Real estate law involves the purchase, sale, and transfer of property. It also regulates how property owners may use their land.
Attorneys specializing in real estate law may help clients challenge taxes levied on property and fight disputes between co-owners of property with different interests. They may also assist homeowners’ associations as they create, enforce, and review covenants.
1. Buying or Selling a Home
When buying or selling a home, real estate law attorneys are often needed to draft and review the initial contract of sale. They can also assist with negotiating and settling disputes that arise during the process.
In some states, a real estate attorney is required to handle the closing of a property. Even in states where it is not, having a real estate attorney can help protect the interests of both parties to a transaction.
Many real estate attorneys that focus on real estate law will also deal with issues about taxes on a piece of property. They can represent property owners in challenging tax assessments and even file for a tax exemption.
2. Buying or Selling a Commercial Property
The purchasing process involves a lot of paperwork and negotiations. An attorney can review and draft purchase and sale agreements on behalf of clients. They can also help a client navigate the complexities of zoning restrictions and land-use issues.
They can also advise on the various types of deeds available to transfer property ownership rights. This includes quitclaim and warranty deeds. In addition, they can assist clients with mortgages that use real estate as collateral. If a mortgage lender initiates foreclosure proceedings to take possession of the property, real estate lawyers can assist with strategies to prevent or delay such action.
3. Buying or Selling a Leased Property
Working with a New York real estate attorney will be crucial if you buy or sell a property with tenants in place. They can ensure your contracts comply with all state laws and prevent future legal complications.
Real estate attorneys spend much time examining, amending, and drafting contracts. They also have in-depth knowledge of zoning laws, land title issues, and other state laws specific to property and real estate. They also handle landlord-tenant matters and dispute resolution. Their clients may be individuals, companies, or local governments. Other lawyers or real estate agents often refer to them.
4. Buying or Selling a Multi-Family Property
The legal process of buying or selling a multi-family property involves many different types of documents. A real estate attorney can help ensure these documents are correctly completed and filed.
They also assist with drafting contracts and interpreting zoning laws and land titles. They are often called in at the beginning or middle of a homebuying process to review contracts and draw new ones.
A real estate law attorney can review a title and look for issues such as forgeries or illegal deeds that could nullify a sale. They can also resolve disputes over property ownership rights by filing a quiet title action.
5. Buying or Selling a Mobile Home
Whether you bought your mobile home as a winter retreat or as a place to put down roots, you may decide to sell it in the future. If you do, working with a real estate lawyer is essential.
A real estate attorney will help you draw up a mobile home bill of sale. This document establishes which property is being transferred and how much the buyer pays.
It’s also vital to have a professional appraiser inspect and evaluate the manufactured home. Setting the right price is one of the most critical factors in a successful sale. A certified appraisal will provide comparables to help buyers negotiate a fair price.
6. Buying or Selling an Investment Property
Whether it’s a luxury hotel or a piece of farmland, real estate law governs the exchange and use of physical space. These federal, state, and local laws exist and vary by jurisdiction.
A real estate lawyer can help you with all aspects of property transitions, from running title searches and writing purchase contracts to negotiating lease agreements. They can also handle disputes involving zoning laws, discrimination, and foreclosure.
The process of buying and selling investment property can be complex. A real estate attorney can help you avoid common pitfalls and ensure your transaction is legally sound. They can even help you obtain financing for your project.
Real estate law encompasses diverse property transactions, from homes to commercial spaces. Specialized attorneys navigate intricate paperwork, contracts, and zoning laws, ensuring legal compliance and safeguarding clients’ interests, especially in complex sales and disputes. Their expertise proves vital across all property types and jurisdictions.