Real Estate Law

1. Real Estate Law

2. 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

3. 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.

4. …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 can’t 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 won’t 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.

5. 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 weren’t 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.

6. 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 didn’t get the deal they thought they had.

7. 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.

8. 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 it’s ok to take risks in life, but real estate is an area you do not want to take the risk if you don’t 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. There’s always a certain amount of risk you take when buying a property, but hiring legal representation can greatly reduce this risk.

9. The End • For more details, please visit - http://www.savonalaw.com/real-estate/