Real Estate Sales & Purchases
When a piece of property is sold, real estate brokers or agents are often hired by the seller to obtain a buyer for property. Real estate brokers, agents are licensed and regulated by local state laws.
A real estate agreement between a buyer and seller of real estate is governed by general principles of contract law and individual state laws. The sale or transfer of real property is almost always required to be in writing. It is often required in real estate contracts that the title to the property sold be "marketable." An attorney or a title insurance company is frequently employed to investigate a title's legal marketability. In order to pass title, a deed with a proper description of the land must be executed and delivered. Some states require that the deed be officially recorded to establish ownership of the property and/or provide notice of its transfer to subsequent purchasers.