When a person dies, his or her heirs must take care of the estate tax before any real property left to them becomes free and clear. However, this can be a confusing process, so it would be a good idea to enlist the services of an attorney to ensure the best outcome.
What's the difference between an attorney and a lawyer? Well, the two terms can be used interchangeably, but the latter is the more general term. As defined, an attorney is someone who has passed the bar and is able to represent clients in court.
Real estate, or "real property" in legal terms, refers to land and the structures that are permanently attached to it. A real estate attorney is knowledgeable resource regarding the ownership and use of residential and commercial real estate and the legal and contractual issues that it brings.
What if you get a better offer as a seller? A seller who backs out without good cause may be subject to legal action, particularly if it seems or can be proven that the seller received a better offer after they signed the contract.
What is real estate law? According to a pertinent website: "Real estate law oversees the purchase and sale of real property—that is, of land and anything attached to it such as buildings or other structures. It also includes anything that comes with a property such as appliances or fixtures."
Buying a home is one of the biggest investments you will ever make, so it is advisable to have every step in the process legally covered. Numerous documents are required, as purchasing a property is a complex undertaking that involves many laws specific to real estate.
Here's an important term that is frequently misunderstood: It's not "Quick-claim" deed. It's "Quit-claim" deed, and the signer is giving up interest in the property - but may still be responsible for the loan. Consult your attorney before signing one.
What is real estate law? These are the rules and regulations that oversee the selling, purchasing, and using of land and the structures that are on it. It covers numerous topics such as deeds, titles, financing, real estate planning, zoning, and taxation.
Your real estate attorney will be the one to carry out a thorough review of the documents and will make sure that the necessary modifications are made to make sure your best interests are upheld.
Can you name the first hotel constructed in the United States? Well, The City Hotel of New York City was the first hotel constructed in the country. It opened in 1794 and consisted of 73 rooms.
There’s a line between a real estate question and a legal question on real estate. It is important that buyers know how to differentiate inquiries on both matters and this will be possible when you hire a real estate attorney.
What is a title search? A title search is a detailed inspection of the historical records of a property. These records include court records, deeds, property and name indexes, and other documents.
Real estate attorneys possess the experience necessary to manage a variety of real estate issues, including those involving the acquisition, purchase and closing process. If you are seeking real estate law guidance our attorneys are here for you.
At closing, your real estate attorney will make sure that all documents accurately reflect the agreed terms and conditions. You can also trust your lawyer to provide you with the answers to questions concerning the legalities of the transaction.
If you're new to the real estate buying game, you may want to enlist the help of a real estate attorney. While doing so will increase your costs, you will also get to avoid being taken for a ride by unscrupulous sellers who will not hesitate to prey on you inexperience.
If problems arise after closing, you should contact your real estate attorney. We can negotiate with the other party on your behalf to try and resolve any issues before litigation becomes necessary.
Why pay for a survey? A survey is often required by residential lenders before closing because a survey is that one document which can confirm the accuracy of the information in the deed and whether it matches with the piece of property.
Approximately 70% of total commercial spaces in the United States are smaller buildings having a size of less than 10,000 square feet. Do you know that such properties are generally valued well under $2.5 million?
If your real estate broker presents you with a property that has defective paperwork, you may want to hold off until you've consulted with a real estate attorney. Despite the extensive knowledge of a licensed broker, they will not have the legal expertise needed to keep the deal from blowing up.
The language in real estate contracts can be quite convoluted and confusing, making them difficult to read and understand. A real estate attorney will review the contracts for you and explain its terms and details.
For tougher real estate negotiations, you may want to have a seasoned real estate lawyer in attendance when you meet with the other party. Having one around is like having a safety net because he or she can keep you from making a deal that may turn out to be disadvantageous.
When buying real estate, it might be prudent to have a real estate attorney review any purchase agreements before you sign them. After all, you never know what's hidden in the fine print so it's important to get the opinion of someone who is familiar with the legalities of trade.
Like all lawyers, real estate attorneys started out with the same academic training in law school. As such, it can be surmised that they have the same basic skills as any other lawyer. What sets them apart is their area of specialization which just happens to be real estate.
In any real estate transaction, there’s always the likelihood that issues and discrepancies could arise. During these situations, it’s best to have a lawyer to provide you the legal guidance you need.