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Real Estate LawNovember 2, 20220 comments

How To Minimize Risks When Buying or Selling Property

Operating in the real estate sphere can be daunting with all of the potential legal issues that can arise. Whether you are a buyer or seller, it is crucial to be aware of the risks involved in real estate transactions and how to best mitigate them. At MUNGER DENKER RUIZ BARBOUR, our attorneys are experts in real estate law throughout Arizona and can help you navigate the complexities of buying or selling property. To learn more about some of the top issues in real estate law, read on and contact us today.

Understand Title and Deed Issues

One of the most important aspects of buying or selling property is ensuring that you have clear ownership, as well as understanding any limitations that may be present. This is especially true for older properties, as the chain of title may include both legal and equitable interests in the property.

Comply With Zoning and Environmental Limits

Zoning regulations and environmental concerns are major considerations for those buying or selling real estate, and it is important to be aware of these potential issues. For example, a buyer may be subject to local zoning restrictions that limit the types of businesses that can operate in a certain area. Additionally, environmental concerns may require the involvement of a real estate litigation attorney to ensure that all legally required regulatory approvals are obtained.

Negotiate Real Estate Purchase Agreements

When buying or selling property, it is critical to ensure that all aspects of the transaction are clearly laid out in a contract. This includes factors like the purchase price, possession, and other terms of the agreement. It is also important to be aware of any contingencies that may be present, such as appraisals or financing.

Manage Mortgage and Debt Issues

Some of the key real estate legal issues that can arise are related to mortgage or debt obligations. For example, sellers may find themselves in the unfortunate situation of being underwater and having an outstanding mortgage that exceeds the value of the property being sold. Similarly, buyers may find that they cannot qualify for a mortgage to purchase the property of their choice. In either situation, it is important to seek legal assistance from a qualified real estate transaction attorney who can help you navigate these complex issues.

At MUNGER DENKER RUIZ BARBOUR, we have the expertise and knowledge to help you with all of these real estate law complications. Whether you are buying or selling property, our attorneys can help with transactions and litigation.