Laws Tips for The Average Joe

Real Estate Law Firms- Do You Need One?

One of the biggest operations that a seller or buyer will ever make is buying real estate. The sale and purchase involves complex areas of law that do not apply anywhere else. It is not a necessity to have a lawyer representing your interest as many deals can be sealed without one. It is, however, a good bet to hire the services of a real estate law firm when dealing with a property transaction. Below are some situations where you might require the services of a real estate law firm.

Short Sale
A a short sale is the selling of properties for less the amount owed on the mortgage. It is the best idea for financially distressed homeowners considering a short sale to look for the services of a real estate law firm.

Short Sale Qualifications
There are four requirements for short sale. The market value must have dropped, the mortgage must be in or close to default, the vendor is suffering from financial hardship, and the seller must not be in possession of other property that can be used to pay the full balance of the loan. If the seller has any assets that can be used to pay the loan in full, the loan giver may ask the vendor to liquidate them and make a contribution 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. Whenever inherited property is bought or sold, many questions 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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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. There are certain formalities and filings that need to be completed for any buying a property, but there are extra qualifications when business entities are involved. To safeguard their interests, business entities will need to submit specific documents. Additionally, the entity’s charters and by-laws must be followed. The lawyers will understand the structures of the various business entities and will be in a position of protecting you and ensuring that the charters and by-laws are kept.