Whether you are in the market to sell or purchase a new home, the real estate transaction process can be overwhelming and complex, especially when you attempt to do it on your own. There are a lot of people or agencies that may be involved, and each has its own role to play. There is also a lot of paperwork, deadlines, and legal requirements that must be met.

At Sperry & Hatley, P.C., our real estate lawyers ensure the process moves seamlessly for you. Here, we answer some commonly asked questions, but if you have more specific questions or want smart representation in your residential real estate transaction, contact us today at 704-544-7003.

What is a real estate transaction?

A real estate transaction is a process where a seller offers a home for sale and a buyer agrees to purchase it. At a very basic level, the process involves a number of tasks and activities before closing can occur and the property is officially transferred to the buyer. Many actors are involved in a real estate transaction and could include:

• Real estate attorney
• Real estate agent
• Seller
• Buyer
• Mortgage lender
• Home inspector
• Title company

Who is involved and how the process flows is often dependent on state law and regulations. 

What is a deed?

A deed is a legal document that is used to transfer property from one person (grantor) to another person (grantee). They are typically used to transfer real estate as they are the proper way to transfer ownership rights in the property. 

A deed to real estate must meet certain requirements to be considered valid. While the exact requirements vary between jurisdictions, they must be written, witnessed, and notarized. Deeds also need to be recorded in the county in which the real estate is located. Each county will have an office for this purpose, and it may be called the Register of Deeds, Recorder of Deeds, or something similar. Recording the deed is typically required as that is how ownership of a property is determined. A search of the public records will reveal who owns a certain piece of property.