Real estate law encompasses a wide range of areas from residential home buying to commercial financing transactions. Within these sections of the law there are important elements of which both buyers, sellers and borrowers should be aware. Due to the many pitfalls that can occur with real estate purchases, this is especially important when signing documents associated with the transfer of real estate. The trained attorneys at Smith-Weiss, Shepard & Spony, P.C. can help you successfully navigate these transactions whether you are the lender, seller, or buyer.
A purchase and sales agreement is the first step in a property transfer transaction and obligates the seller to sell the home and the buyer to buy it. Closings are the final step of that process and can require numerous documents in order to complete the transfer of a property from seller to buyer. Other documents involved in this process are financing documents for the lender, title insurance and the Settlement Statement which itemizes expenses and funding for the transaction. The experienced team as Smith-Weiss Shepard & Spony, P.C. can help you understand all of your rights and responsibilities in these transactions.
Community Associations are housing communities such as manufactured housing parks or condominium associations which have rules and regulations that the tenants must follow in order to remain in the park. Failure to follow rules can result in eviction from the Association. If you are considering purchasing a home or rental that is subject to a Community Association, understanding how they work can help avoid unpleasant surprises.
A common element of buying a home involves securing a mortgage on the home. If the buyer/borrower fails to pay that mortgage, the lender then has the right to foreclose on the home. In some instances the lender may agree to a short sale, which allows the property to be sold for less than the remaining mortgage. Otherwise foreclosure results in the sale of the home by the lender.
The title to real estate is conveyed by a deed, which contains many elements. Some deeds may be subject to covenants or easements which have been placed within the property’s title. Covenants, sometimes called “Protective Covenants” are restrictions that prevent specific situations such as the addition of clothes lines or the keeping of farm animals. Easements on the other hand, provide third parties with an interest in land. A common example is a right of way for access to a neighboring property.