• Satterwhite Law

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    Residential Real Estate

    RESIDENTIAL REAL ESTATE

    When experience matters...

    RESIDENTIAL REAL ESTATE

    When experience matters...

    Residential Real Estate Overview

    A residential real estate transaction can be intimidating and complex, but if done with proper professional guidance, can be gratifying. Selling or purchasing real estate is likely the largest financial obligation of a person's life. Having competent legal counsel can greatly reduce the stress and anxiety. Legal representation strives to remove the intimidation and legal complexities of the real estate transfer.

    A General Practice Lawyer May Not Be Enough

    Lawyers who practice outside of real estate law likely have limited contact with real estate transactions. Their narrow knowledge may be enough to handle a simplistic situation, but as the landscape of residential transactions have become complex, retaining a lawyer who practices real estate law makes sound business sense. The laws, procedures, regulations and required documents of real estate are continuously updated and changed. It is extremely important to retain an attorney who works within the area of real estate law, who understands those changes and can incorporate the updated procedures in your deal. You need a legal advocate in any residential matter to help minimize your financial risk. A residential real estate lawyer may be the most important step as you begin your property purchase negotiations.

    Using an Attorney for Residential Real Estate Purchases or Sales

    If you are a buyer, you will likely hire a home inspector to look for defects and problems at the property, a lender to create the loan, and a title company to generate title. All those services are important and are performed by professionals in those areas.

    But who is reviewing and explaining the purchase and sale documents with your best interests in mind? Who is reviewing the deed and title report on your behalf? Certainly not the other side or their representatives. You could rely on your real estate professional, but they are truly a sales person performing a sales job and legally, and under state law, cannot give you legal advice.

    Only an attorney who has concentrated legal experience in residential real estate transactions should give you advice about your transaction. Before you sign any documents, ask yourself: Is this the time and place to begin self-education and negotiation of significant legal documents that will have a long-lasting effect on my personal finances?

    An Attorney’s Services in Residential Real Estate Transactions

    An experienced residential real estate lawyer can provide a comprehensive review of all documents pertaining to your transaction. This includes most importantly the drafting and/or reviewing of your Agreement of Sale (purchase agreement), the listing agreement (for sellers), the agency agreement (for Buyers), title reports, mortgage documents, and settlement statements. You need a residential real estate attorney if you do not know the answers to the following questions (and there are many others):

    • What terms of your Agreement of Sale are negotiable?
    • What are your obligations once you sign the Agreement of Sale?
    • What is a Seller's Property Disclosure Statement, and when is it required?
    • Who holds down payment (earnest money) and how much is appropriate?
    • What is a mortgage contingency and how does it affect your transaction?
    • What is a home inspection contingency and what option is best for you?
    • What is title insurance, a title commitment and what issues are involved in a title encumbrance?
    • What are the common pitfalls encountered by "for sale by owner" sellers?
    • What is the best way to handle environmental issues, such as mold or termites?
    • Can you terminate the Agreement of Sale?
    • What are liquidated damages?
    • What charges should you expect at the property settlement or closing?

    Residential Real Estate Attorneys Provide Peace of Mind

    Real estate can be a rewarding experience, if you have the right professionals guiding you through the process. There are many complex documents to read with substantial amounts of money changing hands. Your best investment in the process is to retain a real estate attorney to guide you and protect your interests.

    You will find that having a real estate attorney for your residential transaction is the best investment spent as you buy or sell a residential property. Peace of mind is an investment that will pay dividends for years.

    Our Residential Real Estate Experience

    We list here a few of the matters we have handled for our residential real estate clients over the years.

    Residential Real Estate Overview

    A residential real estate transaction can be intimidating and complex, but if done with proper professional guidance, can be gratifying. Selling or purchasing real estate is likely the largest financial obligation of a person's life. Having competent legal counsel can greatly reduce the stress and anxiety. Legal representation strives to remove the intimidation and legal complexities of the real estate transfer.

    A General Practice Lawyer May Not Be Enough

    Lawyers who practice outside of real estate law likely have limited contact with real estate transactions. Their narrow knowledge may be enough to handle a simplistic situation, but as the landscape of residential transactions have become complex, retaining a lawyer who practices real estate law makes sound business sense. The laws, procedures, regulations and required documents of real estate are continuously updated and changed. It is extremely important to retain an attorney who works within the area of real estate law, who understands those changes and can incorporate the updated procedures in your deal. You need a legal advocate in any residential matter to help minimize your financial risk. A residential real estate lawyer may be the most important step as you begin your property purchase negotiations.

    Using an Attorney for Residential Real Estate Purchases or Sales

    If you are a buyer, you will likely hire a home inspector to look for defects and problems at the property, a lender to create the loan, and a title company to generate title. All those services are important and are performed by professionals in those areas.

    But who is reviewing and explaining the purchase and sale documents with your best interests in mind? Who is reviewing the deed and title report on your behalf? Certainly not the other side or their representatives. You could rely on your real estate professional, but they are truly a sales person performing a sales job and legally, and under state law, cannot give you legal advice.

    Only an attorney who has concentrated legal experience in residential real estate transactions should give you advice about your transaction. Before you sign any documents, ask yourself: Is this the time and place to begin self-education and negotiation of significant legal documents that will have a long-lasting effect on my personal finances?

    An Attorney’s Services in Residential Real Estate Transactions


    An experienced residential real estate lawyer can provide a comprehensive review of all documents pertaining to your transaction. This includes most importantly the drafting and/or reviewing of your Agreement of Sale (purchase agreement), the listing agreement (for sellers), the agency agreement (for Buyers), title reports, mortgage documents, and settlement statements. You need a residential real estate attorney if you do not know the answers to the following questions (and there are many others):

    • What terms of your Agreement of Sale are negotiable?
    • What are your obligations once you sign the Agreement of Sale?
    • What is a Seller's Property Disclosure Statement, and when is it required?
    • Who holds down payment (earnest money) and how much is appropriate?
    • What is a mortgage contingency and how does it affect your transaction?
    • What is a home inspection contingency and what option is best for you?
    • What is title insurance, a title commitment and what issues are involved in a title encumbrance?
    • What are the common pitfalls encountered by "for sale by owner" sellers?
    • What is the best way to handle environmental issues, such as mold or termites?
    • Can you terminate the Agreement of Sale?
    • What are liquidated damages?
    • What charges should you expect at the property settlement or closing?

    Residential Real Estate Attorneys Provide Peace of Mind

    Real estate can be a rewarding experience, if you have the right professionals guiding you through the process. There are many complex documents to read with substantial amounts of money changing hands. Your best investment in the process is to retain a real estate attorney to guide you and protect your interests.

    You will find that having a real estate attorney for your residential transaction is the best investment spent as you buy or sell a residential property. Peace of mind is an investment that will pay dividends for years.

    Our Residential Real Estate Experience

    We list here a few of the matters we have handled for our residential real estate clients over the years.

    • Breaches of Contract
    • Boundary Disputes
    • Defective or Delayed Construction and/or Renovation
    • Mortgages, Second Mortgages and Reverse Mortgages
    • Foreclosures
    • Failure to Properly Inspect Residence
    • Property Defects
    • Flooding and/or Wrongfully Changing the Natural Water Flow
    • Homeowner’s Association Disputes
    • Landlord-tenant disputes
    • Fraudulent and/or Invalid Deeds
    • Title Insurance Issues
    • Residential Real Estate held in a Probate Estate or Trust
    • Warranty Deeds
    • Homeowner’s Insurance Claims
    • Fraud and/or Deceit in the Sale of a Residence
    • Liens on Residential Real Estate
    • Financing and Personal Guaranties
    • Claims against Residential Real Estate Developers
    • Breaches of Contract
    • Boundary Disputes
    • Defective or Delayed Construction and/or Renovation
    • Mortgages, Second Mortgages and Reverse Mortgages
    • Foreclosures
    • Failure to Properly Inspect Residence
    • Property Defects
    • Flooding and/or Wrongfully Changing the Natural Water Flow
    • Homeowner’s Association Disputes
    • Landlord-tenant disputes
    • Fraudulent and/or Invalid Deeds
    • Title Insurance Issues
    • Residential Real Estate held in a Probate Estate or Trust
    • Warranty Deeds
    • Homeowner’s Insurance Claims
    • Fraud and/or Deceit in the Sale of a Residence
    • Liens on Residential Real Estate
    • Financing and Personal Guaranties
    • Claims against Residential Real Estate Developers

    If you have questions about residential real estate law, or would like to discuss your particular concerns with one of our attorneys, we welcome you to contact us by email or by calling (251) 432-8120.

     

    Frequently Asked Questions About Residential Real Estate Law

    The variety of issues that fall under the broad category of real estate law may be complex, and you may therefore have a number of questions to be addressed. Here, we have compiled a list of frequently asked questions pertaining to residential real estate matters.

    A real estate transaction is described as the legal process of transferring ownership of property from one party to another.

    Purchasing or selling a home is a complex transaction. It is also most likely one of the largest financial transactions you may deal with in your lifetime, making it all the more important to ensure that your interests are properly protected. A real estate attorney can help by guiding you through every step of the transaction, conducting a deed and title review, reviewing and explaining all documents before you sign and otherwise protecting your legal rights. This can facilitate a faster and more beneficial transaction while avoiding costly, unnecessary delays or expenses.

    A deed is a legal document that transfers property from one party or parties to another. This is one of the most important documents associated with a real estate transaction.

    If you are purchasing a home, it is important to make sure the proposed deed is reviewed by a competent professional. The proper transfer of property ownership will depend on whether the deed correctly transfers the property to the buyer. This can help the buyer avoid future problems if the buyer wants to sell the property at a later date.  In most purchases or sales, a title insurance company will provide an adequate title research service for a fee. However, you may want your own attorney to make sure that you are transferring or receiving what real estate professionals call “Clear Title.”

    Disputes are possible in any legal field, including real estate. If you are dealing with any type of real estate dispute, such as a property defect or boundary dispute, you may be able to resolve the matter outside of the courtroom through negotiation. This will usually be an attorney's first course of action, with litigation only considered if it is impossible to reach an out-of-court agreement.

    Real estate litigation may arise from various issues. Some possibilities include boundary disputes, homeowners association disputes, construction defects and delays, property defects, breaches of contract and landlord-tenant disputes.

    Residential property is generally any structure or land intended for private housing. Commercial property, on the other hand, is used for business or industrial use. Some examples of residential property include single-family homes, townhouses and condominiums. Examples of commercial property include office buildings, parking garages, shopping malls, apartment buildings and farm land.

    A rental or lease agreement should outline a number of key factors related to the rental or lease of property. This may include details about payments, recourse if payments are missed, the duration of the contract, what the property should be used for, who is liable for repairs, whether pets are allowed, whether subletting is permitted and any other relevant matters. A legally sound, thorough agreement is important if you want to avoid potential landlord-tenant issues.

    Whether you can charge interest on missed payments will depend on the details of your lease or rental agreement.

    Though this may vary depending on how it is addressed in your rental or lease agreement, some of the potential grounds for eviction may include non-payment, late payments, violations of the rental or lease agreement, nuisance complaints, improper use of the property and unauthorized subletting.