Like every state, North Dakota has its own laws and guidelines regarding buying and selling homes. Home buying and selling is complex in itself, but the laws that govern both processes in the state are equally complex. It is strongly advised to consult an experienced real estate attorney regarding buying and selling homes in order to fully understand and comply with the complex laws and processes.
Purchasing a Home
North Dakota statute 47-10-01 is the statute that dictates how to legally transfer land, or sell a home, in North Dakota. It proscribes that in order for a transfer, or purchase, to be legal, it must be done in writing. The buyer is normally the one who provides a written offer, or the initial contract, which lays out the terms of how the buyer is willing to get the property. One of the most important aspects of this is the price. The offer then must be signed by the buyer, and the buyer also attaches a down payment to the offer which shows their good faith and shows to the seller that they are serious about buying the home or property. Then, if and when the seller agrees on all points of the written offer, they sign it and it then becomes a legal binding contract. All terms and conditions of it must be met since it is legally binding. However, before the seller signs, they can counteroffer if they do not agree with the buyer’s written offer and the negotiations will continue. Once the offer is signed, there are still more steps that need to be taken before the transfer is complete.
After the Contract
After the contract is signed, there are a few more things that need to be done. These include:
The first step is that the seller updates the abstract. This means that they update the document that lists all the transactions that deal with the ownership of the particular land that they sold, or that the buyer is interested in acquiring. The seller usually pays to have the abstract updated. Then, the buyer will examine the abstract to assure the seller has marketable title, or one that has no defects. Everything must be perfect and all relevant information listed and accounted for a title to be marketable. After that, an environmental audit may be performed, which is a step the buyer can take in order to ensure that the previous owner did not create any current or future environmental issues. Then, the buyer must arrange the financing, which can be done in a number of different ways. Finally, the seller prepares the deed, which officially transfers the rights to the property to the buyer. After that, the closing occurs.
The North Dakota real estate attorney at O’Keeffe O’Brien Lyson Foss who will guide you through the real estate process and make sure you have your affairs in order to successfully and happily purchase or sell property is Dean Rindy. He and his team of experienced real estate attorneys and staff assure your transaction will be correct and legal. Call 701-235-8000 or 877-235-8002 today.