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Do You Need a Real Estate Law Firm?

Thursday , 26, August 2021 Comments Off on Do You Need a Real Estate Law Firm?

Real estate buying is a major decision. It is often the biggest transaction buyers and sellers make. Complex areas of law apply to the sale and purchase of real estate. You don't usually need to hire an attorney to represent you in the transaction. 

However, it is a smart idea to hire a real estate lawyer firm for property transactions, even though this may increase the price. These are just some of the reasons why it is important to hire a real estate lawyer firm.

Enjoy a 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. For financially trouble homeowners, it is a smart idea to hire a real estate lawyer if you are thinking of selling your home.

Qualifications

There are typically requirements for a short sale. The seller must have a market value that has dropped, the mortgage must not be in default, the vendor must not be facing financial hardship and the seller must have no other assets that could be used as collateral to repay the entire loan balance. 

Some states protect vendors against this, and some things are not considered assets. 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.