Property Transactions

Rugare Madzara July 11, 2023

A Comprehensive Guide to Property Transactions:

A property transaction is the transfer of rights in a property between two or more parties. This can include the creation of a leasehold interest, the granting of a license, or the transfer of a freehold interest.

Real estate transactions can be complicated, time-consuming, and inconvenient. The process typically begins with the seller deciding to initiate the sale, then offering the property for sale, and marketing it. Before marketing, the seller may:

Determine if the property is marketable
Create a sales strategy with advisors
Obtain or prepare an appraisal of the property
Create preliminary surveys and sales materials

The four stages of a real estate transaction are: Pre-entry into a contract, Signing the contract, Working through the transaction details after the contract is in place, and Closing and post closing.

A title company's critical function is to search the home's title and confirm there is a clear title available to transfer to the new buyer. Once the title company confirms the clear title, it issues a title insurance policy. The title company is usually present at closing while the buyer and seller sign the necessary paperwork.

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