Heartfelt Legals
Does your heart skip a beat when you have to amend a purchase agreement for preventable clerical mistakes? An agreement for the sale of real property is unique in the eyes of the law and thus the requirements to have an enforceable purchase and sale agreement for real property are significant. Among other requirements, the statute of frauds requires an agreement to contain a legally enforceable description of the real property. Agreements for the sale of real property that fail to comply with the statute of frauds are unenforceable. The reason behind this rule of law is to prevent individuals or entities from fraudulently claiming they entered into a real estate sales contract.
Real property, as distinguished from personal property, can be loosely defined as land. Real property encompasses the surface and everything attached (that is, Buildings), everything below the surface (such as minerals) and the airspace above the surface up to a certain altitude. Maintaining accurate property records and conveyances requires a uniform methodology for physically describing real property across different jurisdictions.
The listing agreement is a contract between the seller and the listing broker. It sets out the conditions of the listing and begins the foundation for the sale. While the details of the agreement should be negotiated, a listing agreement for land and improvements must include an accurate legal description. The county websites do not always provide a complete or correct legal description. You can find useful and accurate listing information by contacting Omaha Title. You can submit a request to our team at ts_listinginfo@omahatitle.com. Include the property address, County, specific information you are looking for, need by date, your name and email address. Your heart will be happy to find out that Omaha Title provides listing information for no cost.
January 2012
An addendum is a legal and binding part of a contract and you must choose your wording carefully when adding it to the original contract. The addendum to a contract can include just about anything either party wants to clarify. It is important to realize the original contract should also include wording such as "see attached addendum" or "addendum attached" so that there is no dispute later on.
If you would like a seller to pay part of the buyers' cost, remember the wording must be specific and decisive. Don't leave out valuable information, "Seller to pay _% of the buyers closing cost", does not direct a closing company to use the purchase price to come up with an amount. You would want to state "Seller to pay _% of the purchase price towards the buyers closing cost or a specific $__ amount to allow the figures to be prepared. Any gray areas can come back at time of closing and cost either party money to iron out or a require a lender to reconsider the loan. Preparing these documents correctly ensures a successful closing.
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