A real estate attorney in Broadway NC is intimately familiar with how competitive the housing market can be. Sometimes the difference between whether or not a sale goes through is how sweet the provisions are for the seller. A real estate attorney in Broadway NC may add the following provisions to your sales agreement:
No Inspection Clause
While many people want to perform a home inspection before a purchase is made and this is generally advised, these inspections can sometimes be a way to stall the deal or ask for a price reduction. If you have a reason not to request an inspection, such as already having a home warranty, planning to purchase the lot for the land or stripping the home down to its studs for a complete overhaul, you may decide to do without this clause.
Sometimes a seller wants to be assured that the sell goes through before actually looking for another home. If he or she plans to buy the next home, the seller may be concerned about having to carry two mortgages at once. Agreeing to rent the home back to the seller gives the seller the needed equity in the home to enter his or her own purchase contract while also allowing him or her to only have to move once.
In some instances, a seller may need to access adjacent land. For example, if he or she maintains a business on a separate building on the land or maintains framing land, granting an easement to the seller can provide additional time for him or her to secure new land for these business purposes. The easement may contain a specific expiration date so that the travel through the land is not indefinite.
A real estate attorney in Sanford North Carolina is familiar with all aspects of the buying and selling process for real estate in North Carolina. A real estate attorney in Sanford NC can explain what disclosures are required to be made by law and can represent an affected party when these disclosures are not made.
For all real estate transfers in North Carolina, the seller is required to submit a Residential Property and Owners’ Association Disclosure Statement. This form is used to document known conditions and material defects of the property. The broad nature of the disclosure is meant to compel sellers to reveal to potential buyers the issues that the seller is actually aware of in the home. This may be a bad roof, a problem with radon exposure, leaks in the basement, issues with the water supply or other issues. By properly disclosing these defects, the seller can ensure that the buyer makes an informed decision about the property and avoids litigation in the future.
The disclosure is only related to those defects that the seller has actual, and not constructive, knowledge of. This means that the seller has actual information about a particular condition. The seller is under no obligation to inspect the property to reveal conditions of which he or she is not aware. However, the buyer is free to hire a home inspector to perform a check for him or her.
If the seller does not provide this disclosure at the time required by law, the buyer can rescind the offer within three days of actually receiving the disclosure. Additionally, North Carolina law allows the seller to hire an inspector to prepare a report on his or her behalf.
One of the ways that a Lemon Springs real estate attorney helps clients is by assisting with separate contracts that affect their ownership interest. While a purchase agreement is an important document, covenant agreements and agreements with property owners associations can have a daily impact on the client’s ownership and lifestyle. A Lemon Springs real estate attorney can provide the following services:
Amending Restrictive Covenants
Neighborhoods and communities may have extensive restrictive covenants that specify the color the house can be, yard ornaments that can be displayed, types of buildings that can be erected and activities that cannot be completed on the grounds. Often homeowners are required to pay dues to maintain the neighborhood, common grounds and their own properties. If a homeowner feels that there are restrictive covenants that are too – well, restrictive – a real estate attorney may be able to help draft revisions to these covenants for the homeowners association’s consideration.
Protection of Rights
A real estate attorney can raise valid arguments to protect the homeowner’s rights from an overzealous association. This may be by showing that the homeowners association has not enforced action against property owners who have committed similar violations or by analyzing the contract language for instances of ambiguity.
Explanation of Options
A real estate attorney can explain the options that are available to his or her client. In some cases, a simple conversation between the lawyer and the association may be able to resolve the issue. In other cases, negotiations between the respective lawyers may yield a result. Mediation may be recommended if the lawyer believes that the parties may be able to work through a solution with the help of a neutral facilitator. Litigation may be necessary in some situations.
North Carolina residents may be surprised to learn that trespassers can legally obtain property that belongs to another after meeting certain conditions. A real estate attorney in Sanford North Carolina can explain when adverse possession may apply. Additionally, a real estate attorney in Sanford North Carolina can provide representation to a party that is affected by adverse possession.
In order for a trespasser to acquire adverse possession of a property, he or she must openly occupy the property that is otherwise abandoned. This possession must be ongoing for 20 years in most cases. However, if the trespasser has a deed or other written instrument that he or she gives the right to possess the land, he or she need only occupy it for seven years.
There are strict rules regarding the occupation of such property. In order for a trespasser to acquire the right to the land, he or she must use the land in a way that the actual landowner knows or should know that the trespasser is living there. The use must also not be compatible with the owner’s use of the land, usually meaning that the owner has not given the trespasser permission to use the land.
Additionally, the trespasser must continuously use the land. If he or she only intermittently uses the land, he or she will not have the right to adverse possession. Similarly, the trespasser must have exclusive use of the land.
Property owners who do not want their legal rights to a property can take steps to safeguard their property interests. A real estate attorney can evaluate a claim regarding adverse possession and provide recommendations and information about options that may be available to the property owner.
Eminent domain refers to the government’s power to take away someone’s private property for the use of the public. This right extends to private developers who plan to use the property for public use. However, a real estate attorney in Broadway North Carolina can explain that there are certain procedures that must be followed before you can have your private property taken. Some of the ways that a real estate attorney in Broadway North Carolina include:
Explanation of the Process
A real estate attorney can explain which forms of government and agencies have the right to take your land. Additionally, he or she can explain the process of how your property’s value is assessed and how you will receive compensation for your property. Additionally, a real estate attorney can explain how a partial condemnation affects your rights.
Assessment of Value
You and the party seeking to take your property are at odds and have different interests. You will want to receive the maximum value for your property while the government will want to pay the minimum amount possible. The government is required to offer you just compensation for your property. This term requires the government to provide you with an offer that matches the fair market value of your property. However, different experts can disagree about what constitutes the fair market value of your property. If you do not believe that the government’s offer is fair and that it does not represent the fair market value, you have the option to challenge this figure in court.
Protection of Legal Rights
A real estate attorney can evaluate whether the government or private party has complied with all of the relevant requirements, including providing notice of the intent to take the property.
Even though you are not legally required to hire a Lemon Springs real estate attorney when buying or selling real property, it is usually in your best interest to do so. In some cases, buyers may realize that they need the services of a Lemon Springs real estate attorney when it is too late for him or her to correct mistakes that were made in the process.
While a real estate agent may have a good background on real estate in the area and in negotiating a good sales price after reviewing the relevant competitive listings and sales, he or she is not qualified to make any type of legal judgment. In some cases, an unanticipated problem may arise that the agent has no experience with. For example, the home may be occupied by tenants who have certain rights to the property. A dispute regarding the property’s boundary line may arise that could cloud the title or affect the value of the home. In some cases, unpermitted structures or additions have been made to the property. Liens or encumbrances may have been placed against the property, creating an ugly cloud on the title.
A real estate attorney can address these legal issues. Additionally, he or she can draft or review a purchase agreement to ensure that your legal interests are being protected. By including or omitting provisions in a standard contract, the lawyer can help customize the purchase or sale so that you are protected. He or she can also ensure that contingency provisions are included in the contract in case a problem does arise so that you have a way out of the contract if you need it.
Whether you are planning to buy or sell real estate in North Carolina, you should make your decision wisely, since there are legal implications to every real estate transaction. It is advisable to consult with a real estate attorney in Sanford North Carolina before you make a deposit or sign any documents related to the purchase or sale of property. An experienced real estate attorney in Sanford North Carolina will have the specific expertise you need to protect your legal interests in your real estate transaction.
A contract for the sale of real estate in North Carolina must be in writing in order to be legally enforceable. As long as the written real estate contract includes a dated offer, the purchase price and the signatures of both the buyer and seller, it is legally binding. Consequently, it is essential to have your real estate contract reviewed by a licensed North Carolina real estate attorney to in order to avoid potential problems down and ensure that the provisions of the contract correspond to your expectations.
A common issue that often arises in real estate transactions relates to the returning of earnest money deposits in the event that any condition of the contract is not satisfied as agreed. Unless your real estate contract states otherwise, state law requires the broker to retain the earnest money or deposit it with the Clerk of Superior Court until a written release from both the Seller and Buyer has been obtained, or until the court orders disbursement.
All material aspects of a North Carolina residential real estate closing must be supervised by an attorney. Only a North Carolina licensed attorney may offer an opinion related to title or answer any questions at the closing table. Contact a local real estate attorney to represent you in your real estate transaction.
There are a wide range of people and organizations that get embroiled in real estate litigation. Real estate litigation in Broadway North Carolina can involve prominent property owners, developers, secured lenders, institutional and private investors, real estate brokers, condominium associations, property managers, governmental entities, borrowers, landlords, tenants, title companies, etc. Additionally, real estate litigation in Broadway North Carolina can end up in state as well as federal courts, arbitration hearings as well as other alternative dispute resolution arenas, administrative agencies, planning commissions, zoning boards, city councils, and other administrative bodies.
If you are involved in a real estate lawsuit, you need an experienced real estate litigation attorney capable of handling all aspects of contested real estate matters. Whether the litigation that you are involved in is on a national scale, or if you need a real estate attorney familiar with local procedures and who has credibility with local officials, you need to find an attorney with the qualifications required to produce the result you want.
Some of the more commonly litigated real estate issues relate to:
- Purchase and Sale Contracts
- Commercial and Residential Leases
- Construction Defect Claims
- Breach of Contract Claims
- Fraud Claims
- Misrepresentation Claims
- Real Estate Partnership/Entity Disputes
- Title Claims
- Boundary Line Disputes
- Condemnation/Eminent Domain
- Zoning and Land Use Disputes
- Brokerage Fee Disputes
- Disputes Related to Easements
- Condominium Disputes
- Environmental Law Violations
- Trespass Claims
Some questions to ask of real estate attorneys before you decide to retain their services include: how long they have been practicing, how many cases like yours have they handled, how would you handle your case, how will they bill you, and who else will be working on your case? Regardless of the type of real estate issue that you are dealing with, a seasoned real estate attorney should be able to answer those basic questions and assist you in overcoming your legal dispute in a cost-effective manner.
Real estate attorneys handle various transactions for their clients. Though most real estate transactions take place outside of the courtroom, real estate attorneys may, on occasion, have to go to court to argue for their clients. A real estate attorney in Sanford North Carolina is skilled and experienced in every phase of a real estate transaction, from drawing up the initial paperwork to performing the closing that finalizes the deal. A real estate attorney in Sanford North Carolina may also represent clients if an issue arises with the transaction—such as discovering a purchased home has defects.
When a real estate attorney first becomes involved in the sale or purchase of a property, one of the first steps that is taken is to perform a title search to ensure that the seller of the property has the property authority to sell. If not, the purchaser may run into problems down the road if another individual claims ownership over the property.
Next, the real estate attorney will coordinate the drafting and production of the necessary financial documents from the lender. These documents can become quite voluminous, and they will need to be carefully reviewed to ensure the proper information is included in them. These documents will be provided to the parties at the closing, where they will be signed.
After a real estate closing, the attorney takes the deed to the local register of deeds office for filing. This records the transfer of property with the state.
Should there be additional issues with a transaction, such as a property defect, the real estate attorney may represent the party in court and will argue as to what term of the contract was not properly fulfilled.
Real estate transactions can be tedious and complicated. It is in one’s best interests to have counsel.
Many individuals underestimate the complexity of real estate transactions. These deals involve a significant amount of paperwork that is inundated with advanced legal terminology. To the average consumer, such paperwork is confusing. Therefore, it is in the best interests of the parties to hire a real estate attorney in Sanford North Carolina for assistance with these complicated transactions. A real estate attorney in Sanford North Carolina is available to help clients with each phase of a real estate transaction. These attorneys are also often available if there is a disagreement over the transaction that must be handled in court.
A common issue that arises in a real estate transaction is a title defect. A title defect implies that there is an issue with the chain of ownership of a property. The owner of a property that has a title defect may notpossess full ownership rights. As one can imagine, this may lead to a number of legal issues if a third party suddenly claims that he or she is the rightful owner to the property. Prior to completing a transaction, real estate attorneys research the history of a property in what is called a title search. Should there be any issues in the title of the property, the attorney may be able to advise the client as to how it may be repaired before the deal is finalized.
Issues with inspections and the nature of a property are also common issues that may disrupt a deal. For example, perhaps an inspector did not complete a thorough inspection of a property, and, after the buyers purchased the property, it became evident that there were structural issues in the home. Real estate attorneys will analyze the paperwork involved in the deal and help the parties determine which entity may be liable.