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Real Estate LawDecember 10, 20210 comments

What You Need To Know About Real Estate Law

Investing in real estate is one of the most significant decisions a business or individual can make. Before you invest, it is important to find legal support or assistance to help you in negotiating a transaction. Real estate law deals with such transactions including the buying, using, and selling of land. The law guides people on how to acquire real estate and what they can do with the property they own. If you wish to learn more about real estate law, here are some aspects to consider. If you’d like to schedule a consultation with a real estate lawyer, contact Munger Denker Ruiz Barbour today.

Pre-Qualification

Before you make a real estate purchase, you need to know how much you will spend. You can work with your lender to assess how much you can realistically afford. You should also get pre-qualification documents to present to the seller or the real estate agent. With the pre-qualification documents, you have passed the first legal step to owning property.

Deeds

A deed is a document that gives you the legal right to real property. The deed is an official document granting ownership. Most states have laws governing the creation, execution, and record of deeds. A deed should be drafted carefully with a clear description of the property and the type of ownership the parties will transfer. There are warranty and quitclaim deeds that affect the type of purchase that you make when you purchase real property.

Fees

There are several types of fees when it comes to buying or selling property. They include administrative, appraisal, commission, and credit report fees. The credit report and appraisal fees will normally be the responsibility of the seller, while administrative and commission fees are usually paid by both buyer and seller. Note that in some states it is not legal for real estate agents to collect a commission fee from the buyer.

Property Leasing and Tenancy

Not everyone occupying the property owns the property. A property lease is an important issue in real estate law. Whether a tenant is residential or commercial, the terms of the lease are critical to the property owner and the tenant. Real estate attorneys help their clients draft, negotiate, and understand lease agreements. The parties to the real estate lease can negotiate the lease or resort to litigation to sort out their disagreements.

Looking For a Real Estate Lawyer? 

If you are looking to hire a real estate attorney to assist you in any aspect of real estate law in Tucson, Phoenix, or throughout Arizona schedule a consultation with one of Munger Denker Ruiz Barbour‘s attorneys today.