Real Estate

Understanding The Basics Of The Real Estate Law

It is crucial to hire an experienced and knowledgeable attorney to help you in selling and buying properties. Many investors run into troubles due to a lack of accurate knowledge of laws related to real estate. Thus, hiring a skilled attorney before one makes an investment is important.
Some of the questions you can discuss with the lawyer include:

Q: What if I found something that is faulty inside the property when I purchased it?
Generally, the buyer is offered a warranty policy that will cover certain losses incurred by that buyer. So make sure to ask about that policy, which should be handed over to you at the time when you purchase the home. If you dont receive a policy, you may consult a lawyer for advice.

Q: I am buying a property. Do I need an attorney to oversee the process?
Since you will be signing a contract and it is likely that a substantial amount of money is involved, it is certainly necessary to hire an attorney. He will protect your interest and make sure that the entire process is valid and protected by law.

Q: The seller has already accepted my offer on the house. Is it legal for them to accept another offer that is higher?
Practice varies from state to state, but generally, the answer to this question is yes. Even if the seller has already accepted your offer, the acceptance of such an offer is not binding at all and therefore there is no transaction that has been finalized.
You may have been conducting a correspondence with the seller for quite a time now, but the real estate agent would want you to sign a contract as soon as possible. That will lock the deal in place when negotiations have been completed.

Q: If I have purchased a house where the seller agreed to certain repairs and the repairs were not done, what is the best thing to do?
Call the real estate agent immediately. It is possible that there were deals on the repairs that you may not be aware of. If the seller does not have any plan to do the repairs, you can get an attorney who will help you in filing the appropriate case in court.

If you are looking for an attorney to hire or you have more questions on laws governing real estate transactions, you may contact us to understand more the basics of the real estate law