What is real estate and why do I need a real estate lawyer?
Real estate, also called real property, refers to land and things attached to land. For most consumers, real estate consists of their home and the lot surrounding it. Commercial real estate may include factories, equipment and other facilities. In addition to buildings and equipment, resources existing on or under the land, including minerals and gas are part of real estate. Some of these aspects of real estate can be sold separately; for example, a farmer could sell the mineral rights to a specific field to a mining company while retaining the right to farm the surface.
Numerous federal and state laws regulate the purchase, sale, transfer, refinance and other transactions involving real property. For this reason, people involved in a real estate transactions should seek the advice of experienced counsel. At Marchioni & Associates we have years of experience in real estate law and an experienced lawyer, not a paralegal will handle your closing.
What are deeds and why are they important?
Deeds transfer and document ownership of real estate by containing the old and new owners, a legal description of the property and notarized signatures. There are different kinds of deeds, such as a Bargain and Sale, quitclaim, or Fiduciary deed. There are different kinds of deeds, such as a quitclaim grant or warranty deed. Your attorney will advise you of the best deed for your situation. A deed is very important to a real estate transaction and should be recorded in the appropriate records office such as the County Clerk’s Office. Recording the deed gives public notice of real estate ownership.
What are the different ways two people can own real estate?
There are different legal forms for multiple people to own real estate. Each type of ownership has different implications upon death of an owner or other contingency. The attorneys at Marchioni & Associates can help you determine which form of ownership is best under your circumstances. Here is a brief overview:
- Joint Tenancy is one way that more than one person can own a piece of real estate in equal proportions with a right of survivorship among the parties.
- Married couples own real estate as Tenants By The Entirety which allows the real estate to transfer to the other owner/spouse upon death. Tenants By The Entirety is similar to a Joint Tenancy, except each spouse holds an undivided half of the property.
- Tenants in Common can own equal or unequal shares of the property and this is a common way for commercial partners and cohabiting unmarried couples to hold property.
An experienced Real Estate Attorney can advise what form suits your need.
What are mortgages and how do they work?
A mortgage interest in a piece of property is created when a bank, individual financier or other financial institution provides a loan for the purchase of real estate. The financier is called the “mortgagee” and the borrower the “mortgagor”. The mortgagor’s loan is secured by an interest in the property. There are multiple mortgage options available to purchasers with fixed, adjustable and/or a combination of interest rates. A mortgage obligation is a serious undertaking and borrowers need the advice of the lawyers at Marchioni & Associates to understand the circumstances, benefits and risks of their particular financial arrangements.
What do I need to know about Mortgage Foreclosures?
If the borrower fails to comply with the terms of a mortgage, the lender may begin a process of taking back their interest in the property through foreclosure. In a foreclosure, the borrower often losses their investment in the property. The lawyers at Marchioni & Associates can help you avoid foreclosure, even if you cannot comply with the original terms of your mortgage. But, to do this, it’s important that you call us immediately or as soon thereafter when a problem with repayment arises. We are here to help you.
Once I buy a piece of property, can I do whatever I want with it?
State and federal laws regulate what owners of residential and commercial property can and cannot do with their property such as environmental restrictions, noise levels, occupancy levels and building restrictions. Only a lawyer can properly protect you and your property rights.
How does the lender decide the maximum loan amount that I can afford?
The lender considers your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing expenses. Non-housing expenses include such long-term debts as car or student loan payments, attorney, or child support. the lender also considers cash available for down payment and closing costs, credit history, etc. when determining your maximum loan amount.
How do I select the right real estate agent?
Start by asking family and friends if they can recommend an agent. Compile a list of several agents and talk to each before choosing one. Look for an agent who listens well and understands your needs, and whose judgment you trust. The ideal agent knows the local area well and has resources and contacts to help you in the search. Overall, you want to choose an agent that makes you feel comfortable and can provide all the knowledge and services you need.
What should I do if I’m feeling excluded from certain neighborhoods?
Immediately contact the U.S. Department of Housing and Urban Development (HUD) if you ever feel excluded from a neighborhood or particular house. Also, contact HUD if you believe you are being discriminated against on the basis of race, color, religion, sex, nationality, familial status, or disability. HUD’s Office of Fair Housing has a hotline for reporting incidents of discrimination: 1.800.669.9777 and 1.800.927.9275 for the hearing impaired.
How can I find out how much homes are selling for in certain communities and neighborhoods?
Your real estate agent can give you a ballpark figure by showing you comparable listings. If you are working with a REALTOR, they may have access to comparable sales maintained on a database.
How can I find information on the property tax liability?
The total amount of the previous year’s property taxes is usually included in the listing information. If it’s not, ask the seller for a tax receipt or contact the local assessor’s office. Tax rates can change from year to year, so these figures may be approximate.
What other tax issues should I take into consideration?
Keep in mind that your mortgage interest and real estate taxes will be deductible. A qualified real estate professional can give you more details on other tax benefits and liabilities.
What should I look for when walking through a home?
In addition to comparing the home to your minimum requirement and wish lists, use the HUD Home Scorecard and consider the following: Is there enough room for both the present and the future? Are there enough bedrooms and bathrooms? Is the house structurally sound? Do the mechanical systems and appliances work? Is the yard big enough? Do you like the floor plan? Will your furniture fit in the space? Is there enough storage space? (Bring a tape measure to better answer these questions.) Does anything need to be repaired or replaced? Will the seller repair or replace the items? Imagine the house in good weather and ad, and in each season. Will you be happy with it year-round? Take your time and think carefully about each house you see. Ask your real estate agent to point out the pros and cons of each home from a professional standpoint.
What questions should I ask when looking at homes?
Many of your questions should focus on potential problems and maintenance issues. Does anything need to be replaced? What things require ongoing maintenance (e.g., paint, roof, HVAC, appliances, carpet?) also ask about the house and neighborhood, focusing on quality of life issues. Be sure the seller’s or real estate agent’s answers are clear and complete. Ask questions until you understand all of the information they’ve given. Making a list of questions ahead of time will help you organize your thoughts and arrange all of the information you receive. The HUD Home Scorecard can help you develop your question list.
What does a home inspector do, and how does an inspection figure in the purchase of a home?
An inspector checks the safety of your potential new home. Home Inspectors focus especially on the structure, construction, and mechanical systems of the house and will make you aware of only repairs that are needed. The Inspector does not evaluate whether or not you’re getting value for your money. Generally, an Inspector checks (and gives prices for repairs on): the electrical system, plumming and waste disposal, the water heater, insulation and ventilation, the HVAC system, water source and quality, the potential presence of pests, the foundation, doors, windows, ceilings, walls, floors, and roof. Be sure to hire a home inspector that is qualified and experienced. It’s a good idea to have an inspection before you sign a written offer since, once the deal is closed, you’ve bought the house as is. or you may want to include an inspection clause in the offer when negotiating for a home. An inspection clause gives you an “out” on buying the house if serious problems are found, or gives you the ability to renegotiate the purchase price if repairs are needed. An inspection clause can also specify that the seller must fix the problem(s) before you purchase the house.
Do I need to be there for the inspection?
It’s not required, but it’s a good idea. Following the inspection, the home inspector will be able to answer questions about the report and any problem areas. This is also an opportunity to hear an objective opinion on the home you’d like to purchase and it is a good time to ask general, maintenance questions.
Are other types of inspections required?
If your home inspector discovers a serious problem, a more specific inspection may be recommended. It’s a good idea to consider having your home inspected for the presence of a variety of health-related risks like radon gas, asbestos, or possible problems with the water or waste disposal system.
How can I protect my family from lead in the home?
If the house you’re considering was built before 1978 and you have children under the age of seven, you will want to have an inspection for lead-based paint. It’s important to know that lead flakes from paint can be present in both the home and in the soil surrounding the house. The problem can be fixed temporarily be repairing damaged paint surfaces or planting grass over effected soil. Hiring a lead abatement contractor to remove paint chips and seal damaged areas will fix the problem permanently.
Are power lines a health hazard?
There are no definitive research findings that indicate exposure to power lines results in greater instances o disease or illness.
Do I need a lawyer to buy a home?
In New York, an experienced real estate lawyer is a must in the purchase of a home. A lawyer will assist you with the complex paperwork and legal contracts. A lawyer can review contracts, make you aware of special considerations, and assist you with the closing process.
Do I really need homeowner’s insurance?
Yes. A paid homeowner’s insurance policy (or a paid receipt for one) is required at closing, so arrangements will have to be made prior to that day. Plus, involving the insurance agent early in the home buying process can save you money. Insurance agents are a great resource for information on home safety and they can give tips on how to keep insurance premiums low.
What steps could I take to lower my homeowner’s insurance costs?
Be sure to shop around among several insurance companies. Also, consider the cost of insurance when you look at homes. newer homes and homes constructed with materials like brick tend to have lower premiums. think about avoiding areas prone to natural disasters, like flooding. Choose a home with a fire hydrant or fire department nearby.
