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Important Terms about Real Estate Attorneys
Real estate lawyers are involved in a lot of different areas pertaining to property rights, so there's a fair chance you'll eventually have to seek out the services of one. If you're buying or selling property, it's usually best to have the aid of an experienced lawyer. To help clear up some confusion, we'll define certain key terms and concepts associated with real estate attorneys and firms.
Amortization - Arranging for the repayment of a loan with regularly scheduled installments.
Foreclosure - Selling property to pay off a loan that was secured with the same property.
Collateral - Property that can be used to repay a debt if the borrower defaults on payments.
Mortgage - Securing a loan by providing one's property as collateral. Also called a mortgage loan.
Deed - A document that transfers ownership of property from one party to another. Deeds sometimes come with restrictions, or conditions, that place limitations on what the owner can do with the property. A deed restriction is sometimes called an encumbrance.
Easement - The limited right to use property that one does not own, usually specifically described in written contracts. Often this refers to the right to walk across property without breaking trespassing laws.
Balloon Payment - A hefty lump sum paid at the end of a loan payment plan.
Closing - The final stage in a real estate transaction. This process is generally overseen with the aid of an attorney or firm versed in real estate matters. The closing date is when the payments are made and the deed changes hands.
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Real estate attorneys are legal experts that typically assist people or clients with the buying and selling of property. This can be either commercial real estate or a residential property. As you may be aware, there are law firms across the nation with lawyers that specialize in handling real estate purchases and sales. In fact, in some states or areas it is mandatory to use an attorney when purchasing a new home or property. This is because of the legal processes that apply.
There are certainly a number of formalities and documents involved when it comes to real estate buying and selling. This is why most people require legal help or assistance when dealing with a property title or deed. For instance, there are closing costs that apply to real estate purchases. These are the fees, taxes and other costs associated with the purchase. A real estate attorney can also assist people with foreclosures, which are properties or homes that were taken back by the bank, due to a loan not being paid. These lawyers are very knowledgeable, and understand the legal aspects of mortgage transactions and immovable contracts.
It is important to learn all you can about real estate attorneys; especially if you are using one to complete a property transaction or purchase. You can get in touch with local real estate lawyers or law firms by phone in order to make inquiries regarding foreclosures, homeowner's insurance, closing costs, and mortgage contracts. This is an excellent way to get the information you need.