How Essential Is a Real Estate Law Firm?

A short sale is when real estate is sold for less than the mortgage is owed on. Real estate purchases are often the biggest transactions that buyers and sellers will engage in.

There are intricate legal issues that are exclusive to the selling and purchase. Most transactions can be completed without an attorney; therefore, you are typically not needed to engage one to protect your interests.

Even though it could increase the expense, it is a good idea to hire a real estate law company in a property purchase.

Just a handful of the circumstances where hiring a real estate law company is essential are listed below.

• Short Deal

A short sale is when real estate is sold for less than the mortgage is owed on. 

To put it another way, the seller doesn't have enough money to pay off the loan. A real estate law firm should always be consulted by financially troubled homeowners who are thinking about a short sale.

The following are typically the requirements for a short sale: 

• Experience

The mortgage must be in default or close to it, the market value must have decreased, the vendor must be facing financial difficulties, and the seller must not have any other assets that could be used to pay the entire loan balance.

The lender may ask the seller to liquidate any assets that could be used to pay off the loan completely and contribute to the payoff. Vendors are protected from this in some states, and some items are not considered assets. 

A real estate law firm will thoroughly examine the seller's circumstance, determine whether the seller qualifies, and offer legal guidance on the best way to safeguard the seller's assets.

• Lender Approval of the Sale

An attorney is also essential in obtaining the lender's approval for a short sale and negotiating the vendor's best protection. The bank may be able to obtain a deficiency judgment without the vendor's consent or without ensuring that the vendor is adequately protected from the mortgagee in the future. The bank can still pursue the seller in some ways to recover the shortfall if a deficiency judgment is obtained. The dealer's wages or the vendor's bank account could be garnished by the bank. Sadly, this means that the seller will no longer be able to protect his property from the bank in the future.

• Successions

Frequently, multiple individuals inherit property rights. 

There are a lot of questions about buying or selling inherited property. Typically, the first inquiry from both buyers and sellers is, "Who can sell the property?" 

The answer to this question frequently necessitates a thorough title search.

There may be additional inquiries from either party. What if some of the heirs refuse to sell it? Is it possible to divide the property and sell it? Can the heirs who don't comply be made to "buy out" the heirs who want to sell? Any party can get help from a real estate law firm to make sure the transaction complies with all legal requirements and protects their rights.

Final Words

Last but not least, if you're searching for someone who can advise you on real estate law firms and how they may help you in the best way possible, we recommend that you seek the help of Michael w Lanier Jacksonville.

Yes, you did read it correctly.

After spending the majority of his career specializing in real estate law, Michael W. Lanier Jacksonville established his own company in 2006. As a real estate attorney at the Law Offices of Michael W. Lanier, he represented lenders, buyers, and sellers in all aspects of real estate transactions.

Using loan modifications, foreclosure defense, loan forensics, credit restoration, and credit restarts, he completely redesigned his company to meet the needs of the North Florida neighborhood.