Short Course on Laws – Getting to Square 1

Instances When you Need a Real Estate Law Firm 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 necessity to have a lawyer representing your interest as many deals can be sealed without one. It is, however, a good bet to hire the services of a real estate law firm when dealing with a property transaction. 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 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. 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. 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. 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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Succession of Property Often, there are several people who have inherited rights to real property. Whenever inherited property is bought or sold, many questions arise. The first question that both the buyer and seller usually ask is who can sell the property. The the answer to this question requires a thorough title question. 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. There are some filings and formalities that must be completed for any purchase involving an immovable, but there are other requirements when business entities are involved. 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 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.