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If You Don't Learn Anything From These Reports Contact Us and We Will Donate $100 to in Your Name to the Iowa Civil Justice Foundation. |
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" YOUR RIGHTS "
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What is a Purchase Agreement?
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This is the legal document which describes the terms and conditions of the real estate purchase also known as a contract. Sometimes it is prepared by the realtor and sometimes it is prepared by an attorney. Regardless of who prepares it, it always very important that you read all the details and fine print because chances are that if you sign the document then you will be bound by it. If you are the buyer and certain things are to stay with the house make sure that they are listed in the purchase agreement. Failing to list these things may result in your not receiving them in the sale. Likewise, if you are the seller and the oral agreement with the buyer was that the washer and dryer goes with you, but the purchase agreement says they stay with the house, then you may be bound to give the buyers the washer and dryer. |
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An attorney can assist you with making sure that your rights are protected and that you are getting what was agreed upon between the parties. Often, before a bank or lender will agree to lend you money they will need a copy of the purchase agreement. It is a good idea to have a few copies made once you have agreed on the terms and signed the purchase agreement.
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What Is An Abstract? |
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Each piece of real estate in Iowa has its own abstract that has the history of the ownership and liens on the property. It includes the types of documents used to transfer the property and lists liens on the property. Each time a piece of property is sold the abstractor searches the county land records and adds any new information to the abstract. This allows an attorney to review the abstract and determine if the title is clear and able to be transferred without a problem. |
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(WARNING: THESE ARE GENERAL STATEMENTS AND NOT INTENDED AS LEGAL ADVICE. CHANGES IN THE LAW CONCERNING DAMAGES OCCUR FREQUENTLY. YOU SHOULD CONSULT WITH AN ATTORNEY WITH RESPECT TO YOUR PARTICULAR CASE.)
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| For the answers to these questions and more complete the following form and“Iowa Legal Insider's Guide to Buying and Selling Real Estate, Includes 5 Real Estate Pitfalls & Traps to Avoid. ” will be sent to you right away. |
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