There are various times when individuals need real estate law advice. Here are some things to think about.
A homeowner may need real estate law advice at various times in his or her life. This legal advice may be necessary when buying a home,
when selling one or when financial difficulties occur. In today's economic climate, many individuals need help to figure out the best course of action with their real estate property. Here are some things to think about.
When buying property: Buyers may need advice from an attorney when they are buying property. Examples of advice include:
Reviewing contracts and purchase agreements: Before signing on the dotted line of any contract, it's helpful to have a legal eagle peruse it first. There is lots of hard-to-comprehend lingo embedded in the fine print. Realtors may understand it but the average buyer may not. It's in a buyer's best interest to have a lawyer check everything out with a fine tooth comb before signing on the dotted line.
Construction contracts: When an individual decides to have a custom home built or is purchasing one that hasn't been built yet, there will be more details to go over in the contractual agreement. Exactly what is to be expected in terms of materials, time lines and property boundaries are all important aspects to be legally documented.
When selling property: When an owner sells his or her property, this is also a huge deal. He or she will also be signing paperwork, dealing with large sums of money and will need to understand legal-speak.
Sales agreements: When a buyer puts in an offer and the seller agrees to the terms, it's important that all the specifics are outlined in black and white. The homeowner who is selling the house doesn't want to be caught in a dispute or left holding the bag. This is when a lawyer will come in handy.
In difficult financial situations: Today, there are many legal snafus and courses of action for individuals to take regarding real estate law.
Foreclosure: If a home is being foreclosed upon, the homeowner will need to consult a lawyer to either stop in or let it unfold in the best possible manner.
Strategic default: When an individual decides to walk away from a mortgage in a strategic manner, it's helpful to have legal guidance in order to remain compliant with the law by a real estate law specialist.
Short sales: Short sales occur when a mortgage balance is higher than the property value. There is negotiation between the bank, owner and seller to reach an agreement for selling at a price lower than the mortgage balance.
Tax sales: When property taxes are in arrears, homes may be seized and sold on the auction block to pay off the back taxes. If homeowners find themselves in this predicament, legal help is needed right away.
Bankruptcies: In many bankruptcy filings, individuals get to keep their real estate property. They will need the guidance of a savvy attorney, however.
There are various times in a person's life when a professional from a real estate law firm will need to be consulted. This is true for buyers, sellers and those experiencing financial difficulties.
