03Oct 2022 by Pat Geddie
How Can A Lawyer Help at a Real Estate Closing

How Can A Lawyer Help at a Real Estate Closing

Real Estate
Hiring an experienced real estate lawyer can help protect your legal interests at closing. There could be a number of issues that arise that could either complicate the deal or pose a risk to your finances. An attorney can help you renegotiate if necessary or even negotiate to keep the deal as intact as possible in light of the challenges. Every real estate closing has numerous documents that must be reviewed before they can be signed. Do not make the mistake of rushing through these documents. Your legal rights are described in these documents, and any errors could cost you in the future. An attorney can review the document before you sign them. In addition, you may learn of defects in the title of the property during a title search…
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03Oct 2022 by Pat Geddie
Mechanic’s Lien Basics

Mechanic’s Lien Basics

Real Estate
There are various things that may put a cloud on the title of real estate. People who have performed work on the property and have not been paid may have the ability to put a lien on the title that must be satisfied before the property can be sold. Contractors and builders have a legal right to be paid for the work that they have done. They have more than just the ability to send a bill to a customer. If someone does not pay for a builder's work, they cannot easily escape further liability. Even if the mechanic cannot get the money by other means, they can put a lien on the property. This lien would have a higher priority than other creditors if someone were to go bankrupt.…
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06Aug 2022 by Pat Geddie
Common Title Issues

Common Title Issues

Real Estate
Problems with the title can get in the way of what you think will be a routine closing. Title companies report that they have to do some work to resolve title issues in roughly one-third of closing. Here are some common issues that could impact your closing. Liens When a property owner owes money, one way that someone can potentially collect is by placing a lien on the property that gives them an entitlement to sell the property to recover all or part of the debt. A lien is attached to the property, as opposed to being levied against a person. Therefore, the lien would pass with the property if it is not detected or resolved. Unclear Boundaries and Easements The neighbor may claim part of the property because the…
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24May 2022 by Pat Geddie
Common Title Issues When Purchasing Real Estate

Common Title Issues When Purchasing Real Estate

Real Estate
The title is what ensures that you actually own the real estate that you purchase. Before the deal closes, you must ensure that the title is completely valid. Otherwise, you may not be getting the full benefit of the bargain. Easements One common issue is an unknown easement on the property. An easement allows someone else to use part or all of the land for a certain purpose. When there is an easement, you have to share use of the land. Someone else may have access to the property. Undiscovered Encumbrances Someone else may hold a lien on the property. There could be a third party, such as a bank or the government, that was not paid what they were owed. The lien attaches to the property itself, as opposed…
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27Apr 2022 by Pat Geddie
Do You Always Need a Real Estate Lawyer?

Do You Always Need a Real Estate Lawyer?

Real Estate
When people are buying or selling a property, they often want to try to economize and save money. After all, buying a house has become prohibitively expensive. One place where people should not try to save a few dollars is by going without an attorney. There are too many things that can go wrong in a real estate deal. Even the slightest mistake in the documents can cause you financial and logistical headaches. The contract of sale is exactly that - a contract, meaning that you are bound by its terms. If you do not have the protection afforded to you by specific terms that you need, you can face a financial loss, whether you are a buyer or seller. There are other issues that arise in a real estate…
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28Mar 2022 by Pat Geddie
What is Title Insurance?

What is Title Insurance?

Real Estate
When you are completing a real estate transaction, you are relying on the representation of the seller that they really fully own what they are selling you. If the seller does not fully own the property, you could be facing a large financial loss. Title insurance protects you from this happening. When you close on a property, you receive title. This is a legal document that says that you own the property. The seller has promised that they own the property in full. There are a number of things that can go wrong at closing. Even a mistake in the paperwork can come back to haunt you. Some of these issues could include: Unpaid tax liens Fraudulent impersonation of the owners Unreleased mortgages Errors in preparing the documents These are…
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27Nov 2021 by Pat Geddie
Benefits of an Attorney in a Commercial Real Estate Deal

Benefits of an Attorney in a Commercial Real Estate Deal

Real Estate
You should never enter into a commercial real estate deal without the help of a lawyer. Once you sign your name on the agreement, you have entered into a contract that binds you, even if there are unfavorable terms. Below are ways an attorney can help with your transaction. Negotiating the Deal A commercial real estate transaction has many terms, each of them giving you legal rights or obligations. When you are handed a contract or draft terms, it is merely the opening of what could be a lengthy negotiation. When there is so much at stake, you can be assured that many clauses will be the subject of a back-and-forth. Your lawyer can negotiate directly with the other side to get you the most reasonable terms possible. Reviewing the…
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20Sep 2021 by Pat Geddie
What are We Looking for in a Title Search?

What are We Looking for in a Title Search?

Real Estate
Before you purchase a property, it is essential to conduct a thorough title search, and the best move is to have an experienced Boca Raton real estate attorney conduct the search for you. The following are some possible issues that a title search might uncover: Public record errors - When errors happen during the filing of a deed with public agencies, they need to be corrected before you close on the property. Liens - Banks or other creditors can place liens against a property to enforce a judgment against the property owner. If you purchase a home, you can accrue these liens if you do not identify them and clear up the issue with the seller before you close. Boundary or survey issues - What neighbors think are boundary lines…
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