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Real Estate Law
Real estate law can be confusing, even to real estate professionals – lenders, agents and brokers. If you have a question about real estate law, the best people to consult with are real estate lawyers. Real estate attorneys specialize in real estate law and they can offer you sound advice regardless of your situation.
Real estate professionals can answer simple questions about real estate law, like “What is the difference between a mortgage and deed of trust?”, but if you need to know your legal rights in a situation interpretation of real estate law by real estate lawyers is in order.
When is the appropriate time to hire real estate attorneys?
Real estate lawyers handle a wide variety of issues concerning real estate laws. For instance, they can review the paperwork of a loan closing to make sure that everything is in accordance with real estate law. They assist in foreclosures and can advise you of your rights according to real estate law. They can help you to deal with zoning, easements, environmental hazards, and other restrictions that may apply to your property under real estate law.
Real estate attorneys also deal with problems in construction contracts, title problems, and they even deal with real estate law affecting timeshares, coops and condos. Basically, if you need legal help concerning real property, whether you are a buyer, a seller, an owner, a mortgagor, or a mortgagee, real estate lawyers can help you by interpreting the real estate laws and advising you of your rights under real estate law.
Real estate law may also affect estates. If you are a joint owner of a property and the other owner dies, under real estate law, will the property be yours are will it be subject the heirs of the other person? Questions like this are best answered by real estate lawyers in the construction of the documents when you buy the property according to real estate law. Otherwise, it might become an issue later on. Properly prepared documents can make real estate law work to your best advantage.
If you are in such a situation, you definitely need real estate attorneys working on your side. You might also be concerned about your heirs. If you die, under real estate law, will your property be transferable to your heirs or will it become the sole property of the joint owner? These things need to be decided upfront with the advice of real estate lawyers concerning real estate law. The title papers determine your rights as a joint owner. Even if your last will and testament passes your share of the property on to your heirs, there can be a problem with that if the title of the property doesn’t give you that right under real estate law.
Have you found out that you have a clouded title? Under real estate law, a clouded title comes from things like tax or contractor liens, survey disputes and claims of ownership from other people. In order to solve such title problems, you definitely need to consult with real estate attorneys.
Are you an investor looking to buy property that has a clouded title? Such title problems can be worked out under real estate law and sometimes, investing in a property with a title problems can get you a tremendous discount. However, before you commit to the property, consulting with real estate lawyers can help you decide whether the property is the worth the costs of clearing up the title problems and making the property marketable under real estate law.
What if you are buying a property and there is a restrictive covenant that you don’t like? Under real estate law, restrictive covenants can be placed on properties to prevent such things that are undesirable to the vision of the area. For instance, restrictive covenants often say that the buildings placed on the land of be a certain size or style, or that you can’t raise pigs on the property. The language used in the covenant will reveal whether the restriction runs with the land applying to owner after owner, or whether the restriction was solely between the seller and the buyer making the covenant, under real estate law, unenforceable on a new purchase. Real estate attorneys can interpret whether or not this restrictive covenant applies to you in the purchase of the property or whether it was a personal agreement between the seller and the buyer that ends with the sale of property according to real estate law.
Are owner-financed agreements subject to real estate law?
Owner-financed agreements are subject to real estate law and it is best to have real estate attorneys review the agreement to ensure that it is written to best protect your interests and in compliance with real estate law. A lot of people rely on escrow companies to prepare the agreement, but generally, they use a standard agreement. It is definitely worth the money spent on advice from real estate lawyers that are working for you to interpret real estate law and provide you with the protection that you need. For instance, what if you decide to sell or rent the house and the contract prevents early sale or includes a huge penalty? If you have already signed the agreement, you are pretty much stuck with those terms under real estate law unless, in your state, such terms are against real estate law. It is best to have the agreement reviewed before you sign, so that the seller won’t control what you do with the property until it is paid off.
Who makes real estate laws?
There are both federal and state real estate laws. Real estate transactions are also subject to common law in addition to real estate law. Real estate law varies from state to state. Real estate attorneys are licensed in the states in which they practice and they can decide which real estate laws apply to your transaction. Federal real estate laws supersede state real estate laws if the state real estate law contradicts the federal real estate law. Usually, real estate laws issued by the state are more stringent than the federal real estate laws. Federal real estate laws are rather general and states pass real estate laws basically to clarify federal real estate law or to address specific problems that occur on the state level.