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Common Real Estate Legal Jargon

By Don Jones

Tell us a little bit about your company and its foundation.

Keller Williams Realty, Pearland was established in December of 2003. We started in a very small space of 1500 s/f and outgrew our space very quickly. We then pre-leased 5,000 s/f in a new building across the street. We were the first tenants to move into the building in 2005. The office is owned by Three Great Partners, myself and my wife, Pam. Chris and Judy Berno, and our silent partners, Bill Linden (deceased) and Martha Ann Linden.

We now have over 200 agents and our office is in the Top 5% of profitable market centers in the Keller Williams Realty International system globally.

What are the most common and useful terms used in The Real Estate Law business that others might not be familiar with? (Such as: absorption rate, fixed-lead/mortgage, multiple dwelling)

We have so many terms that are generic to our Real Estate world, Appraisals, inspection reports, clear to close, single family, multifamily, commercial real estate, pre-qualification, pre-approval, mediation, default, short sale, foreclosure, unimproved property,unrestricted right to terminate, and so many others

Do you believe it's necessary your customers understand the basics of Real Estate Law prior to working with an attorney?

Once we have gone over a contract with a buyer(s) or a listing agreement with a seller(s), it is always possible that the client may want to speak with an attorney to make sure they know what they committing themselves to, by signed the legally binding document to purchase or sell real estate. As Realtors, we never deny the client the right to have an attorney if they desire to do so. However, in many cases, clients do not feel the need to do so, it we the Realtors have done a good job of preparing them for the steps in the process of buying and selling real estate.

What are a few ways your company help teach people and walk them through the process so they are understanding of everything?

When our Realtors work with a buyer(s), we always suggest that the buyer(s) come to our office for a buyers consultation which involves about a 30-45 minute interview. During the interview, our agents explain the process of buying, such as the offer process, pre-approval with a lender, responding to an offer, contract to close process including moving into a property and many of the steps to establishing a home.

In the selling process our agents will research for the sellers, the recently sold properties to establish a reliable sales price, discuss the listing process, including the responsibilities of selling such as providing an accurate and truthful Sellers Disclosure, preparing the home for the real estate market, repair suggestions and recommendations. The process of responding to an offer and the contract to close process. Many other issues may be discussed with the sellers depending of the knowledge and experience of the sellers

Is there any other information involving real estate law terms and information that you wish to expand upon?

We have recently had a few sellers who have wanted to terminate their contracts in order to not proceed with selling their homes after a contract has been signed and agreed upon. We have had to explain the meaning of default and the potential consequences to the sellers if they did not perform according to the contract that they signed agreeing to sell the property. Additionally, we have advised the sellers to seek legal counsel if they decided not to continue with the process of selling their home.

What is the best way for people to reach you and or your company?

My company can be reached at Keller Williams Realty, Pearland on our web site. We have listed many of our current homes for sale, we also have a list of active agents and contact information. Our phone number is 281 670-1800. Also on the web site, there is a contact us tab so a seller or buyer and contact our office for further information or to set an appointment to discuss real estate issues with a Realtor.

Additionally, all of our agents have their own mobile app which can be downloaded for use in viewing properties and contacting our agents so they can assist any buyer or seller.

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