what type of lawyer for real estate transactions

How to find the best real estate lawyer?

Dec 10, 2021 · A real estate attorney is equipped to prepare and review documents relating to purchase agreements, mortgage documents, title documents, and transfer documents. A real estate attorney hired to...

How do I find a real estate lawyer?

Contact Us. Stone & Sallus are real estate transaction attorneys involved in many areas of real estate law throughout Los Angeles and the state of California. We handle all types of transactions from a contract of sale, lease agreement, term negotiation, litigate lawsuits and many other complex matters that occur during a real estate transaction. Using a legal real estate attorney …

How to select a real estate lawyer?

Jul 21, 2021 · Lawyers are often divided into two (2) broad categories: Litigators and Transactional Lawyers. Most people are familiar with Litigators (whether civil or criminal). However, the term "Transactional" is a bit vague. It refers to the legal practice of bringing people and/or companies (or other organizations) together to make a deal.

What to expect from a real estate lawyer?

The Federal Fair Housing Act prohibits discrimination in real estate transactions on account of race, color, religion, sex,or national origin. See 42 U.S.C. §§ 3601-3631. Real estate brokers are specifically prohibited from discriminating by the act. See § 3606 of the act. The agreement to sell between a buyer and seller of real estate is ...

Who can recommend a real estate attorney?

Friends, family members, realtors, and bankers can recommend real estate attorneys in your area. Even with recommendations, make sure that you research the lawyer and read reviews. You want to choose an attorney with experience in the specific real estate matter.

Who can represent a real estate transaction?

A real estate attorney may represent a variety of parties. Real estate lawyers represent buyers, sellers, realtors, lenders, landowners, brokers, home builders, residential and commercial developers, investment managers, and many others. However, an attorney can only represent one party to a real estate transaction.

What happens if a title defect is void?

If there is a title defect, the purchaser has the option of voiding the real estate contract. However, in most cases, when a title problem arises, the real estate attorney works to correct the title defect so that the seller can do a simple title transfer free and clear of encumbrances and problems to the buyer.

What is the role of an attorney in real estate negotiations?

An attorney performs due diligence to protect the client’s best interest while giving the client legal advice regarding the real estate matter.

Why is it important to have an attorney review a real estate contract?

It is important to have an attorney review a real estate agreement before signing the contract. Breaching a contract (failing to perform the terms and conditions within the contract) can result in costly real estate litigation and damages.

How long should you keep closing documents?

Because issues can arise even after a property is sold, it is wise to keep copies of real estate closing documents for at least seven years. However, some real estate attorneys might advise keeping the documents longer.

What are the elements of a real estate contract?

The basic elements of contracts include an offer, acceptance, consideration, mutual assent, capacity, and legality.

What is an easement in real estate?

Easement is a right, a privilege or interest which one party has in the land of another. Fraud Misrepresentation is the intentional deception to cheat or deceive another person and thereby some dishonest advantage. Unlawful Detainer is an action to recover possession of real property from a tenant.

What is quiet title?

Quiet Title is a court action brought to establish title or to remove a cloud on the title. Moreover, it can also be an action clearing tax title or titles based upon adverse possession. Breach of Contract is a violation of any of the terms or conditions of a contract in default or non-performance.

What is transactional lawyer?

However, the term "Transactional" is a bit vague. It refers to the legal practice of bringing people and/or companies (or other organizations) together to make a deal.

What is the ABA?

The American Bar Association (ABA) and the Practising Law Institute (PLI) publish a number of resources to help new lawyers in specific areas of practice. These resources can not only help you with the practicalities of your work, they can help you to discover whether a particular area of law is a good fit for you.

Do you have to start from scratch when drafting documents?

You don't have to start from scratch when drafting documents. Your firm may have a work product database or document management system you can use to find documents used in prior deals. This allows you to maintain the "look & feel" of your firm's documentation and benefit from its developed expertise.

What is the most common method of financing real estate transactions?

The most common method of financing real estate transactions is through a mortgage. See Mortgage.

What is the law that governs the sale of real estate?

The agreement to sell between a buyer and seller of real estate is governed by the general principles of contract law. See Contracts. The Statute of Frauds requires that contracts for real property be in writing. See, e.g., California Civil Code § 1624.

What is the contract between a broker and a seller called?

The contract between the broker and seller is called a listing agreement. The agreement may be an open agreement whereby the broker earns a commission only if he or she finds a buyer. A listing is exclusive if the broker is the only agent entitled to a commission for finding a buyer.

What is real estate governed by?

Real estate transactions are governed by a wide body of federal statutes and a combination of state statutes and common law. The requirements established by state law often differ significantly from one state to the next.

What is required in real estate contracts?

It is commonly required in real estate contracts that the title to the property sold be marketable. This requires that the seller have proof of title to all the property he or she is selling and that third parties not have undisclosed interests in the title. See Real property.

What is the Fair Housing Act?

The Federal Fair Housing Act prohibits discrimination in real estate transactions on account of race, color, religion, sex,or national origin. See 42 U.S.C. §§ 3601-3631. Real estate brokers are specifically prohibited from discriminating by the act. See § 3606 of the act. The agreement to sell between a buyer and seller ...

What can an attorney do after closing?

Attorneys can assist with these transaction aspects and more: Documents: To avoid problems at or after closing on your property, an attorney can review documents to ensure that there are no errors, such as an incorrect legal description of the property.

What is foreclosure process?

Foreclosures: The foreclosure process can be very complex as it may involve renegotiating a loan or negotiating a settlement agreement. A real estate attorney can help borrowers manage the financial and legal aspects of foreclosure proceedings.

What documents are included in a bill of sale?

Documents may include the title, title insurance, the deed, mortgage loan documents, and the land survey. The bill of sale should also be reviewed, as it details the personal property that is or is not included in the transaction.

Can a real estate transaction lead to a lawsuit?

Litigation: Not every real estate sale or purchase goes exactly as planned, and it’s not uncommon for some transactions to lead to a lawsuit. If your transaction doesn’t work out, an attorney can represent you in real estate litigation.

Do real estate agents have to be legal?

Real estate agents are trained to handle most aspects of a home purchase, but they cannot offer legal advice. Every state has its own requirements for which types of professionals should be involved in a transaction, and most states do not require you to work with an attorney.

Is buying real estate a financial transaction?

Buying or selling real estate is not only one of the largest financial transactions most people will ever make, it may also be one of the most complex. Several areas of law can be involved in a real estate deal, making the assistance of an attorney in our legal insurance plan attorney network an invaluable resource.

Is FSBO a legal transaction?

FSBO sales or purchases: Every real estate transaction is, in part, a legal transaction. If you choose to handle a for-sale-by-owner transaction rather than working with a real estate agent, it’s especially important to have a legal professional ensure that you’re satisfying all of the legal requirements that a real estate deal may entail.

What is commercial real estate?

Commercial real estate is real estate that is to be used in the context of a business. Some examples of common commercial real estate transactions include leasing out space for an office, creating a new office building, or selling off business-owned property and land. Whether or not the real estate in question is an office or a factory makes no ...

Why do you need an escrow company?

Getting an escrow company onboard alleviates a lot of the stress from both buyer and seller. An escrow company will handle a lot of the heavy processes involved in the transaction. They can help out with paperwork, details of the transactions, and dealing with the titles.

What are the issues that arise from not having a solid CRE agreement in place beforehand?

Some issues that can arise from not having a solid CRE agreement in place beforehand include: The true nature of the accountability of both parties involved in the commercial real estate transaction typically aren’t expressed in the escrow instructions.

Why are escrow instructions and CRE agreements important?

The escrow instructions are intended mainly for the sake of the escrow company, to absolve their liability should things go awry.

How long is commercial real estate lease?

While residential real estate also generally offer leases, the leases in commercial real estate are usually longer, around 3 to 10 years.

What does it mean when a property is marked as is?

When you see a property marked “as is”, it is generally a safe bet that the property has some fundamental flaws. For property owners, marking your property for sale “as is” can feel like it takes some liability off of your shoulders.

How is a business set up before purchasing a property?

If your business is set up in a way wherein business and personal assets/liabilities aren’t divided, you as a business owner are put at an increased commercial risk in regards to your business property.

What is a real estate transaction?

Different Types of Real Estate Transactions. When any property (residential or commercial) is interchanged between multiple people, it is called a real estate transaction. In simple terms, it’s an exchange of property between the buyer and seller. Before the seller gets the authority of the same, it’s mandated to complete certain activities ...

What happens before the seller gets the authority of the same?

Before the seller gets the authority of the same, it’s mandated to complete certain activities and steps timely. After which, the process gets finalized successfully. There are different types of real estate transactions at present. We will take a look at each in brief.

What is like property exchange?

Like-Property Exchange. As per section 1031 of the tax code, like-property Exchange implies that business owners can trade their property for a similar rate. By doing so, they should not gain any profit so that the taxes on the gain could be deferred.

Can a seller opt for an assumption?

Sellers with considerable valuations can opt for a mortgage assumption. In this type, the lender will impose a transaction fee. However, the interest rate does not change. Once the buyer becomes eligible as per the lender’s requirements, they get the leftover loan balance.