Real Estate Lawyer
As a current or aspiring home owner, it’s imperative for you to familiarize with the process that is followed for buying, selling or leasing a property. The procedures employed in transactions are financial in nature yet involve a lot of legal paperwork for authentication of property rights. When you lease a home or condo, your lawyer prepares the agreement papers for the lease which are signed by both parties and can be used as evidence in a court of law to open any dispute. Homula as part of our commitment to provide end to end solutions to our customers helps you to find the best-suited lawyer for your requirements on our website itself. For finding a real estate lawyer, you can select “real estate lawyer” from the drop down list of “professional finder” option from the main menu on our website homepage.
Real Estate Law & its implications
The legal definition of real property or real estate is land area and the buildings that are on it. Real estate can either be commercial or residential. Every single MLS listing falls under the category “real estate.”
The local development authorities and town planning department has issued guidelines for the purpose of occupation and construction on the land. There are categories of land on the basis of purpose of occupation such as residential, industrial or agricultural lands. The land dealings clearly state the purpose of use for the land and bind the owner legally to oblige to the decree. The government has enacted stringent rules to record all the property transactions correctly. There are severe legal implications for flouting the norms for buying, constructing, leasing and usage of property and the failure could invite penalties and punishment as per law.
Apart from this, there can be misunderstandings and conflicts between the parties involved in the deal. The property may be owned by one or many people or leased by someone other than the owner through rental agreements. Hence to avoid the complexities in buying, selling or leasing everything is documented and made legally admissible in a court of law to resolve the disputes, if any.
KEY REAL ESTATE TERMS FOR ENHANCED UNDERSTANDING
Escrow: a financial arrangement where a neutral moderator holds and releases funds for transaction required by the two parties.
Foreclosure: If the owner fails to pay back the mortgage, it is during this process that the lender will take back the house.
Title: A legal term that is used to describe the owner of the land.
Closing: The meeting that occurs when ownership has been officially transferred.
Mortgage: This is a loan that covers the entire cost of the house.
Insurance Law: Homeowner insurance protects your property from damages.
Landlord Tenant Law: This law covers the rules around renting real estate, which includes, leasing and eviction for commercial and residential tenants.
Estate Planning: When people would like to keep real estate within their family, estate planning attorneys assist them with the process of doing so.
Tax Law: Properties are bound by tax laws. There are house taxes or commercial taxes that charge you for corresponding tax slabs. You should have the knowledge about your tax so that you do not over or under pay the tax bills.
BENEFITS OF HIRING A REAL ESTATE LAWYER
Without legal assistance, real estate transactions can be difficult to comprehend. The real estate lawyer guides you to avoid pitfalls and protects against any frauds or scams. The lawyer balances the agreement fairly and advocates for granting you the property rights in the event of a dispute. Legal experts investigate all dubious points and ensure no legal violations in the process of buying, selling or leasing the property. Homula advisors also make sure that there are no pending mortgages or utility bills for the property.
To sum it up, our legal experts provide you security against all legal threats and charge you a nominal fee which is completely worth it as its nothing compared to the financial benefits you receive with their expert guidance.