The purchase of real estate is a different type of transaction than other purchases, such as that of automobiles, clothing, appliances, furniture, and other personal property.
In any sale or transaction the ownership transfers from one party to another. The sale of real estate is not only a shift in ownership, but there are also many complex laws that accompany the arrangement. Probably the easiest way to understand a real estate transaction is to consider the process as the transfer of a “bundle of legal rights”. When a person purchases real estate they actually are not only buying the structure and or the land, but are also buying the “bundle of legal rights” previously held by the seller.
These “rights” are referred to as the rights of ownership. Some of these rights include: the right of possession, the right to control the property within the boundaries of the law, the right to invite or deny access or entry to others, the right to dispose of the property to another, the right to mortgage the property or will it to another person.
Buying real estate is usually the largest financial transaction a person will ever make. When buying a piece of property a person will pay out more cash, take on more debt, and will have more personal and emotional commitment to the purchase than with any other purchase made during their lifetime.
Because of the “bundle of rights” that go along with a real estate transaction, and the multitude of laws that encompass real estate ownership, buying and selling of real estate can be complicated and confusing. The sale of property has a weight of importance to all parties, and emotions tend to run high. Realtors are involved in real estate transactions on a routine basis, and understand the decisions that need to be made during negotiations. The job of the Realtor is to help guide the client through the process and offer knowledgeable, experienced advice.
Finding the “right” Realtor is crucial. Their knowledge and experience are of paramount importance, but you also need a Realtor you feel comfortable with. Having an easy-going rapport with your Realtor will allow you to freely express your feelings and desires. Working together, the Realtor and client can achieve the best possible outcome. There is nothing more rewarding for a Realtor than helping a client reach their ultimate goal successfully.