Real Estate Law Firms- Do You Need One?

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 necessity to have a lawyer representing your interest as many deals can be sealed 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.

when a Short Sale is involved
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.

To determine your Qualifications
Typically, there are four qualifications for a short sale. 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. 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. The real estate law firm steps in to evaluate the provider’s qualifications fully and gives tips on how best any assets the seller has can be protected.
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Successions
Often, there are several people who have inherited rights to real property. Whenever inherited property is bought or sold, many questions arise. When it comes to such property, the first question that usually comes up is who is going to sell that property. This question requires 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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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. Business entities must file specific documents to protect their interests. 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.