State and federal laws you should know in real estate contracts

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Our local real estate contracts contain many pages of information. All of it is important and there for a reason, so you should be familiar with the content before you sign.

As with any contract, it is always advisable to have an attorney involved to review the contract before you sign. Whether you are buying or selling property, you will need to sign a contract to purchase. If you are using a local Realtor (and hopefully you are) the purchase contract that you sign has been approved by an attorney for use in our area by our Realtor members. In addition to all the other important language in our contracts, there are state and federal laws that you are agreeing to abide by, and you should know what they are. I am going to discuss six of them here.

The first is the real estate settlement procedures act, which provides consumers with disclosure of settlement costs and eliminates referral fees and kickbacks to help reduce closing costs. The act covers…

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