Ajeet Khurana

All That Documentation Makes Real Estate No Fun

Ever done a real estate transaction? Felt like you were drowning in all that real estate?

Would you say that you can transact in real estate? I am sure you found the documentation a great irritant. Invariably, I did

When we think about transacting in real estate, one of the first big hurdles tends to be the large tickets to such transactions. But that is not the only big hurdle. I would say that the very fact that you have to go through so much of documentation is also a huge impediment.

 But I still feel that the process is exceptionally tedious. I think of it as necessary evil because, though irritating, it is probably necessary in some situations.

One of the most common types of document is the "Offer to Purchase." As is implied by the very name, this is the letter that you would use to make an offer to someone when you are interested in buying his or her property. Of course, you need to know all the details that should be mentioned in this doc. You should also be careful about the legal implications and binding nature of this form.

Then there is the Residential Lease Agreement. This is something that a large number of us get exposed to. For some reason or the other if you have relocated, you have quite likely rented an apartment or a home. There are severe regulatory issues that go into making a lease agreement. So make sure that you are clear about all those matters before you go ahead and finalize the contract.

Like all other legal documentation, the contents should make logical sense. But there is a little beyond that too. For instance when it comes to matters related to real estate, there are often covenants that are local to different geographies and territories.

 Of course, the real world, if it exists, is far more complex than the two types of legal forms that I mentioned.

And if that is not "exciting" enough, please look forward to the likes of: 30 Day Notice, Counter Offers, Extension Of Lease Contract, Land Contract Form, Land Contracts, Promissory Notes, Quit Claim Deed, Rental Application.

Are we having fun yet? Now you know why dealing in realty is not for the faint hearted. Often you might find all this unnecessary. Then you think of the stakes involved and you see what is going on here.

If you have the right resource and guidance you can make it through.

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