Real Estate Law
The real estate market has gone through several changes over the past years. Today’s market status makes it a good time for buying real estate as a long-term investment. Real estate attorneys are valuable assets for residential and commercial properties. Contracts elements include reviewing sales and lease contracts, easements and potential buyback provisions.
Real estate attorneys take precautions against mistakes or omissions in real estate dealings. The errors come with legal consequences and unexpected expenses. Real estate law verifies fixed structures on the property. Attorneys examine all encroachments to your neighbor’s land and public property boundaries.
Before you sign a legal real estate contract, be sure the seller has the right to sell. Ask your attorney to confirm all past judgments against the property are settled. Otherwise, you could find yourself with a larger debt than just the mortgage.
The true value of real estate law is to protect your interest. Real estate attorneys are able to determine potential risks related to the property. Realtors do their best to assurance the property title is free and clear of liens or past due taxes. Other legal issues may not be so obvious. The transfer of ownership, whether it is an inheritance or business succession has its own legal process. It is a good idea to work with a real estate attorney.
Real Estate Legal Issues
Legal issues found during a real estate transaction range from illegal home improvements, violation of zoning ordinances and tenant concerns. Real estate attorneys help to protect the buyer or the seller since, each of these circumstances affects the transaction schedules and the value of the property.
Jurisdiction and Taxes
State regulations vary when it comes to real estate and inheritance of property. Some states impose inheritance taxes based on the overall value of the estate. Pennsylvania does have an inheritance tax. It is wise to consult with a real estate law attorney familiar with trusts and estates.
Environmental Disclosures Prior To Closing the Deal
All real estate sales require a full disclosure on the property conditions. It is against the law to withhold information on residential property or commercial real estate. For example, real estate contacts require disclosure of property located in a natural hazard area. One situation is when harsh weather conditions cause groundwater to seep into the basement. Historic information and recent property treatments could be determined as harmful. Your attorney can help with full disclosure preventing future lawsuits or damages.
Fair Market Value Under Eminent Domain
Increased development brings with it the need for more public access. There are times when eminent domain plays a role in community and economic development. The state and local governments build roads and schools using eminent domain. Compensation of real estate is based on the current market value of the property. When property owners need assistance in negotiating with government offices, the course of action is a legal appeal with an attorney.
Real estate transactions are as unique as the owner and the property. An experienced real estate attorney makes the difference when it comes to protecting your rights as a seller or buyer. Our staff is happy to answer your questions about real estate law. Make an appointment and meet with our legal team to determine your rights and the tactics for your situation. Whether you need assistance with estate planning, property representation or litigation – we can help.