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Why 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. However, it is a good idea to use the services of a real estate law firm in a property transaction even thought it might increase the cost. 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. Homeowners that are economically distressed and are considering a short sale to seek the services of a real estate law firm. Short Sale 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 a property that can be sold to pay off the loan in full, the loan lender can call a vendor to liquidate them so as to contribute 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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Inheritance Often, there are several people who have 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. This question requires 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.
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Business 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. 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. To safeguard their interests, business entities will need to submit specific documents. 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.