Behind the Scenes of a Real Estate Transaction
A lot goes on behind the scenes of a Real Estate transaction. The process begins when a homeowner decides to sell his or her property. The seller usually hires a real estate agent to research and determine an appropriate listing or asking price for the property.
Once the seller has arrived at a listing price, he or she either markets the property through the real estate agent or does so himself/herself. Marketing the property with an agent incurs more costs than marketing alone, but real estate agents provide professional services and advertising that are otherwise unavailable.
Once a buyer is interested in the property for sale, negotiations take place, and the Property Condition Disclosure Statement is provided to the potential buyer. If both parties settle upon a price, the proposed contract should be submitted to their attorney for review.
Once the contact is approved, the buyer applies and obtains a mortgage for the property. The buyer’s attorney reviews all of the documents relevant to the transaction and prepares for the closing. At the time of closing, ownership of the property is transferred from the seller to the buyer, the funds are disbursed, and the documents are recorded by the buyer’s attorney.
If you plan to purchase or to sell a home, call Ross & Ross at (814) 274-8612 to let us help you through the complicated process of a real estate transaction.
From offices in Coudersport, Potter County, Pennsylvania, the attorneys at Ross and Ross, LLC serve the personal injury, bankruptcy, social security disability, divorce and family law needs of Western, Northwestern, Central and North Central Pennsylvania including the communities of Coudersport, Galeton, Shinglehouse, West Branch, Smethport, Port Allegany, Bradford, Roulette, and Wellsboro, as well as Potter County, McKean County, Tioga County, Cameron County, Bradford County and other areas of Western PA and Central PA.
***Legal Disclaimer: The contents of this site are for informational purposes only and do not constitute legal advice. No lawyer-client relationship exists until one of our attorneys meets with you and agrees to accept you as a client.