Understanding Real Estate Buying

November, 2013 by Alma Abell

Real estate is explained as anything pertaining to property, consisting of the land and any buildings upon it, along with all or any natural resources. Real estate also refers to the buying and selling of all properties, either residential or commercial and generally one would consult a Real Estate agent to locate, asses and find properties pertaining to their list of requirements. When we consult a Real Estate agent with regard to buying a home we stipulate our needs and desires, such as a kitchen with a range cooker, a house that needs no cosmetic changes, a house with a big garden, a house that is a ‘fixer-upper’ or other things that we desire. The job of the Real Estate agent is to search out such properties and arrange a viewing either by the prospective buyer or themselves.Generally, many Real Estate agents will shortlist a bunch of properties for their client to visit, once the agent has assessed the viability and suitability. The client will then view the properties and decide which one, if any, are the preferred ones.

Market Values and Costs

When a Real Estate agent is engaged to locate properties for their clients, the client decides which one to buy. Oftentimes they will negotiate with the buyer directly at point of contact and viewing, but most of the time they will report back to the agent who will then negotiate on their behalf.

Much of the legal side of the buying process is undertaken by an attorney, who oversees the legal process, whether it be a commercial or residential property. Of the many jobs a Real Estate attorney in Wichita KS has to do, among them could be construction of retails centers, preparing and negotiating financial agreements and leases, construction contracts and many more.

Most homes are assessed buy their market value and the price of the home is generally up for negotiation to some degree. Many appraisals differ from the actual market value of a property and this can be a good thing for buyer, or a good thing for the seller. The appraisal is about valuation of the property at the point of sale. What the homeowner agrees to sell their home for could be a different figure than the value, but in some cases, a quick sale is priority, so they will come down on the asking price.

To find a real estate attorney contact a Fleeson Gooing attorney to find out how they can help with your situation.


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