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All That Documentation Makes Real Estate No Fun

Feb 27, 2008
Have you ever bought, sold, rented, leased or otherwise transacted in real estate? I am sure you found the documentation a great irritant. I know I always have.

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.

Of course, you will go through all that. But I still feel that the process is exceptionally tedious. I am sure that this is all required in the case of a rainy day when we have to end up in court litigating over something.

Here are some of the basic types of documents that I have seen during real estate transactions:

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.

Those were two examples that I pulled out of a hat. Of course, the real world, if it exists, is far more complex than the two types of legal forms that I mentioned. For instance, did you know that if you are in the business of real estate you might find yourself dealing with a legal form about Lead Based Paint Disclosure?

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. Sometimes it might seem like there is much more legality involved than is bargained for. Then you think of the stakes involved and you see what is going on here.

In your journey to becoming a real estate mogul, you need to be armed with the right information and also have a friend and guide who can take you through the maze that this business is all about.
About the Author
I am happy to point out some resources for real estate forms. Find important documents such as a quit claim deed or a real estate purchase agreement and lots more.
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