Real Estate Law Firms- Do You Need One?

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One of the biggest operations that a seller or buyer will ever make is buying real estate. 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. Below are some situations where you might require the services of Real Estate Law Templeton firm.

 

Short Sale

A short sale is the sale of real estate for less that 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

Typically, there are four qualifications for a short sale. Typically, the seller must not have assets to clear off the remaining loan, must be in critical financial hardship, the market value has dropped, and the mortgage must be 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. There are some states that protect vendors from doing this and some things are not considered to be assets. A Construction Law Templeton 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.

 

Succession of Property

Often, more than one person has inherited rights to real property. When a property that is inherited is bought or sold there are many questions that arise. 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 real estate law firm can assist either of the parties that the transaction has met all the necessary legal requirements and that all their rights are protected.

 

Commercial 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. 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. It is also important that the charter and by-laws of these entities to be adhered to. 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.

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