Buying and selling real estate is often the largest transaction many humans will make. Truth is that the sale and purchase of real estate involves complex areas of law that do not apply anywhere else. You are not usually required to hire an attorney to represent your interests in real estate sales transactions, and most deals can be closed without one. However, here are a few of the situations where it is particularly important to seek the services of a real estate law firm.
Short Sale
A short sale is the sale of real estate for less than the amount owed on the mortgage. In other words, the seller comes up “short” on the money to pay off the loan.
Typically, there are four qualifications for short sale: (1) The market value must have dropped; (2) The mortgage must be in or close to default; (3) The seller must be suffering a financial hardship; and (4) The seller must not have other assets that could be used to pay the full balance of the loan. A real estate law firm will fully evaluate the vendor’s situation, determine if the vendor qualifies and give legal advice as to how to best protect any assets the seller may have.
Successions
Rights to real property are often inherited by more than one person, causing many questions to arise when inherited property is bought or sold. The questions for both sellers and buyers include: “Who can legally sell the property?”; “What if some heirs do not want to sell the real property?; Can the property be partitioned and sold?; Can the non-compliant heirs be forced to “buy out” the heirs that wish to sell? A real estate law firm can assist any party in ensuring that the transaction has met all legal requirements and that their rights are protected.
Commercial Entities
Sometimes, one or more of the parties to a real estate transaction is a partnership, corporation, limited liability company or another type of business entity. There are certain formalities and filings that must be completed for any real estate purchase involving business entities. Specifically, they must file specific documents to protect and adhere to the business entity’s charters and by-laws.
The attorneys and staff at Kayser Law Group at https://www.kayserlawgroup.com, 714-984-2001, or at the Kayser Law Group physical office located at 1407 North Batavia Street, Suite 103, Orange, CA 92867 are readily available to help you make informed real estate purchase and selling decisions. When looking for a quality real estate law firm, contact Kayser Law Group to assist with all your real estate transaction needs. The Kayser Law Group attorneys will understand your real estate transaction needs and will be able to protect and guide you through any real estate matter. Check out Kayser Law Group online today https://www.kayserlawgroup.com