Can you charge interest if your tenant has missed payments? Whether you can charge interest on missed payments will depend on the terms of your lease or rental agreement.
Real estate attorneys have the experience and training to handle real estate situations that the client may not anticipate. Because attorneys review many contracts and have a deeper understanding of the law, they can help you avoid circumstances that would delay or stop closing.
While it may appear that a real estate attorney's main task is to prepare paperwork, nothing could be further from the truth. The fact is, such a lawyer must be proficient in many complicated matters that pertain to general business and broker compliance as well as real estate arbitration and litigation.
Simply put, real estate attorneys are lawyers who specialize in all things related to real property. The work they do encompasses all legal aspects of real estate dealings including negotiations, investigations, appraisals, drafting and reviewing of documents and representations in court.
One thing to remember about real estate law is that it varies from state to state. As such, something legal in one may not be legal in another. In California, for instance, a holographic (handwritten) will might be valid while such a document is not recognized in other states.
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.
Like any other lawyer, a real estate attorney would have gone through the requisite four years of law school. However, his or her specialized learning starts when they join a firm that concentrates their efforts on real property.
A nice saying by Russell Sage: “Real estate is an imperishable asset, ever increasing in value. It is the most solid security that human ingenuity has devised. It is the basis of all security and about the only indestructible security.”
The goal of your real estate attorney is to make sure that your rights are protected and your best interests are given priority. You can count on your lawyer to help you handle the legalities involved in real estate transactions.
While an experienced realtor will be familiar with the ins and outs of the real estate trade, there are some things they can't do. Drafting contracts, for instance, isn't on the list, but it would be something that a lawyer is authorized to handle.
When drafting a contract for a property you're selling, the safest thing to do would be to have a real estate attorney do it. This is because standard forms available online may not be able to adequately address your requirements, so it's best if one is tailor-made 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.
Before you sign all the required papers at closing, it is a good idea to have a real estate attorney review the materials and explain the contents to you. This simple process can save you countless dollars as well as intercepting problems with language that may be an issue later.
A real estate lawyer can make sure the buyer is protected by a clause which limits damages in the event of a canceled contract for specific reason, or limit the amount of the earnest money that is forfeit to a pre-agreed upon figure.
Did you know that there are two types of property? There’s personal property which includes anything besides land that can be owned. Real property meanwhile pertains to land and anything grown on, erected on, and affixed to it.
Aside from looking over the paperwork of their clients, a real estate attorney can also advise them of any improvements that can be done. For instance, after inspecting the property, they may recommend that the seller rectify certain deficiencies as a pre-condition for completing the sale.
Many states in the US require that you have a real estate attorney during closing. Even if your state doesn't require the presence of a lawyer, it is still in your best interest to have professional legal representation.
Why hire a real estate attorney? They have no personal interest in the outcome of a transaction other than meeting their client's needs. Other involved parties may have a financial interest, such as a commission, that could affect their judgement and advice.
Real estate is more than a transaction. Be sure to build a team of professionals to include at least one real estate agent, an appraiser, a home inspector, a closing attorney and a lender. These are key components for real estate success.
As experienced real estate attorneys, we can catch and address last minute contractual errors to protect your investment. It’s even better if you allow us to review documents before the transaction begins. This can minimize your chances of losing money.
One area of real estate law addresses all residential, non-business matters. If you need expert assistance in finalizing and handling mortgage and other documentation when buying a home, you’ll need a residential real estate attorney.
William Penn Adair, a political leader, has rightly said: “Find out where the people are going and buy the land before they get there.”
When acquiring or renting land for commercial purposes, consider the area before signing the agreement. Choose a place that is easily accessible by you and your clients.
We understand that real estate transactions are serious business. Our law office can walk you through your legal issues from start to finish. We are a trusted resource that can give you advice about your real estate rights.
