Category Archives: Real Estate

What You Need To Know About Real Estate Lawyers

Chances are that if you are involved in a complex real estate deal, you will be advised to see the advice of an attorney in that area of practice. Real estate lawyers can help you navigate short sales and foreclosures and may be required for any property transaction in some states.

What Does Real Estate Law Cover?

Real estate legal services Shelby Township MI firms cover areas such as the purchase and sale of land with structures on it. Many firms will also cover areas like estate planning and administration as well as business law, so you can have one firm for multiple needs. Real estate law covers deeds, estate planning, zoning as well as property taxes, and titles. So your attorney will be concerned with the details involved in the sale as well as property use and government laws and regulations surrounding the property.

What Are the Qualifications for a Real Estate Attorney?

You can be confident that a certified attorney for real estate law has a law degree, which is three years of study after a bachelor’s, and has passed the state bar exam to practice. This means that he or she has studied relevant case law. Qualifications do not equal experience, however, so you will want to look at how long the firm has been in business as well as how many years your attorney has handled this type of law before retaining a lawyer. You can find this information on the firm’s website and even read third-party reviews and testimonials to find the right attorney for your real estate needs.

Some states require the presence of a real estate lawyer for property transactions and some complex real estate deals are eased by an attorney helping with the process. To find the right one, you need to know what is covered by real estate law, what the qualifications are for an attorney and how much experience different firms and lawyers have.

Purchasing Your First Home

If you think you are ready to purchase a home for the first time, it can be very exciting. If you are the kind of person who likes to do things yourself, you may be tempted to find a home that is being sold by the owner rather than through a real estate agency. Here are some things to think about when buying a home.

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Do You Need an Agent?

When you go house hunting, there are lots of reasons people work with a real estate agent. Even though you have to pay the agent a commission, there are certain benefits that may outweigh the costs. If you give a detailed list of what you are looking for to the agent, he or she can help to narrow down the available homes that fit your criteria.

It can be challenging to simply drive around town looking for homes that are for sale and hoping to find one that meets your needs. An agent usually has access to home listings in your area and can quickly pull up the specifics on each location, including the listing price. Working with a local agent, especially if you are from outside the area, can also give you solid intel on things like schools and shopping.

Do You Need an Attorney

While only a few states require an attorney for real estate transactions, hiring a real estate lawyer Ashburn VA can save you grief in the long run. Your lawyer can help you as you work through the lengthy documents before you sign them and can help if you end up with a dispute. The attorney can make sure that the contract meets requirements in your state. He or she can also help you know what to do if the title search comes up with a lien or other problem.

Purchasing a home is likely to be stressful, but much of the anxiety can be relieved if you work with professionals. Working with an agent and an attorney can help you get what you want and know what you’re getting.

The Four Steps in Closing a Commercial Real Estate Deal

Closing on commercial real estate purchases involves each party being aware of their duties. There are not as many regulations for commercial real estate sales as there are for residential sales, so it is up to the buyer and seller to ensure the deal is good by going through four steps.

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1. Authority Verification

Because commercial purchases are often on behalf of a business or group of investors, there has to be a formal agreement on who has the authority to sign the legal documents that are part of the process. Property metrics explains authority verification is simply getting an agreement on who can legally sign documents on behalf of all the buyers or sellers.

2. Due Diligence

Due diligence is the process of checking out the details of the transaction. Since laws concerning commercial real estate are not as strict as those for residential real estate, there may be some information the parties fail to provide to each other. It is up to each party to make sure they understand the deal completely, including any issues, which means it may be a good idea to consult with a commercial real estate attorney Austin.

3. Escrow

Escrow is the process of paying money upfront to secure trust between the seller and buyer. There is an escrow agreement that controls the process and gives conditions to meet to come out of escrow and complete the sale. It will also cover how to back out of the deal should one party want to leave.

4. Document Finalization

The actual closing of the deal comes when both parties sign all documents and there is a transfer of payment. At that time, everything is final and the buyer takes possession of the property as the new owner.

Making the Purchase

The process of closing a commercial real estate deal is often more complex than a residential deal because of the type of property and the types of buyers and sellers involved. It is important to understand for those new to this industry.