Real Estate Transactions
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What Happens Next?
- A real estate lawyer can get involved as early as the purchase and sale agreement. This document represents the intent of the parties, and more importantly, the conditions that must occur for the transaction to continue.
- If you’re “flipping” properties on a regular basis, then you likely won’t need a real estate attorney at such an early stage. However, if this is one of your first few properties, you may want the assistance of a real estate lawyer to help you make educated decisions. Whether buying or selling, you want to make sure every decision you make and step you take is done with confidence.
- Beyond the purchase and sale agreement, your real estate lawyer will ensure that proper information and monies are exchanged. Taxes previously paid by the seller may need to be credited and debited to the buyer. Lenders need confirmation that their interest in the property is properly recorded should the buyer default on payments. The property’s history, known as the “chain of title” will need to be analyzed to ensure the buyer’s rights won’t be challenged or dissolved by unknown property rights, also known as a “title examination.”
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