Real Estate - FAQ
What can my real estate attorney help me with?
Shelley Elder can assist you with a variety of legal issues, including:
- Drafting and negotiating contracts for the development, purchase, and sale of personal and commercial real estate (personal or second homes, shopping malls or strip malls, condominiums, or office buildings, buying, selling, or leasing, including representing prospective purchasers and sellers at real estate closings)
- Conveyance Issues (residential and commercial property)
- Mortgages and Foreclosures (refinancing issues, breach of lease agreements, purchasing of mortgages, etc.)
- Title Insurance
- 1031 Exchanges
- Reverse Mortgages
Do I really need a real estate attorney?
The answer to this question is, you probably do. You want someone who will look out for your best interests without having some financial incentive to talk you into doing something that may not be best for you. If you do not understand something in the mountain of paperwork, you can ask your attorney to explain it to you. You should never sign something that you do not understand. It could be that the one paragraph that seems a little cloudy to you could be the paragraph that costs you a pile of money – if you don’t have your attorney to watch out for you.
What is title insurance and why do I need it?
Title insurance is a one-time purchase that provides coverage for future claims or losses due to defects in the title and is created by some event that may have taken place prior to your acquisition of the property. Title insurance provides you with peace of mind that no other person can claim your property.
What is a 1031 exchange and why would I want to do it?
A 1031 exchange is simply the selling of a qualified property in exchange for another qualified property within a certain time period. A 1031 exchange is a tax deferred transaction. Capital gains on the sale of the property are postponed as long as the IRS rules are followed. A 1031 exchange is a complicated process, so please consult your attorney for assistance.
What is a reverse mortgage?
A reverse mortgage is a low-interest loan for eligible homeowners, age 62 or older, that allows the homeowner to convert a portion of the equity into cash, using the home’s equity as collateral. The loan does not have to be repaid until the last surviving homeowner moves out of the property or dies. If you decide to sell your home, or if you were to pass away, you or your estate will then repay the loan you received from the reverse mortgage plus any interest and fees. The remaining equity in your home would then belong to you or to your heirs.
