Q1. What is a real estate transaction?
A real estate transaction is a process where a seller offers a home for sale and a buyer agrees to purchase it. At a very basic level, the process involves a number of tasks and activities before closing can occur and the property is officially transferred to the buyer. Many actors are involved in a […]
Q2. What is a deed?
A deed is a legal document that is used to transfer property from one person (grantor) to another person (grantee). They are typically used to transfer real estate as they are the proper way to transfer ownership rights in the property. A deed to real estate must meet certain requirements to be considered valid. While […]
Q3. Why do I need a title review in a real estate transaction in Michigan?
There are different reasons why you may need to have your title reviewed through a title search. A title search will go back a certain number of years and document: • Who has owned the property during that time period • Whether there are any mortgages or other liens on the property • Whether there […]
Q4. Is litigation the only option to settle real estate disputes in Michigan?
Litigation is rarely the only option for real estate disputes. Mediation is typically available and is highly recommended. Mediation is usually less time-consuming and less expensive. It also allows the parties a say in how the matter is settled. If mediation fails, litigation is always available.
Q5. Does a real estate lawyer help with both residential and commercial real estate transactions?
Whether or not a real estate lawyer is able to help with both residential and commercial real estate transactions depends on the attorney. While there are a lot of similarities between residential and commercial transactions, there are even more differences. Some attorneys are comfortable handling both while others prefer to focus on one or the […]
Q6. What is a seller’s market?
When you hear that it’s a “seller’s market,” it means that there is more demand for homes than there are homes available. Buyers often compete for homes in a seller’s market, driving up the cost of the properties and often resulting in bidding wars. It is not unusual for a home to sell for more […]
Q7. What is a buyer’s market?
A “buyer’s market” is generally the opposite of a seller’s market. There are more homes for sale than there are purchasers interested in buying. Sellers are forced to lower their prices to be competitive and attract more potential purchasers.
Q8. How does a real estate lawyer help?
A real estate lawyer can help you understand the governing laws and the legal ramifications of your real estate transactions. They help with crucial aspects of the transaction, like: Contracts. Real estate lawyers will review, negotiate, and draft contracts, keeping your interests at the forefront of this process. Title Search. A real estate lawyer will […]