“Holds title to” means “owns the property.”
If you are paying cash for real property, a title search is prudent, though not required.Ī title searcher, either on-line or at the courthouse, checks the title, transferred from owner to owner to ensure that the person selling a piece of real estate actually holds title, or otherwise has the right to sell the property. The “right of survivorship” feature means that upon the death of one of the joint owners, the property will immediately transfer to the surviving owner(s.) Though joint ownership with right of survival is very common, it has numerous pitfalls so be sure to get good legal advice regarding proper asset ownership in your particular situation.Ī title search is required by all banks and mortgage companies as a condition of supplying the funds to buy real estate. Often real property is owned as joint tenants with the right of survivorship, especially among married couples. However, in general, if you’ve keep up with the mortgage payments and can make the payments in the future, your house may be protected during the bankruptcy process. The answer as to whether bankruptcy can save your house depends upon your individual circumstances and can only be provided upon consultation with a qualified real estate lawyer. “Foreclosure” is a legal process through which the bank, mortgage company, or other secured creditor takes back your house (or other real estate) because you have not repaid your mortgage as promised in the mortgage contract. Not all foreclosures are legal you may be able to delay or stop yours. If you’ve received a notice entitled “Intent to Foreclose ” or you’re otherwise afraid that you’re going to lose your home, be sure to consult with a qualified real estate attorney.
Real estate attorneys are busy dealing with all of these issues, with foreclosure defense at the top of the list. They do not, typically, handle matters concerning personal property such as art, jewelry, tools, guns, antiques, investment accounts and money.ĬNN, newspapers and the popular press all run commentary on the depressed housing market, mortgage scams, the general economic crisis and foreclosure defense. In other words, real estate lawyers deal with commercial buildings, homes, apartments, condominiums, vacant land and improvements to land. “Real property” is sometimes called “realty.” Real estate lawyers handle all legal issues regarding “real,” not personal, property. Real Estate Lawyers Handle Real Property, Not Personal Property Real estate attorneys also draft deeds, mortgages and contracts negotiate deals and contracts analyze offers and finance options research zoning law issues handle property management and real estate investing advance property development deal with environmental hazards represent clients in court and provide legal advice regarding real estate matters. Perhaps you’re familiar with some aspects of real estate law such as buying and selling residential and commercial property, title searches, landlord – tenant issues, and, nowadays, foreclosure defense. Many people have used a real estate lawyer to buy or sell a home.
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