Buying real estate is a big decision and usually the biggest transaction most buyers and sellers will make. Sale and purchase involves a complex area of law that does not apply anywhere else.
However, it is a good idea to use the services of a real estate law firm in property transactions, though it may increase the cost. You can also look for professional law practices in Durham, NC.
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There are some situations where it’s important to seek the services of a real estate law firm.
A short sale
A short sale is the sale of real estate is less than the amount owed on the mortgage. In other words, sellers appeared “short” on the money to repay the loan. It’s always a good idea for homeowners who are experiencing financial difficulties who are considering a short sale to seek the services of a real estate law firm.
Typically, there are four qualifications for a short sale: The market value should be dropped, the mortgage must be in or close to default, the vendor should suffer financial hardship, and the seller does not have to have other assets that can be used to pay the full balance of the loan.
If the seller has assets that can be used to pay off the loan in full, the lender can ask the vendor to liquidate them and contribute to the reward. Some vendors protect against this country, and some things are not considered an asset.
A real estate law firm will fully evaluate the situation of the vendor, determine whether a vendor qualified and provide legal advice on how best to protect the assets of the seller may have.