Real Estate Law 101
Real estate law is a comprehensive field which encompasses a wide range of issues ranging from ownership to settlement of different issues pertaining to real estate properties such as foreclosure defense and short sales. The government has enacted a number of laws which govern different aspects pertaining to purchase or selling of real estate properties. These laws help to protect the rights of both the owner and prospective buyers.
Furthermore, as real estate properties are a valuable asset they are often used by owners for mortgage. In cases, where owners fail to make timely mortgage payments, their real estate property is prone to foreclosure which means that the lender evicts the owner from it and takes possession. In order to exercise your rights under different real estate laws, people often require the assistance of a real estate lawyer. A real estate lawyer can help you acquire, retain and maintain your real estate assets in a safe and secure manner. Here are some of the ways a real estate lawyer can help you:
Purchasing or selling a real estate property
Purchasing or selling a real estate property is a huge undertaking as it involves a significant amount of money. Checking the authenticity of the ownership deeds and other relevant documents is an integral aspect of any real estate property purchase. Investigating whether the owner has taken any loans against the property is also an important factor. A local real estate lawyer can help you purchase the home of your dreams in safe and reliable manner. From vetting out the property and evaluating it legally and economically, your attorney can also help you with the plethora of documentation involved in the sale of a real estate property.
Defending against foreclosure
In case you fail to pay your mortgage payments regularly, your possession of your real estate property might be endangered by the looming threat of foreclosure. Foreclosure is an aspect of real estate law where the lender evicts the owner and takes possession of the mortgaged property to recover its investment. In order to avoid such a situation, a real estate lawyer can help you devise a comprehensive and cogent foreclosure defense strategy, which could potentially help you avoid being evicted from your own home.
If you wish to get more information on this subject or wish to schedule a free consultation with an experienced real estate lawyer, by contacting Dan Walker Law Office at 630-920-8800.