Real Estate Law
Real estate is real property, or the land and buildings upon it. The law governs how land may be used and who may own the property. Real Estate law involves all law-related matters which surround the buying, selling, owning, or managing of properties.
Why a Real Estate Attorney?
Real estate transactions today can be simple or complex. Often, they are very complex. For instance, although buying a new home is a matter of locating one you like, arranging the loan, and having an attorney manage closing, things seldom go so smooth.
There may be issues with the property, liens someone missed, taxes due, or some other odd adventure to send the wannabe homeowner scrambling for shelter.
Which is where we come in. At AARLaw, handling real estate transactions is something we have been doing for a very long time. We can help make the process of closing on a property simple, even effortless.
What is the Purpose of Real Estate Law?
The purpose of real estate law is to ensure that the buying and selling of properties is properly handled. One of the core values in America is the ownership of personal property. It is a concept which is sacred to nearly all.
To ensure that property ownership maintains its integrity, that people continue to have faith in this way of doing things, real estate laws are necessary.
Is a Real Estate Attorney Needed to Sell a House?
A real estate attorney is not needed to sell a house, but one is needed for closing…which is the most important part of the transaction. Of course, an attorney or a realtor should be involved with every transaction to ensure it goes well.
An example is easements. When someone attempts to buy or sell properties on their own, one commonly missed item are easements. See, a realtor or real estate lawyer will perform what is called due diligence. During this due diligence, the goal is to uncover any problems which could stop the sale. Without conducting this process, issues like easements often get missed. In some cases, the easement creates severe difficulties for the new homeowner.
Another common issue which gets missed when sellers choose to go it alone are taxes. If a person purchases a property which owes back taxes, they become responsible.
So, while a real estate attorney is not needed to sell or buy a house, having one is a very good idea.
Who is Needed for Closing?
A lawyer is needed for closing but with whom and when depends on the specifics of the sale. If the real estate attorney is representing a lender, the seller may not need to be present during closing.
If the real estate attorney is representing the buyer, the buyer may not need to be present.
Does the Buyer or the Seller Choose the Closing Attorney?
Either the buyer or the seller can choose the closing attorney. The only exception to this is when the buyer is obtaining a loan for the purchase. In most such cases, the lender will pay for the closing attorney.
AARLaw Knows Real Estate
AARLaw knows real estate. Aside from AARLaw, we operate Farwell Abstract Exchange, Farwell Abstract Company, and Muleshoe Abstract Company. We do this because we understand the need for strong real estate law services in the region and because when it comes to real estate law, no one matches AARLaw.
Looking for a Great Real Estate Attorney? We happen to know one or two. Contact Us Now to learn more.