South Dakota Purchase & Sale Agreements
Real estate sales contracts or purchase agreements are the most important documents involved in a real estate transaction and should be prepared by an experienced real estate attorney.
There are several terms which can be negotiated regarding a typical residential real estate contract:
- Special short sale and foreclosure REO terms favoring lenders and sellers
- Who pays for various fees and costs
- Who pays for title insurance
- Timeframe for inspections and surveys
- Who chooses the closing agent
- Necessity of an as-is contract
- Who pays for current or future special property assessments
- Allowable seller contributions and the lender’s acceptance thereof
- Property tax pro-rations
- Use of IRS section 1031 exchanges
- Financing contingencies and waiver thereof
- Procedures subsequent to one party breaching the contract
- Insurance proceeds in the case of loss during contract period
Experienced Real Estate Attorneys
Buyers and sellers should retain experienced legal representation to draft and/or review any sales contract or purchase agreement. Real estate negotiations involve each side of the transaction striving to obtain the terms which best benefit their own interests. While realtors are always very helpful in contract negotiations, most realtors act in a transactional capacity which means they do not represent any one party, rather they represent the transaction. By retaining a veteran real estate attorney, you can rest assured that they are working towards your best interest, not simply preparing documents for the transaction.
For Sale By Owner (FSBO)
Many individuals and families attempt to sell their properties and homes on their own to save the thousands of dollars of agent fees and commissions. However, it is a good idea to have a knowledgeable lawyer review your transaction to ensure there are no surprises and that your closing proceeds smoothly. Our legal team can prepare your FSBO documents and show you how to set up the transaction.
Contact an Eastern South Dakota Real Estate attorney at the McCann, Ribstein & McCarty Law Firm today.
Proudly serving the following eastern South Dakota Counties: Beadle County, Brookings County, Brown County, Clark County, Codington County, Davison County, Day County, Deuel County, Grant County, Hamlin County, Hanson County, Kingsbury County, Lake County, Lincoln County, Marshall County, McCook County, Miner County, Minnehaha County, Moody County, Roberts County, Sanborn County, Spink County, Turner County, Yankton County
