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Property Histories: Why They Matter


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Property Histories: Why They Matter

Fresh out of college, I found a home to buy. The place was just what I wanted and even had room to add on in the years to come. After buying the property and moving in, I found out there were some problems with the title to the property. The result is that I spent several thousand dollars in order to get the mess squared away. If I had consulted with one of the real estate attorneys in town first, the whole matter could have been avoided. Since that time, I've learned to never commit to a real estate deal without seeking legal help. For anyone who is considering the purchase of a property, let me tell you why past title transfers and deed information is so important. Once you learn more about my experience, the idea of seeing an attorney will make perfect sense.

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Common Legal Issues That Can Dog Real Estate Transactions

Seeing that your rights are protected when you acquire or sell a property is important, and a real estate law attorney can answer many of the questions you might have about the process. If you're wondering whether it's time to seek counsel, these three common situations are ones that often call for the assistance of a real estate law attorney services firm.

Disclosure of Materials Facts

One of the biggest mistakes folks make when selling properties is failing to fully disclose materially important facts about the state of the property. It's wise for both sides to have separate, independent inspections conducted prior to a sale. This will ensure that undiscovered issues, such as mold in the basement or asbestos in the insulation, are turned up before a contract is signed. Any failure to make a material disclosure about the property may be grounds for killing the contract or pursuing legal action for misrepresentation.

Doing Background on the Property

Before any type of contract will be signed, the buyer should conduct basic background searches and perform surveys. Working from information that's available from the county register, you can determine where the property lines are. A survey will then be needed to confirm this, and there may need to be court filings to iron out details about the location. This is especially the case in regions where hills or shorelines are changing.

Your goal is always to get a clean title for the property. It's important to check for any outstanding liens against the land, building, and equipment there. Your real estate law attorney may also discover old conveyances that call into question who has the right to sell the property.

Taking Possession

The handoff of possession of a property can be a surprisingly tricky thing. A real estate law attorney can draw up a contract that outlines exactly what happens at each step. This includes establishing everything from when the down payment will be made to when the buyer finally gets the keys. By putting all of these details in writing, you'll avoid any confusion about how the handoff process should work.

Along the same lines, there may be concerns about evicting tenants from the location. Bear in mind that anyone currently living at a home or a place of business has rights too. Try to be as decent about that fact as possible and let the system do its work.