Checklist of items to consider when buying or selling real estate

From http://momoge.com

If you are buying real estate, my top recommendation is to use a licensed realtor. The kind of person who legally has the right put the big “R” by their name. I know several good ones, including Dave Moeller of Redbud Realty & Associates in Edmond. The standard principal applies: hire a professional to do the work that is outside of your area of expertise. Buying a home is one of the most important decisions we make and having solid representation in the process is critical.

If for some reason you find yourself purchasing or selling land without a Realtor, consider these basic points as a starting place to negotiating the deal:

 

  • What is the purchase price?

  • How will the purchase price be paid? (all at closing, part earnest money and the rest at closing)

  • What are the conditions on which earnest money can/is required to be refunded?

  • Who will pay for the title work on the property?

  • Who will pay the transfer fees connected to the recording of the deed?

  • Where will closing happen? (typically a title company in the county where the property is located, but you can close a real estate deal without being physically present at signing, you can sign the documents in advance)?

  • Are you transferring mineral rights to the property or keeping the rights?

 

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Shawn Roberts

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I write about and try to answer practical Oklahoma legal questions. I tend to focus on estate planning and business issues. I make a living as an attorney working for Resolution Legal Group in Oklahoma City.

I am husband to Amy and the father of Sam and David. We live exactly in the path where the “wind comes sweeping down the plains.”