Why you Need a Real Estate Law Firm Buying real estate is a bug decision and also the largest transaction most buyers and seller will make. 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 instances when it is particularly important to seek 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 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 To qualify for a short sale, there are four things that one must meet. The seller must be in financial crisis, must not have other assets that can be used to clear the remaining loan completely, the market value has dropped, and the mortgage must be in or close to default. 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 protect vendors against this, and some things aren’t considered assets. A real estate law firm thoroughly evaluates the vendor’s situation and determines if the vendor qualifies and gives a legal advice as to protect any assets the seller may have.
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Inheritance Often, there are several people who have inherited rights to real property. In most cases, when inherited property is sold or bout many questions come up. The first question that both the buyer and seller usually ask is who can sell the property. In most cases, the answer to this question leads to a thorough title search. 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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Business Entities In some cases, one of the parties involved in the transaction is a limited liability company, partnership, a corporation or another kind 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. Business entities must file specific documents to protect their interests. 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.