The purchase or sale of a home or commercial property can be exciting, yet difficult. The complications lie in the transactions themselves, as there are legalities that can become issues. These issues then put you in need of an experienced real estate lawyer in Philadelphia who can give you the assistance you need.
The term “property” refers to an object owned by a person and that person has the right to control, use, and dispose of that object. “Real property,” on the other hand, is land, which is the surface of the ground and everything above (homes, buildings, and other structures) and everything below, such as the minerals.
Real property can change hands through purchase and more than one person can own the same piece of real property. If there are two or more owners, one of the following may exist:
When you are the sole owner of real property, then you have whole use of the property and can designate a beneficiary for that property upon your death.
Real estate law encompasses a wide range of areas because practically anything can happen at any time. It is what can happen that prompts the need for a Philadelphia real estate attorney. The following are some of the types of matters that can be handled:
The purchase of property may seem rather cut and dry because it involves agreeing to a price and money exchanging hands. However, there are issues that can come about, such as property line disputes or a disagreement about something that may go with the property.
Lease agreements need to be solid, so having an attorney draft a lease can help avoid loopholes that can lead to an expensive dispute.
A real estate agent will likely recommend the use of a standard purchase agreement, but you can have your real estate lawyer review the contract. There are many details ranging from the purchase price to a legal description of the property that must be reviewed. The more sound the agreement, the more enforceable its terms.
The Due Diligence period is also referred to as the “inspection contingency date,” which is in relation to a property inspection that the buyer agrees to perform. The inspection must be completed by the date specified. The buyer has the right to pull out of the transaction if the inspection shows something undisclosed or unsatisfactory.
Closing on a property loan may seem simple, but it may be necessary for there to be legal guidance. This is especially true if the property is a high dollar property.
Home sellers are required to disclose “known material defects” that may not be seen just by walking through the home. In other words, any structural or other such issues must be revealed before the sale is complete. The goal of this is to ensure buyers understand the condition of the property before finishing the transaction.
Sheriff sales can consist of foreclosed properties and properties with delinquent taxes. If you wish to bid on property in a sheriff sale, you may want to consult with your attorney. If you are the property owner and you want to exercise your right of property redemption after a tax delinquency sale, then you will need legal guidance to assist you with redemption and possible reimbursement to the buyer for any property violations they rectified.
Every parcel of property has a property line and there are underground markers that mark the line so that there is no question where the property starts and where it ends. However, a neighboring property owner can claim that they actually own property that you are using and vice versa, resulting in a need to fix the issue through legal means or simple surveying of one or both properties.
Unfortunately, there are times when neighbor disputes go beyond a property line issue. For example, a neighbor can place their fence on the other side of the property line, causing a dispute that could lead to the need for legal intervention.
If a neighbor causes property damage, they can be held responsible for that damage. Take tree damage, for instance. If a neighbor damages a tree on your property, you can pursue them for damages that usually equal what you paid for the tree or the cost of replacement. You do have to prove that the damage occurred.
There are different types of condominium disputes ranging from typical landlord-tenant disputes to foreclosure, eviction, and development disputes. Owners could claim a failure of the tenant to maintain common areas or associations could harass unit owners. There are laws that apply to condominium disputes, so you will need assistance navigating the law as it applies to your situation.
All in all, a real estate lawyer in Philadelphia knows the law. Where a real estate agent will give you the standard documentation, it is the attorney that can review the terms and determine what is in your best interest. Through a sound knowledge of the law, you have an advocate and resource that can effectively navigate the legalities of any real estate issue.
For a free legal consultation contact Freundlich & Littman, LLC today, contact our office at (215) 545-8500 or e-mail info @FreundlichandLittman.com today, we have staff standing by ready to take your call.