Leveraging Your Investment While Avoiding Pitfalls
By: Goldberg & Oriel Attorneys at Law
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Leveraging Your Investment While Avoiding Pitfalls
Questions. When dealing with real estate you often have more questions than answers. Whether you are purchasing a property or trying to settle a dispute, you may be feeling a bit overwhelmed by the process. While a wealth of real estate information is available through a search of online resources, sifting through this information may become not only time consuming but confusing as well. You may begin to wonder whether or not to procure the help of a real estate professional to help you better understand the process and your options. Real estate attorneys are an invaluable asset when it comes to everyday real estate transactions or disputed property.
Real estate transactions can be fairly straightforward and simple but oftentimes they are quite complex. Prospective buyers desire to make wise property investments. That is just a fact. However it is difficult, if not impossible, to make any kind of wise decision without the proper information. Buyers or those involved in a property dispute will need to know the property’s history. Does the property have any liens against it? How are purchase agreements, mortgage documents, and transfer documents prepared? For what price has the property sold in the past? All of these are considerations that must be taken into account.
Purchasing a property with a lien is not an impossibility, but a lien does present additional hurdles. A lien means that a parcel of real estate has a legal claim against it by a creditor. The purpose of a lien is to satisfy a debt. Liens are a legal means by which a creditor, such as a bank or credit union, ensures they receive the money required to settle an outstanding debt relating to the property. In some cases, a lien can be removed. Removing a lien provides the owner with a full, clear title of the property. Real estate attorneys can ably provide guidance and assistance to buyers dealing with these types of properties.
There is a considerable amount of paperwork involved with any type of real estate transaction. The purpose of this paperwork is to protect both the buyer and the creditor. However, having someone on the side of the buyer ensuring that the buyer’s interests are protected is crucial. As a buyer your interests are important, and your interests should be equally represented at all times. A real estate attorney will provide the buyer with competent and expert representation throughout the purchase process.
Sometimes unexpected legal issues arise when purchasing a property. These issues may be related to the land itself or existing structures on the property. When dealing with real estate the term “real property” is often used. Real property may describe a home, condominium, apartment or such things as vacant lots, decks, ponds, driveways or any other number of elements. A seasoned attorney can help with any type of legal issue that may arise in regard to real property.
One of the most common reasons for disputes in real estate transactions is property lines. Typically these types of disputes can be easily resolved by the parties involved. If the dispute cannot be easily resolved, it will be advantageous to have the help of a real estate attorney. An attorney will help you take the next steps necessary to settle the dispute in a timely manner.
Honestly, how many prospective buyers have the time or energy required to conduct an exhaustive property search to determine liens, property taxes, or the property’s history? In addition, how many buyers have time to find and prepare the mountains of legal documentation necessary for a real estate purchase? While there are some buyers with excellent research and legal skills, the majority of buyers simply do not possess the time or have the desire to sift through the piles of legal papers necessary to be well versed on a property. Wise real estate transactions require more than superficial knowledge of the property in question.
Furthermore, real estate law can be quite involved. Again, if the property in question is not a straight forward purchase or if it is in dispute, the purchase could potentially become quite complicated. Buyers would need someone experienced in real estate law to guide them through the legal process. While a guide is vital, a guide with the buyer’s best interests in mind is of even greater significance. As a buyer, you want to know that your investments are handled with care and concern. After all, it is your financial well being and future security that is at stake.
While the State of Massachusetts does require the services of a real estate attorney in real estate transactions, it truly is the wisest choice a buyer can make. Purchasing a home or property is a serious investment and one that can be extremely beneficial if done with expert counsel and guidance. Your choice of real estate attorney will make the difference in how smoothly and efficiently your transaction takes place. Having someone who represents you, not their own interests, is simply of utmost importance.