed by federal and state legislation as well as common law. Many facets of this field overlap with those of contract law. The two main areas of regulation are the licensing of agents and brokers and the enforcement of anti-discrimination rules for home buyers and sellers.
State governments have the power to regulate real estate agencies under their consumer protection laws. These laws require that real estate agents be licensed and they can be revoked for misconduct. States also can regulate brokerages if they choose to do so.
In most states, only licensed agents can represent clients in sales transactions. This means that even if you work with a brokerage, you cannot act as a broker yourself. If you try, your license may be revoked by the state agency that regulates brokers.
Licensed agents are required by law to disclose certain information about themselves and their businesses before they can be hired. They must show proof of insurance and file disclosure statements with their licensing boards. These documents include financial information about the agent as well as his or her business.
If an agent fails to comply with these requirements, you might be able to bring a claim against him or her. Your best chance of winning such a case is with the help of an attorney who specializes in real estate litigation.
The Contracts Law Everything You Need to Know About Real Estate A real estate contract is a legally binding agreement between a buyer and a seller about the title to a property. To be regarded legitimate, a real estate contract must be in writing and contain all of the necessary and important parts. If any part of the contract is not valid, the whole thing fails and there is no obligation on either party to perform.
In order for there to be a contract for the sale of real estate, there must be evidence that both parties intended to be bound by its terms. Therefore, it is essential that the contract be communicated to the sellers agent or broker who will then communicate it to the sellers. If the agents name is used as the required method of notification, they should be identified within the contract itself. Agents are often named in the contract in order to ensure that they are given the opportunity to review it with their clients before it is signed.
After the contracts have been signed, they can be filed with a clerk of a court or recorded with a county recorder. The filing of the contract with the court or recording of the contract with the recorder creates an equitable mortgage that ranks ahead of any interest that the buyers agent might hold. This means that if the agent's company goes out of business or refuses to release its claim to a commission, the agent will be unable to collect its debt.
The Contracts Law A real estate legal agreement is a legally enforceable agreement between a buyer and a seller about the title to a property. If any part of the contract is not signed by the party who is to deliver it and accept payment, then this party cannot try to back out of the contract.
In other words, a real estate contract is just like any other contract - it is a binding legal agreement. The only difference is that instead of being signed by the parties, it is usually signed by an agent on behalf of one or more parties.
Most real estate contracts include language specifying that time is of the essence. This means that both the buyer and the seller have the right to cancel the contract if there is no default by the other party. If either party does cancel, they must do so in accordance with the terms of the contract and return any money that has been paid.
Cancellations may be made in writing or through their agents. If an agent cancels on behalf of his or her client, then the client is considered to have also canceled the contract. In this case, the agent can simply return any money that has been paid out and the buyer or seller can find another agent or broker to handle the transaction.