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Real estate transactions are governed by numerous federal statutes and varying state statutes and common laws that address a wide variety of legal issues related to acquiring, financing, developing, managing, constructing, leasing and selling commercial and residential real property. Buying and selling real estate is generally more complicated than buying or selling expensive goods, such as a car or a boat. With real estate, many different people can have an interest in the same property, tax consequences are more complicated, and possession is not necessarily indicative of ownership. An experienced real estate attorney can help you sort through all of the difficult decisions and negotiations involved in real estate transactions.

The U.S. Census Bureau notes that almost 1.5 million building permits were issued in 2003 for single family homes. Building a new home is a major undertaking, with numerous decisions on many levels. An attorney experienced in residential real estate can analyze the circumstances surrounding your project, help you negotiate the best contract for the construction of your new home, and assist you through the often-confusing issues that may arise during your closing.

Recently, mortgage rates have been at their lowest level in 40 years. Lower mortgage rates can save you thousands of dollars over the life of a mortgage loan. Many people are using these lower rates as an opportunity to enter the housing market or to move into a larger home. If you are a first-time buyer or have decided to "trade up" during this period of relatively low rates, contact an experienced residential real estate attorney to assist you in negotiating and closing your transaction. Good legal advice is the best way to protecting yourself, whether you are buying, selling or developing real estate.

The National Association of RealtorsÂ® (NAR) notes that the monthly sales of existing single-family homes hit a record level in the summer of 2004. NAR cites an improving economy, more favorable affordability, and a high demand as the conditions creating the strong sales. If you decide to sell your home during this market, you should obtain good legal advice before placing your property on the market and signing a purchase agreement. An experienced real estate attorney can help you get the best price under the most favorable terms.

Frequently Asked Questions about Real Estate Law

Q: What is real estate?

A: Real estate (also called real property) refers to land and things attached to land. For most consumers, real estate consists of their home and the lot surrounding it. Commercial real estate may include factories, equipment, and other facilities. In addition to buildings and equipment, resources existing on (or under) the land, including minerals and gas, are part of real estate. Some of these components of real estate can be sold separately.

Q: What are deeds for?

A: Deeds indicate, and are generally required to transfer, ownership of real estate. A deed contains the names of the old and new owners and a legal description of the property and is signed by the person transferring the property. The different kinds of deeds, such as the warranty deed, quit claim deed and grant deed, transfer different interests in property. For example, a seller conveying property by a general warranty deed assures good and marketable title to the buyer and will defend the tile to the property from all persons. In contrast, a seller conveying property by a quit claim deed conveys only what title the seller may have to the property, with no warranty as to ownership or defects in the title.

The attorneys at Stock, Carlson, Flynn & McGrath, LLC have extensive experience in handling a broad variety of real estate matters. Specifically, our real estate attorneys have can handle with confidence issues such as title ownership, easements, purchases and sales, development projects, acquisitions, property tax issues, and financing. Our lawyers can assist with both commercial and residential real estate projects. Feel free to review the information on real estate provided below, and do not hesitate call our office to discuss your real estate needs.

Contact a Real Estate Lawyer at Stock, Carlson, Flynn & McGrath, LLC
To discuss your legal concerns regarding a real estate development or sale, contact us online or at (630) 665-2500.

Real Estate Law - An Overview

Real estate law includes both federal and state issues, with the state-level rules varying widely from jurisdiction to jurisdiction. These state and federal laws encompass everything from ownership of land and buildings to related issues such as financing, leasing, construction, taxes, and environmental laws. A competent and experienced real estate attorney can protect a party's interests in both routine and complex transactions and disputes.

Brokers

A seller may employ a real estate broker to solicit potential buyers for his or her property. The seller and the broker sign a listing agreement, obliging the broker to work to find a buyer and the seller to pay the broker's commission if a sale results. A buyer may employ a real estate broker to locate suitable property. Real estate brokers are generally subject to rigorous licensing standards established by each state. As an agent, a real estate broker or salesperson has duties and obligations to the person who hired him or her. If an agreement to purchase the property is made, that agreement is strictly between the seller and buyer, and the broker is not a party to that agreement and generally makes no promises about the property.

Real Estate Contracts and Transfers

The agreement to sell between a real estate buyer and seller is governed by the general principles of contract law. The statute of frauds requires that real property contracts be in writing. Title to real estate must be marketable to be free from liability, which means that it must be free and clear of all encumbrances, liens, clouds, litigation risks, or other title defects. To ensure marketable title, the buyer typically employs an attorney or a title insurance company to perform a title search. In a title search, the searcher examines the public records in the county in which a property is located to map a chain of title by examining all the recorded deeds concerning the property. The title searcher will also determine if there are any encumbrances on the property, such as mortgages, unpaid real estate taxes, liens for municipal improvements, unpaid federal taxes, government claims, legal judgments, foreclosures, condemnations, covenants, and easements. A title insurance company will insure the buyer against losses caused by the title's invalidity.

To pass title, the seller must execute and deliver a deed with a proper description of the land. Many states require that the deed be officially recorded to establish ownership of the property and to provide notice of its transfer to subsequent purchasers.

Mortgages

The most common method of financing a real estate transaction is through a loan secured by a mortgage on the property. A mortgage involves the transfer of an interest in land as security for an obligation. A borrower typically repays a mortgage in installments that include both interest and principal payments. If the borrower doesn't make payments, foreclosure can result, with the lender declaring that the entire mortgage debt is due immediately. Failure to pay the mortgage debt once foreclosure occurs results in the sale of the property to satisfy any remaining mortgage debt.

The actual foreclosure process depends on state law, the terms of the mortgage, and whether other liens exist on the property. Many states allow late payments to avoid foreclosure, and many lenders attempt to work out a payment plan to avoid a foreclosure. If a lender is threatening foreclosure, a borrower should immediately contact a competent and experienced real estate attorney to protect the borrower's interests and pursue all available resolutions.

Conclusion

Real estate transactions and disputes involve many laws, which vary greatly from state to state. If you are buying or selling real estate or are involved in a dispute regarding real estate, it is in your best interest to get in touch with an experienced real estate attorney to ensure that your rights are protected.

DISCLAIMER: This site and any information contained herein are intended for informational purposes only and should not be construed as legal advice. Seek competent legal counsel for advice on any legal matter.

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