Real Estate Law

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Real Estate Law
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Synopsis

• A Look at Real Estate Law
• The Legal Side of Real Estate Transactions
• Reasons You Need a Lawyer to Buy or Sell Property
• 3 Major Reasons You Should Hire A Real Estate
  Lawyer

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A Look at Real Estate Law

• The Title
• If you are going to be the sole owner of the
  home, deciding on how to title it will be simple.
  You will put your own name as the owner and will
  have every legal right to it in the future. If
  you make the purchase with a spouse or with a
  co-investor, there are different options for
  titling the home according to your specific
  situation. A real estate attorney can help you
  with the choice in how the new house should be
  titled to prevent conflicts in the future when
  you may want to sell it or pass it on to a
  beneficiary.
• Buying a Condo
• Some people like the idea of living in a
  condominium because there is less maintenance
  than with a house. Buying a condo is quite
  different than buying a home. You will be
  expected to pay fees to the homeowners
  association for the maintenance that you are
  trying to avoid. These fees go towards grooming
  the lawn, keeping the driveways and sidewalks
  paved, and taking care of the pool.

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A Look at Real Estate Law

• In addition to the fees, there are also rules
  that each condo owner must abide by. You should
  not only read the bylaws before making an
  agreement to buy you should also have them read
  by an experienced real estate attorney who can
  explain exactly what they mean. They are
  typically written in a complex legal language
  that cant be interpreted by the average person.
  The result of failing to understand what is
  expected of you as a condo owner could be
  penalties, legal fees for the condo association,
  and court costs.
• The insurance on the exterior of the condo is
  usually provided by the condo association.
  Insuring the interior is up to you. Again, having
  the property inspected prior to purchase to
  ensure it is in good condition is a good idea.
  Any time that you can prevent getting into a
  conflict of contract, you will save yourself a
  lot of headaches and money.
• Finding the Right Real Estate Attorney
• Experience is key to getting a real estate
  attorney who will provide you with any type of
  real estate services you need to make a better
  transaction that wont cause problems years down
  the road. Since laws differ among the states, be
  sure the attorney you choose has plenty of
  experience in the state where you will be making
  the property purchase. No matter what the value
  of the property, a smooth transaction without any
  hidden details is worth the investment of a
  quality real estate attorney.

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The Legal Side of Real Estate Transactions

• Rent to Own
• Sometimes renters are given the option to rent
  their home with their rent payments going towards
  the purchase if they decide to buy. Believing
  that the rent they have paid will reduce the
  final price they pay for ownership will depend on
  the sales agreement. If the renter pays rent for
  some time and the seller backs out on the
  agreement, the money may be lost. Having a real
  estate attorney either prepare the agreement or
  to review an existing agreement could result in
  the renter losing the money they had believed
  would go for a down payment.
• Commercial Transactions
• It should go without saying that making a
  commercial property purchase is just as
  significant as buying a home, if not more so.
  Purchasing the right property for your business
  use will impact the success of your business. The
  last thing you want when you are starting a new
  business is to have problems with the property or
  the conditions that may be imposed on ownership
  that you werent aware of when you purchased it.
• A real estate attorney who has dealt with the
  known issues of commercial property purchases
  knows what to look for and can help you avoid
  making the wrong decision about which property
  will be best for your needs. They can also help
  you deal with issues when they arise after a
  purchase is made.
• Title issues are also common to commercial
  purchases just as they are with homes. A real
  estate attorney can do a proper title review and
  analysis to find any hidden problems. There may
  be liens, improper or missing paperwork or
  documentation, or other areas that could be
  overlooked during the initial buying process.

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Reasons You Need a Lawyer to Buy or Sell Property

• The Importance of a Title Review
• A title may not be as black and white as it
  appears. A review will determine if there are any
  liens against it or if there is missing
  paperwork. Without taking this extra step prior
  to purchase, the buyer could end up buying
  trouble that will last for many years after the
  transaction is completed.
• The Complexity of Condo Agreements
• The reason that purchasing condominiums can be so
  complex is that there are many conditions and
  provisions that apply on the part of the
  purchaser and the seller. There are some services
  that the condo association will be obligated to
  fulfill while the purchaser will also be expected
  to follow the rules of the building. Without
  having a lawyer look over the agreement, the
  buyer is investing in the condo to rent out to
  other tenants may find that this is not an option
  provided in the building.
• The very fact that commercial property is
  purchased for the purpose of making money makes
  it even more important to understand every detail
  of the purchase agreement and whether the
  obligations of the agreement coordinate with the
  plans of the buyer. The same is true for buyers
  who are purchasing a condo for their own use.
  They may be searching for the carefree home of
  their dreams and find that they are obligated to
  do more than they expected to care for their new
  place.
• As-Is Purchases
• When potential buyers find a property that is
  listed as-is, they become concerned that they
  are about to purchase a lemon! However, this term
  differs in relation to buying a home than when
  purchasing a car. It simply means that the home
  is being sold as-is, without any modifications
  being made. The seller is still responsible for
  the condition of the house.
• Talking to a lawyer before buying or selling a
  house will ensure that every member of the
  transaction understands the legal terms and the
  implications that accompany each. The last thing
  anyone wants when buying their dream home or
  making an important financial investment is to
  find out they didnt get the deal they thought
  they had.

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3 Major Reasons You Should Hire A Real Estate
Lawyer

• Contracts
• You need a lawyer to review the contract for you.
  You need this done before you make a purchase,
  especially if you are buying your first home or
  commercial property. Your lawyer is there to
  make sure the terms of deal are specified in a
  contract so that they are legally binding and
  will be honored. Other important documents
  should also be reviewed by the lawyer. Things
  such as bills of sale, the deed, title, title
  insurance policy, and any other form of document
  should also be reviewed so that the lawyer can
  find anything array in the content and any
  necessary changes that have been (or need to be)
  made. An experienced professional will also be
  able to catch technical (grammatical) errors
  within the document. If the document is
  corrected from the beginning, it can save you
  major expenses in the future. Your attorney is
  there to negotiate for you and inform you of the
  laws in your state. They will also ensure that
  your contract follows the necessary state laws
  and address any issues that could potentially
  affect the way the property is used in the future.

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3 Major Reasons You Should Hire A Real Estate
Lawyer

• Property Transfers
• When a deed is not properly transferred it could
  potentially trigger the buyer and/or seller to
  incur costs. A real estate lawyer will be able
  to help you during the complicated negotiations
  and while preparing the contract when other
  parties come in the form of corporations, trusts,
  or partnerships. They will know all the
  different types of business setups and be able to
  ensure the contract follows the law. Your lawyer
  will also be able to ensure that the deal does
  not violate any type of charter agreement already
  put into place.
• Lessen the Risk
• Everyone says its ok to take risks in life, but
  real estate is an area you do not want to take
  the risk if you dont have to. Hiring a lawyer
  can decrease the chance that an opposing party
  will sue you later on. Your attorney will be
  able to review everything and ensure that
  everything is in order. They will be better
  equipped to secure a clear title for the property
  and ensure the appropriate disclosures are made.
  Theres always a certain amount of risk you take
  when buying a property, but hiring legal
  representation can greatly reduce this risk.

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The End

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