One of the biggest operations that a seller or buyer will ever make is buying real estate. The selling and buying of real estate involves complex law that is not applicable elsewhere. It is not a requirement that you hire an attorney to represent your interests in the transaction as most deals can be closed without one. When involved in a property transaction, it is important that you use the services of a real estate law firm. Here are some reasons why you might require the services of a real estate law firm.
A a short sale refers to the sale of real estate for less than the amount owed on the mortgage. It is always a good idea for homeowners who are financially distressed and are considering a short sale to seek the services of a real estate law firm.
To determine your Qualifications
Typically, there are four qualifications for a short sale. Typically, the seller must not have assets to clear off the remaining loan, must be in critical financial hardship, the market value has dropped, and the mortgage must be or close to default. In the case the seller has any assets that can be used to pay off the loan in full, the lender can call a vendor to liquidate them and add to the payoff. Some states do not allow vendors to do this and some things are not classified as assets. A the real estate law firm will assess the vendor’s situation, and determine if the supplier qualifies and gives legal advice as to how the sellers assets can best be protected.
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Succession of Property
Often, there are several people who have inherited rights to real property. When a property that is inherited is bought or sold there are many questions that arise. The first question that both the buyer and seller usually ask is who can sell the property. The the answer to this question requires a thorough title question. A a real estate law firm can assist the parties involved in ensuring that the transaction meets all the legal requirements and that their rights are protected.
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When Dealing with Commercial Entities
Sometimes, one or more of the parties to the transaction is a partnership, corporation, limited liability Company, or any other type of business entity. When purchase involving immovable property is in the process, there are certain formalities and filings to be completed, but when business entities are involved, there are additional requirements to be met. To safeguard their interests, business entities will need to submit specific documents. Additionally, the entity’s charters and by-laws must be followed. The attorneys will better understand the structures of the various business entities and will protect you and ensure that the charters and by-laws are adhered to.