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Do You Need a Real Estate Law Firm?

Buying real estate is a big decision and is typically the largest transaction most buyers and sellers will make. The sale and purchase involves complex areas of law that do not apply anywhere else. You are not usually required to hire an attorney to represent your interests in the transaction; most deals can be closed without one. 

However, it is a good idea to use the services of a real estate law firm in a property transaction, even though it may increase the cost. Here are just a few of the situations where it is particularly important to seek the services of a real estate law firm.

Short Sale

A short sale is the selling of property at a price that is less than the amount due for the loan. That is, the seller ends up "short" with the funds to pay back the loan. It's always recommended for homeowners in financial distress who are contemplating short-selling to get the assistance of an attorney firm for real estate.

Qualifications

Typically there are four requirements to be eligible for a short sale. market value has to be down and the mortgage has to be in or near default, the seller has to suffer financial burden and also not possess other assets that can use to cover for the total amount due on the loan.