Nothing on this or associated pages, documents, comments, answers, e-mail, articles or other communications should be taken as legal advice for
any individual case or situation. The responses and information are intended to be general and should not be relied upon for any specific situation.
For legal advice, consult an attorney experienced in immigration law. This website is for general information and advertising only. It is not intended
as a substitute for seeking legal advice from a licensed practitioner. No attorney-client relationship is established nor intended by the author.
any individual case or situation. The responses and information are intended to be general and should not be relied upon for any specific situation.
For legal advice, consult an attorney experienced in immigration law. This website is for general information and advertising only. It is not intended
as a substitute for seeking legal advice from a licensed practitioner. No attorney-client relationship is established nor intended by the author.
REAL ESTATE LAW
Real Estate Law - An Overview
Real estate law includes both federal and state issues, with the state-level rules varying widely from jurisdiction to
jurisdiction. These state and federal laws encompass everything from ownership of land and buildings to related issues
such as financing, leasing, construction, taxes, and environmental laws. A competent and experienced real estate attorney
can protect a party's interests in both routine and complex transactions and disputes.
Real Estate Contracts and Transfers
The agreement to sell between a real estate buyer and seller is governed by the general principles of contract law. The
statute of frauds requires that real property contracts be in writing. Title to real estate must be marketable to be free from
liability, which means that it must be free and clear of all encumbrances, liens, clouds, litigation risks, or other title defects.
To ensure marketable title, the buyer typically employs an attorney or a title insurance company to perform a title search.
In a title search, the searcher examines the public records in the county in which a property is located to map a chain of
title by examining all the recorded deeds concerning the property. The title searcher will also determine if there are any
encumbrances on the property, such as mortgages, unpaid real estate taxes, liens for municipal improvements, unpaid
federal taxes, government claims, legal judgments, foreclosures, condemnations, covenants, and easements. A title
insurance company will insure the buyer against losses caused by the title's invalidity.
To pass title, the seller must execute and deliver a deed with a proper description of the land. Many states require that the
deed be officially recorded to establish ownership of the property and to provide notice of its transfer to subsequent
purchasers.
Mortgages
The most common method of financing a real estate transaction is through a loan secured by a mortgage on the property.
A mortgage involves the transfer of an interest in land as security for an obligation. A borrower typically repays a
mortgage in installments that include both interest and principal payments. If the borrower doesn't make payments,
foreclosure can result, with the lender declaring that the entire mortgage debt is due immediately. Failure to pay the
mortgage debt once foreclosure occurs results in the sale of the property to satisfy any remaining mortgage debt.
The actual foreclosure process depends on state law, the terms of the mortgage, and whether other liens exist on the
property. Many states allow late payments to avoid foreclosure, and many lenders attempt to work out a payment plan to
avoid a foreclosure. If a lender is threatening foreclosure, a borrower should immediately contact a competent and
experienced real estate attorney to protect the borrower's interests and pursue all available resolutions.
Conclusion
Real estate transactions and disputes involve many laws, which vary greatly from state to state. If you are buying or selling
real estate or are involved in a dispute regarding real estate, it is in your best interest to get in touch with an experienced
real estate attorney to ensure that your rights are protected.
Real estate law includes both federal and state issues, with the state-level rules varying widely from jurisdiction to
jurisdiction. These state and federal laws encompass everything from ownership of land and buildings to related issues
such as financing, leasing, construction, taxes, and environmental laws. A competent and experienced real estate attorney
can protect a party's interests in both routine and complex transactions and disputes.
Real Estate Contracts and Transfers
The agreement to sell between a real estate buyer and seller is governed by the general principles of contract law. The
statute of frauds requires that real property contracts be in writing. Title to real estate must be marketable to be free from
liability, which means that it must be free and clear of all encumbrances, liens, clouds, litigation risks, or other title defects.
To ensure marketable title, the buyer typically employs an attorney or a title insurance company to perform a title search.
In a title search, the searcher examines the public records in the county in which a property is located to map a chain of
title by examining all the recorded deeds concerning the property. The title searcher will also determine if there are any
encumbrances on the property, such as mortgages, unpaid real estate taxes, liens for municipal improvements, unpaid
federal taxes, government claims, legal judgments, foreclosures, condemnations, covenants, and easements. A title
insurance company will insure the buyer against losses caused by the title's invalidity.
To pass title, the seller must execute and deliver a deed with a proper description of the land. Many states require that the
deed be officially recorded to establish ownership of the property and to provide notice of its transfer to subsequent
purchasers.
Mortgages
The most common method of financing a real estate transaction is through a loan secured by a mortgage on the property.
A mortgage involves the transfer of an interest in land as security for an obligation. A borrower typically repays a
mortgage in installments that include both interest and principal payments. If the borrower doesn't make payments,
foreclosure can result, with the lender declaring that the entire mortgage debt is due immediately. Failure to pay the
mortgage debt once foreclosure occurs results in the sale of the property to satisfy any remaining mortgage debt.
The actual foreclosure process depends on state law, the terms of the mortgage, and whether other liens exist on the
property. Many states allow late payments to avoid foreclosure, and many lenders attempt to work out a payment plan to
avoid a foreclosure. If a lender is threatening foreclosure, a borrower should immediately contact a competent and
experienced real estate attorney to protect the borrower's interests and pursue all available resolutions.
Conclusion
Real estate transactions and disputes involve many laws, which vary greatly from state to state. If you are buying or selling
real estate or are involved in a dispute regarding real estate, it is in your best interest to get in touch with an experienced
real estate attorney to ensure that your rights are protected.
CALL 718-730-9497
Home l About Us l Testimonials l FAQ l Contact l Immigration Law l Loan Modifications l Real Estate Law