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Why You Might Need a Real Estate Attorney

UPDATED 8/21/2020

Owning a home is an exciting thing. You own your own piece of property with a home on it. You can do what you want to it and you can sell it, making a profit whenever you want. You could even rent it out, turning it into an investment property. Homes are generally seen as great investments. They cost a lot but are worth the price. The high costs of owning a home are the reason that there are often so many legal battles surrounding the ownerships of a piece of property. Disputes often arise from mortgage disputes, living trust disputes, and divorce disagreements. In legal events that surround property ownership, the services of real estate attorneys are often needed.

Homeownership is a common dream among Americans. Many Americans work towards the day that they can purchase their own home. In fact, in 2013, 65.2% of families owned their primary residence, according to the Federal Reserve?s Survey of Consumer Finances. Homes can also result in disputes among family members and homeowners when contracts are in question or mortgages, are unpaid.

Foreclosure

Foreclosure is a possibility when it comes to homeownership. If a mortgage goes unpaid for so many months, the home will go into foreclosure. If it is not redeemed, the home will go back to the bank that provided the mortgage. Following the very large housing crash, many homes were recently foreclosed on and many more are still at risk of foreclosure. In fact, one child in every classroom in America is at risk of losing his or her home because their parents are unable to pay their mortgage. A homeowner in foreclosure still has some ownership rights, and to learn more about those rights and the ability to fight to keep their home, they should consult with real estate attorneys, specifically a real estate lawyer who is specialized in legal cases involving foreclosed homes. A collection lawyer may also be needed when large amounts of money are owed to the mortgage company.

Wills and Trusts

Homes are a common part of trusts and living wills. When a parent passes on, they usually have a paid-off home that they choose to leave to someone. They may choose to split the home between all of their children, or they may choose to leave it to one of their children. An estate lawyer is responsible for drawing up the documentation of the will and who will receive the home. Living wills and trusts often bring about family disputes, with some family members questioning the legality or authenticity of a will. The timing of the will may be called into question. 75% of survey respondents said that they would be more likely to create or update their will if there was an easy, valid way to do so online. There may also be disputes surrounding how to handle dual ownership of a home, especially when one child wants to keep the home and the others want to sell it for profit. Real estate attorneys are a great resource for living trust and will disputes.

Divorce

Divorces are very common in the United States. With so many people owning homes, housing disputes are a common part of the divorce process. One spouse may feel that they are more deserving of the home than the other. It can be difficult to come to an agreement when a house is involved. Real estate attorneys can help to handle these disputes and negotiate terms, attempting to find a fair balance between both spouses.
Homes are a part of the American dream. Many people work toward the ability to own their own homes one day. However, they can also be a part of many disputes, including living trust and will dispute, foreclosure complications, and divorce settlement disputes. Real estate attorneys are specialized in real estate law and are great resourced for settling legal disputes when it comes to the property of the real estate.

Buying or Selling Your Home

You may also need a real estate lawyer if you’re trying to sell your home. Selling a home can be a long and difficult process and having a lawyer who can help you with the details of real estate sales laws can keep on the right path to getting what your home s worth. Whether you’ve sold a house before or not, a lawyer can help you make sure everything is order and you’re not missing anything. If you’re running a business, having someone help with corporate real estate law can be very beneficial. If you’re buying a home, a real estate attorney at law can help make sure your new home is properly taken off and they can help if the house you buy turns out be a lemon with real estate lemon law. US real state law is complicated, so make sure you have someone on your side.

Idaho Legal News

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