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Why you Need a Real Estate Law Firm Buying a real estate is a huge decision and is typically the largest transaction most buyers and sellers will make. The sale and purchase involves complex areas of law that do not apply anywhere else. You are not usually required to hire a lawyer to represent your interests; most deals can be closed without one. When involved in a property transaction, it is important that you use the services of a real estate law firm. Below are some situations where you might require the services of a real estate law firm. Short Sale A a short sale is the selling of properties for less 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. Qualifications To qualify for a short sale, there are four things that one must meet. 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 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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Successions Often, many people have inherited rights to real estate. In most cases, when inherited property is sold or bout many questions come up. Often, the first question that comes to mind for both sellers and buyers is who can sell the property. In most cases, the answer to this question leads to a thorough title search. 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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Commercial Entities In some cases, one of the parties involved in the transaction is a limited liability company, partnership, a corporation or another kind 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. To safeguard their interests, business entities will need to submit specific documents. The adherence to the entity’s by-laws and charter are essential. 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.