While people often tend to focus on things like a property’s price or its amenities, the legal status of real estate can matter at least as much as any of its physical features. If you are not careful, you might wind up buying a property that has a defective title. But what exactly does it mean for a property to have a defective title, and what are the potential consequences if that happens?
real estate
Five Issues That Can Arise in Commercial Real Estate Transactions
The common wisdom around building a business is that having the right location is key. However, that can be easier said than done, since issues related to commercial real estate can cause problems for even the most ideal location for your business. Here are five legal issues that may arise in your commercial real estate transaction:
Why Do Sellers Demand Pre-Approval on Financing?
It is common for people selling real estate to demand buyers obtain pre-approval for a mortgage before the sale can go forward. This is so important, in fact, this term is often explicitly written into a real estate contract as a contingency, which can bring a sale to a halt if the buyer fails to keep their end of the bargain. But why do sellers demand pre-approval for financing on a mortgage, and what may happen if they do not?
Why Do You Need Title Insurance?
Title insurance is considered a standard part of most real estate transactions, despite it technically not being mandatory for most real estate deals in New York. However, not everyone understands what it is, despite the essential role it plays in protecting buyers and sellers from potential legal problems. So why do you need title insurance for your real estate transaction, and what might happen if you do not have it?
Five Important Clauses to Know in Your Real Estate Contract
In any real estate contract, there are a number of important clauses that are regularly included. The better you understand these components of your contract, the better equipped you will be to handle your real estate transaction. Here are five important clauses you should know in your real estate contract:
The Importance of Performing a Title Search
It is considered customary to perform a title search as part of any real estate deal, and it is often included as a requirement in real estate contracts. This is important for protecting both the buyer and seller from potential legal woes, both now and in the future. But what exactly is a title search, and what might happen if you do one as part of your real estate transaction?
Should You Have a Real Estate Lawyer Represent You at Closing?
If all goes well, you should have your real estate deal done by the time you are ready to close the transaction. Because of that, some people believe there is not much point in having a lawyer with you at a real estate closing, and may consider trying to handle it all themselves. However, if you do that, you can put yourself at a serious risk of potential legal difficulties, which may emerge at the last minute.
Why Should You Perform an Inspection Before Buying a Home?
It is extremely commonplace for people to perform a professional inspection of the premises before purchasing real estate. This process can be somewhat costly, but can save a great deal of time, money, and trouble in the long run. But why exactly is it so important to have a property inspected before you decide to buy it?
Five Important Contingencies Seen in Real Estate Deals
It is common for real estate deals to have special clauses known as contingencies as part of their terms. These contingencies are conditions that need to be met before the deal can go forward, and the transaction will be canceled if one or both sides cannot meet their requirements. Here are five important contingencies you may see in your real estate transaction:
Seven Property Defects That Could Harm Your Real Estate Deal
When you are looking to buy real estate, whether residential or commercial, finding the right location is essential. However, even the most ideal property can potentially have property defects just below the surface that can seriously impact your ability to make use of your new purchase. This can not only cost you a lot of money, but in the most extreme circumstances, it can even pose a threat to your health and well-being. Here are seven property defects that can harm you real estate deal:
