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Instances When you Need a Real Estate Law Firm Buying real estate is a bug decision and also the largest transaction most buyers and seller will make. The sale and purchase involves complex areas of law that do not apply anywhere else. 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. 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. Short Sale A a short sale refers to the sale of real estate for less than 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. 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. There are some states that protect vendors from doing this and some things are not considered to be assets. A the real estate law firm will assess the vendor’s situation, and determine if the supplier qualifies and gives legal advice as to how the sellers assets can best be protected.
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Inheritance 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. The the answer to this question requires a thorough title question. The real estate law firm offers assurance to any party that the transaction has legally met all the requirements and their rights protected.
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When Dealing with Commercial Entities Sometimes, you will find out that one or more of the parties in the transaction is a corporation, partnership, limited liability company or any other type of business entity. There are certain formalities and filings that need to be completed for any buying a property, but there are extra qualifications 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 lawyers at the real estate law firm will understand the structures of the different entities and will be able to protect you and ensure the adherence to the by-laws and charters.