Real Estate Transactions
What are Real Estate Transactions?
A real estate transaction is the process in which rights to a property unit (or specific real estate) are transferred between two or more parties. For example, in a transfer, one party is the seller, and the other is the buyer. This process can be complex due to the intricacies of ownership rights that may be transferred, the financial amounts involved, and government regulations.
Alhukok for Advocacy and Legal Consultation, with its scientific and practical experience, provides an ideal environment between the parties involved, ensuring fairness and equality between the seller and the buyer in a sale contract. The firm contributes to ensuring rights are protected and the law is applied to prevent disputes and differences. Contact us now to help you resolve your real estate transactions. |
Real Estate Transactions
What are the Legal Guarantees When Dealing with a Real Estate Office?
There are several guarantees that aim to protect your rights as a consumer, including:
Licensing and Registration:
The real estate office you deal with should be licensed and registered with the relevant authorities, such as Alhukok Law Firm.
Contracts and Agreements:
There should be a clear real estate intermediary contract, including all details regarding the services provided, commissions, payment terms, the contract's duration, and the rights and obligations of each party, with a copy of the contract provided.
Transparency and Disclosure:
Full and transparent information should be provided regarding the properties, including legal, financial, and technical status.
Protection from Fraud and Deception:
Verify the ownership and records of any property before purchasing it.
Access to the Courts:
if you suffer any harm or violation by any real estate office, you can file a complaint with the relevant authorities or resort to the courts.
Real Estate
What are the Rights of the Parties When Purchasing Real Estate?
When purchasing real estate, both the seller and the buyer shall have legal rights and obligations to protect the interests and rights of everyone and ensure that the real estate transaction proceeds smoothly.
Buyer’s Rights: The buyer shall have the right to the following in real estate transactions:
The right to acquire property free from flaws, with the right to obtain full and transparent information and verify the property’s ownership. They can terminate the contract or register it in their name, with the right to protect their ownership.
Seller’s Rights: The seller shall have several rights during the completion of a real estate transaction:
The right to receive the agreed-upon price at the time and place specified in the contract, while retaining ownership until receiving the agreed amount. They shall also have the right to terminate the contract and seek compensation for damages.
Both parties shall have the right to terminate the contract.
Best Real Estate Lawyer
Best Real Estate Lawyer
Alhukok Law Firm is considered one of the best real estate law firms, handling all real estate transactions in the Kurdistan Region of Iraq for both local and foreign clients. These include sales, purchases, leasing, mortgaging, following up on real estate disputes, property taxes, providing legal consultations, and drafting contracts and agreements for all real estate investment projects and construction for foreigners in accordance with the investment law in the region. The firm also offers studies provided by a team of specialized lawyers.
Steps in a Real Estate Transaction
Gathering Property and Client Details:
In this step, necessary information and documents shall be collected, including proof of ownership, land surveys, and details about any legal claims, such as mortgages.
Determining the Sale Price:
The sale price is agreed upon with the seller, and the property is listed to attract buyers. It is advertised through various channels such as newspapers and social media.
Submitting Relevant Documents:
When a potential buyer makes an official offer, it includes proof of financing or an approval letter from the lender unless they are cash buyers. The documents are then reviewed.
Preparing the Sale Agreement:
If the seller accepts the offer, the lawyer prepares the sale agreement, specifying the terms and conditions of the transaction, including the sale price and property details.
Reviewing and Signing the Agreement:
The agreement is sent to the buyer’s lawyer for review. After examination and confirmation that it aligns with the terms and protects the buyer’s rights, the agreement is signed in triplicate by each party and their lawyers.
Final Signing and Execution:
Once the buyer’s lawyer approves the agreement, the buyer shall sign the document and returns it to the seller’s lawyer for the final signature. Once all signatures are obtained, the sale agreement shall be fully executed.
