4 Real Estate Transactions That Require A Property Lawyer
Dealing with real estate transactions can be complicated if you don't know how and where to start. If you're unprepared, you might end up spending a considerable amount of money on costs associated with the transactions. This is one reason why a property lawyer can be an indispensable part of any real estate process.
Typically, a lawyer specializing in real estate can help in several ways. They can help oversee the home sale process, including the contract signing, negotiation, and closing period. Since most real estate transactions require familiarity and knowledge about the federal, state, and local laws, including the housing market, you may need a legal professional to navigate these things for you. However, there are also instances where legal help isn't necessary.
But if you want to ensure you work with a lawyer for the right reasons, below are the four real estate transactions that require legal assistance from start to finish:
1. Short Sale
Essentially, a short sale refers to a real estate transaction in which a property is sold for a price that's less than the amount you owe from the mortgage. It's an alternative to foreclosure because the lender allows you to sell your house to pay off your mortgage, although the sale proceeds are less than the mortgage balance.
However, even if a short sale can be a remedy to foreclosure, you may still be in trouble, especially if you live in a state where you'll be responsible for the deficiency. When this happens, the lender may sue you for the balance, which may be an additional financial burden on your end.
Because of this, having a property lawyer from Avenue Law Firm and other reliable enterprises can be an excellent idea. They can help protect you from any liability against the remainder of the mortgage balance. They can also safeguard your property by talking to the lender to obtain a deficiency waiver. Instead of negotiating with the lender yourself, you can hire a lawyer to represent you on your behalf and complete the short sale without putting you in any legal trouble.
2. Estate Sale
Another real estate transaction that requires the assistance of a lawyer is the estate sale. It refers to a sales process involving the liquidation of an estate. Hence, if you've inherited a house from a deceased loved one and want to sell it, you may need a legal professional in your corner to manage the estate sale from start to finish.
Generally, conducting an estate sale can be confusing, especially when the property needs to undergo probate first. In such a case, you need a legal professional to help you with the probate process. They can also help you handle the ownership documents to ensure you have the authority to sell the property. Services like this Milwaukee Estate Sale Services can also help you to navigate the complex process of an estate sale. A complete, single-solution estate liquidation company like this can help to sort, clean, and advertise items and then clear out the remnants after the sale too. Then, once the sale is over, a property lawyer can sort the paperwork related to the property transfer.
3. Sale Of Properties With Multiple Owners
If you're selling a real property that you co-own with your siblings, relatives, or other persons, hiring a property lawyer is essential to handle the sales process. Typically, a real estate transaction involving multiple owners can result in chaos when there's no agreement. Due to this possible circumstance, having a lawyer to handle a real estate sale with numerous owners would make a lot of sense. A lawyer can help ensure that no conflicts of interest can hamper the sales process. They can also vouch to protect your rights in the transaction against the other co-owners.
Moreover, if you force a sale of jointly-owned real estate and remedies outside of the court is impossible, filing a partition lawsuit in court can be your next option. Under this legal action, the court will supervise the division of the property and distribute the proceeds of the sale to the rightful co-owners. To ensure your rights are protected, you may need a lawyer to represent you in the lawsuit.
4. Sale Of A Property With Liens
If you're selling your property with outstanding liens on it, you need a lawyer to help you. This is especially important if you're required to pay off the lien before putting a property for sale. When this happens, a lawyer can help you secure a judgment or any proof to show that the lien has been satisfied. They can talk to the title company to ensure that the lien is paid correctly and on time.
Also, if you're buying real estate with outstanding liens, having a lawyer can also help you. For example, they can do a title search to determine if the property has an encumbrance that may prevent the sale or if the seller is indeed authorized to make a sale. With them at your side, you can safeguard your rights as a seller or buyer, making the real estate transaction more seamless.
Bottom Line
Real estate transactions can be a complex process. If it's mishandled, it can result in costly mishaps. Therefore, if you're planning to make a real estate transaction anytime soon as a seller or buyer, make sure to have a property lawyer at your side.
To ensure you have a legal professional for the right situation, it's best to keep the information mentioned above in mind. By doing so, you'll know when to call for legal assistance for real estate transactions, making the process much more straightforward.
