Buying, selling and owning property in general is a huge investment of your money; and an investment that needs to be taken very seriously. Whether you are investing thousands of dollars or millions of dollars in what will eventually become your “home”, your asset needs to be protected legally.
Typically, buyers and sellers only employ real estate agents to help them buy or sell their home. While real estate agents provide an invaluable service in this respect, they are not permitted to provide you with legal advice, and obviously they are unable to provide you with legal protection should something go very wrong in your transaction. Remember, a real estate agent simply acts to get the transaction completed; they are not there to consider the legal aspects and consequences involved in the transaction.
So in what way can a real estate attorney help you?
It’s very simple. In the first place, whether you are buying, selling or even leasing real estate property in Michigan, you will need an attorney to carefully examine and review the contract at hand. Real Estate contracts are very technical and indicate what is permitted or not permitted to be done on the property, can be affected by zoning laws, and are subject to a different set of rules and procedures if the property has gone into foreclosure or the estate is in probate pursuant to the death of the owners. Even worse, Real Estates contracts are affected by creditors who are waiting in line pursuant to a lien that has been placed on the property, unbeknownst to you.
A MI lawyer with sufficient experience and expertise in the area of real estate transactions can help you tackle all such issues. At Downriver Lawyer, we have been representing sellers, buyers, brokers, agents, lien-holders and creditors for years in a variety of real estate litigation matters and for contract reviews. In representing a wide-array of clientele, we are knowledgeable in every aspect of the potential conflicts and issues that may arise from all corners of the contract, which has proven to be a huge asset to our clients.
What can a real estate attorney do that a real estate agent cannot?
All too often, real estate agents do not do legal research on the property to determine these very important issues, and when it comes down to the closing, the buyer and seller are unable to complete their transactions and you have lost hundreds if not thousands of dollars already!
Prior to the purchase of your property, specific legal research needs to be completed to ensure there are no liens, no foreclosures, not probate proceedings, no zoning ordinances that will affect the interest of the buying party and obviously, that the property is not distressed real estate or to determine whether there is an eminent domain that affects your property. Furthermore, as the seller you need to determine what disclosures need to be made, and as the buyer you need to make sure all disclosures have been made to you in order to make a knowledgeable decision. These are legal issues that only a lawyer can advise you on and protect you from.
But even if you have begun the process without the use of an attorney, remember that it is never too late to seek legal advice. Even if you have started such a process without the guidance of a legal advisor, our lawyers at Downriver, MI are ready to jump in at any stage of the game to protect you in these matters and to ensure that you are successful and happy in the purchase or sale of your home.
Additionally, if you are entering into the purchase of a condominium instead of a house, there are additional aspects that you need to consider in your purchase of this property. With the purchase of condos, there are also home association rules and regulations that affect your rights in your property. This too, needs careful review, to ensure that you are not being limited in the enjoyment of your property. Oftentimes, home associations limit your rights in the enjoyment of your property, and this is something that requires initial negotiations or will be considered waived once you have signed off on your purchase-sale agreements.
What do I do if I have already placed a down payment on my home, but I am now faced with a problem?
Consider this scenario. You as the buyer have finally found your dream home in Michigan and have started negotiations with the seller’s real estate agent for the property. After weeks of negotiations both parties have come to an agreement and the property is set to close in less than two weeks. What needs to be done next?
Typically, you are required to open an escrow account, if not already provided for by the seller, where you deposit the down payment, which will really act as a security payment for the seller, and meet certain qualifications with the banker.
After you deposit the down payment, which is typically conditioned on certain factors occurring, but also typically forfeited if you waive your investigations rights and not encounter issues prior to the closing, you are one-step closer to completing the purchase.
Suddenly you are informed that unknown to the agent, the property has been in probate due to the death of the original title-holder. What happens next?
Our attorneys at Downriver Lawyer have experience in representing buyers and sellers and handle the nitty-gritty requirements of these types of transactions. If the property is in probate court, you as the buyer may not be able to complete this transaction and you may have forfeited a significant amount of your down payment, depending on your contract. At this point, you need a MI lawyer to pursue a claim against the agent for failure of disclosure of such information. Our Downriver attorneys have successfully handled the complexity of hundreds of these types of matters and obtained judgments in favor of our clients.
These are only some of the benefits that a lawyer in Michigan can ensure in the success of the purchase or sale of your home. Downriver Lawyer aggressively and professionally obtains favorable results and practical solutions for every matter associated with real estate transactions that real estate agents are unable to tackle.
There is a huge difference between having a real estate agent and a real estate lawyer on your side. To obtain more information on our attorneys and our practice areas, please visit us at https://downriverlawyer.com/services/real-estate/ or call us at 734-619-1237 to set up your consultation.
In order for you to have a piece of mind in knowing that you are legally protected and that you understand the terms of your purchase-sale agreement in the State of Michigan and the laws and requirements that surround them, Downriver Lawyer is here to advise you and provide you with knowledge and efficient services. Visit us on facebook at: https://www.facebook.com/pages/Downriver-Lawyer/668014289938643?ref=br_tf and follow us on Twitter https://twitter.com/DownriverLawyer to stay up to date on all legal issues that affect you as a resident of Downriver, Michigan.