Real Estate laws protect property and people’s rights over it. It is a wide area of law governing property disputes arising out of marital disputes, buying and selling of commercial land, government acquisitions, and more. Real estate lawyers Minot ND will negotiate the price of the property, draw up contracts, and ensure that all real estate is in compliance with federal and state regulations. The laws that govern Real Estate range from a wide variety of Federal Status as well as State statutes and common law by way of precedence. Most people hire real estate brokers to find buyers and sell their property. Real Estate law is involved from this very first step of hiring a real estate broker.
The contract or agreement between the seller and the broker is called a Listing Agreement. This can be oral or written and most often these contracts are open. This means that the Broker earns from the contract only if the seller is matched with a buyer and ends up making a sale. If not, the broker has not performed the service they were hired for and no payment can be made. This is unlike many contracts in which consideration is a must. To have a solid, iron-clad contract with your broker, consulting a real estate law firm Minot ND is highly advisable. There are many complicated terms that real estate brokers can use to charge you higher than usual and can also charge you even if they don’t provide the service, you expected them to. You can also make this listing agreement if the broker is the only agent responsible for finding you a buyer, thereby earning commission from it. This however will differ from the general listing agreement as, in an exclusive listing agreement, the agent/ broker will be entitled to pay irrespective of finding a buyer.
It is also important to ensure that the brokers or real estate agents that have been hired are licensed and legally allowed to practice their trade. This is important to know that the agents are regulated by the civil code of North Dakota and they can be held liable for any malpractice, fraud, or misrepresentation. This vetting process can also be done by a real estate lawyer to help put your mind at ease and to know that you are dealing with a legitimate real estate broker.
As a real estate buyer or seller, there are some Rights that one must be aware of, when in the market. For example, the Federal Fair Housing Act forbids discrimination of the protected class. These include minorities who belong to different races, gender, color religion, or national origin. The code of ethics for real estate brokers also prohibits them from discriminating on the basis of the above-mentioned grounds. It is also important to note that when dealing with a real property like land or buildings, it is important that the contract between the buyer and seller is in writing. This contract will be governed by the law on contracts and the Statute of Frauds requires that these contracts be written. To draft, negotiate and execute such contracts, one will require real estate lawyers Minot ND as each state’s real estate laws differ from other states. To have a valid, legally binding contract between the seller and the buyer, it is important that a real estate lawyer vets them.
If you are a buyer of property in the Real Estate property, keep in the mind to ask the seller for proof of them owing to the property. It is important to ensure that the seller has a title on the property thereby giving them a right to sell it. It is also a good way to ensure that the seller does not have any undisclosed interest in selling the property that can unknowingly lead you into trouble. It is common practice for buyers to hire an insurance company or a real estate attorney to investigate title claims and whether the property the buyer is interested in, is actually marketable. For all of this and much more, Ward K Johnson is at your beck and all. A team of highly specialized and experienced real estate lawyers Minot ND is licensed and ready to represent your needs in the State and Federal Courts. Contact us now!