Find the Right Real Estate Lawyer
My Closing is Going Poorly, Can a Lawyer Help Me? Many buyers encounter problems when buying a home or any piece of property. Sellers sometimes refuse to close, sellers and buyers cannot agree on terms of a contract, and problems with the property occur before closing. If you have encountered any of these problems, or anything similar during closing, an attorney can aid you greatly.
When the seller refuses to close on a piece of property, an attorney can help you bring them to court and seek an order of specific performance, which requires the seller to transfer the property at an agreed upon price. A lawyer can also help you sue for monetary damages if you feel the seller has caused you to lose money in any unnecessary way. If problems occur with the property before closing, such as fire ruining part of a house, the seller is assumed responsible and the buyer is allowed to cancel the transaction if the seller does not repair the damage. It is best to decide upon what to do in a situation such s this in a contract before encountering problems which could bring you to court.
If your closing is not going as planned, you should hire a lawyer immediately to avoid any additional problems. Disagreements and unexpected occurrences are common, but can be serious problems if not resolved with the right kind of help. I am Buying/Selling a Home. What Should be in the Contract?
The contract, according to the buyer, should include an inspection of the property that meets the buyerБs expectations. He will want to know everything he can about the property, and can put an end to the deal if, after inspection, he is unable to finance the property, finds any serious environmental or mechanical problems with the property, or discovers any serious problems after signing the contract that could not have known about before. According to the seller, the contract should include the details of the closing cost, including any escrow fees, as well as specify that the seller is entitled to damages if the buyer does not maintain his end of the agreement, accurate statements by the seller concerning the property, and the assurance that the buyerБs contingencies will be taken care of. Both parties should be clear about the date of closing as well as the closing costs.
What if I Buy a House, and Discover a Problem I was not Told About? This is a common problem for homeowners. The proper course of action is determined by the type of problem you encounter. You should read the sellerБs disclosure statements as thoroughly as possible; if the problem is not contained in these and should have been, you should hire an attorney and file a lawsuit in hopes of receiving damages.
If it is a problem outside the property, such as something you did not notice in the neighborhood, then it is entirely your problem and has nothing to do with the seller. It is best to not wait until closing to search for problems with the property, since anything you find before may change your decision regarding the purchase. However, if you do find something that you should have been told about by the seller and that constitutes a violation of the contract then a lawsuit may be justified. Ask an experienced attorney for advice.
What do I Need to Know About Mortgages? A mortgage is a loan that allows you to buy real estate. Most people do not have enough money to purchase a home and must borrow money in the form of a mortgage that they can pay off over time. Fixed Rate Mortgages are mortgages which require a fixed payment based on a fixed interest rate determined beforehand.
Fixed rate mortgages can either benefit or harm the borrower, depending on the direction of the market after the mortgage is taken out. If interest rates rise, the borrower benefits. If interest rates fall, then the borrower is not benefiting from the agreement. In this scenario, homeowners often choose to refinance their homes at lower interest rates.
Adjustable Rate Mortgages are similar to fixed rate mortgages in that they have a fixed payment and interest rate for the beginning period of the loan. After between 6 months and 5 years, the mortgage changes to an adjustable rate. The new rate, which changes every 3 to 6 months, is calculated by a predetermined formula which is unique to the lender. Most lenders place caps on the interest rate, however, so even if rates rise drastically, the rate on the loan may stop at a still reasonable amount.
Balloon Mortgages are mortgages which have a fixed payment and interest rate for a certain period of time designated in the agreement of the loan. After this period of time is over, the entire balance is due to the lender. Most people are not able to pay off a balloon mortgage after a short period of time and must take out a another mortgage. Home Equity Loans are another type of mortgage in which homeowners borrow money based on the equity they have accumulated in their homes.
Choosing between different types of mortgages is difficult. It helps to БshopБ for different mortgages by comparing rates at different banks as well as different types of mortgages and time spans. I am getting a Mortgage, Should I Hire a Lawyer? Hiring a lawyer to look over your mortgage papers before signing them is strongly recommended.
Real estate is a very large purchase, and taking out a mortgage means you are going to be putting money towards this purchase for a very long time. Hiring a lawyer to help you make certain that everything in your mortgage is as you want it is well worth it. Mortgage brokers and real estate agents generally dislike seeing a lawyer involved in a mortgage deal because this means that you have sound advice on your side, and will probably get the most out of the deal. This is reason enough to employ an attorney to provide you with legal advice on what is a very important document in your life.