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Real Estate Transactions Archives

These terms come up often during real estate transactions

There are many different real estate terms you should know if you're interested in buying or selling property. Understanding these terms can keep you in the loop and make sure you understand everything that you're being told. A little education in these terms goes a long way in helping you move forward with your transaction.

You may be able to obtain property through adverse possession

If there is a property you've always wanted but have noticed it has been abandoned for some time, there may still be a chance you can obtain it. While a typical real estate transaction would require you to find the owner and make an offer on the property, laws of adverse possession may help you obtain the property without having to locate the owner.

Why should you work with a real estate attorney?

You may not understand why you need a lawyer when you decide you want to buy a home, but there are several good reasons. While the home-buying process seems relatively straightforward, it's not as simple as you think. There are contracts to sign and negotiations to make, all of which your attorney can help you with.

Minnesota residents, business owners face expensive toxin crisis

Property owners in Minnesota may be having problems transferring their homes to new owners in the future thanks to a new set of rules that requires them to test for chemical vapors before the homes can be transferred. A Feb. 25 news report indicated that the vapors are now rising out of the soil throughout Minnesota due to pollution from decades ago. They are being produced by industrial solvents.

Purchasing a timeshare: What you should know

A timeshare is an interesting real estate investment that you might be considering. Before you make the purchase, there are some things you should know about timeshares. These sometimes have problems like difficulties when you want to resell the property or higher-than-expected costs associated with maintenance fees and property taxes.

Why you should work with an attorney when buying a home

When you're ready to buy a home, you may not think that you need an attorney's help, but that couldn't be further from the truth. There are many legal steps to purchasing a home, so having an attorney at the ready can be of major assistance.

Contract for deeds can be a dangerous proposition

When you're ready to buy a home, one option you have is to get a contract for deed offer. This kind of offer usually comes with an agreement that you must complete before you can purchase the home. The process itself is a financing agreement, and unlike getting a loan from a bank or financial institution, there are few protections. You must be careful to understand the fine print of these contracts, because if you make a mistake, you could find yourself out of your home and without the money you put into it.

Arbitration can help you stay out of court

Arbitration can help you if a real estate dispute can't be handled privately. Arbitration itself is when you and the other party, with the help of your attorneys, submit documents about each of your sides of the story relating to a real-estate dispute to an impartial third party. This is an alternative to the court system and means you won't have to go through a trial or have a judge presiding over your case (although a judge may be the arbitrator in some cases).

Your options if a home fails an inspection

So you're about to buy your dream house, and you get some bad news. The inspection results aren't good. Technically speaking, a home inspection doesn't work on a pass/fail setup, but the inspection revealed serious issues that you know have to be addressed. What can you do?