Real estate law is a service our firm currently offers. But what is real estate law? While you may be familiar with some aspects of it, there are others you may not be aware of. Here are a few things that fall under the realm of property law.
Real Estate Lawyers Help Homeowners Buy Homes
When most people hear about a real estate lawyer, they probably think of the closing of a home. That’s because so many of us have a lawyer present when we buy or sell our house.
It’s important to note that not all states require a lawyer to be at the closing. Regardless of whether or not your state requires a lawyer present at closing, we highly recommend you have one there. A real estate attorney is there to help prevent you from a situation where you could legally lose the home for one reason or another.
For example, a real estate attorney will check past records to ensure the home was always rightfully sold from one party to the next. They’ll review and prepare paperwork for the closing of the home to make sure it’s fair for all parties. And, early in the homebuying process, an attorney may advise a homebuyer on the potential mortgage options available.
Breach of Real Estate Contracts
Let’s say you’re in the middle of selling a home. Everything is going well so far. The buyer submitted an offer that you have accepted. The inspection went well. The buyer’s lender has everything in place to close on the loan. You’ve set everything up to move out of your current home so the buyer can move in. In fact, you’re buying another home yourself.
There’s no reason to think anything will go wrong.
Then the buyer breaches the contract and says they aren’t going to buy the home after all.
This is a painful scenario but it happens all the time. As the seller, you may be entitled to monetary damages. You’ve lost both time and money, plus you’re trying to get into your new home, which will now be harder to do since you didn’t sell your current one.
Real estate lawyers step in to help.
Real Estate Liens
Another area where attorneys step into real estate matters is property liens.
Let’s say you manage a small credit union that offers mortgages. If a borrower doesn’t pay their mortgage for a few months, you can place a lien on their home. This is a legal claim on the home to take possession of it because they didn’t pay their bill.
Keep in mind this doesn’t just apply to a house. Property liens can also be granted for cars, boats, planes, motorcycles, etc.
Bodily Injury Due to Dangerous Condition on Property
If you own a property, you’re expected to keep it relatively safe so people coming onto your property don’t get hurt. This is called premises liability.
If you’re involved in a situation where someone gets hurt – whether you’re the property owner or the visitor – you may end up hiring a real estate lawyer to help.
There is a lot to real estate law. We didn’t even talk about some aspects including litigation or the Americans with Disabilities Act. But if you find yourself in need of a real estate lawyer for any issue, call us at 714.456.9118 and we’ll help you through it.