What Potential Issues Can Arise In A Real Estate Closing?
The issues that pop up before closing could be as simple as a problem showing up on an inspection. Whether or not there is a contingency on inspection, the seller has to disclose latent or hidden defects to the buyer. There could be encumbrances. You need to show that you know about or the purchaser knows about any and all encumbrances on a property, whether those are city liens, county liens, HOA liens, or a judgment. It’s very difficult for a layperson to do that on their own. A lot of times, the problems can be fixed with the right legal advice.
What Can I Or Should I Do About A Boundary Dispute?
Typically, a boundary dispute pops up in a scenario where there is an encroachment or a proposed encroachment. You want to build a fence on what you perceive to be your property line and you go to get a permit and realize that you can’t put the fence where you want to. The question becomes whether the survey company screwed up or the owner didn’t look at it closely. These issues become highly complicated and escalate quickly.
These issues can have an emotional quality to them and one way attorneys can help is to be the buffer when they are representing one side. They can approach a problem unemotionally and maybe have it settled without having to litigate it. Litigation does occur a large amount of the time on boundary disputes and boundary disputes can also include easements. You definitely want to talk to a lawyer before you start approaching your neighbor and asking if you can build on their property. The survey may show they are mistaken, but you are not going to know unless you have someone who knows what they are doing looking at it.
Should I Buy A Distressed Property?
Distressed properties have the potential for a much greater profit. If there is a mortgage or a lien on the property, then we’ve got an issue. We may be able to resolve that with a third party stepping in or we may not. You have to be very careful. For example, if you have tax deeds, people go in and they bid on that and they pay the taxes. The lowest bidder for the tax usually gets it. In two years, they put the property up for sale and then they are entitled to the taxes they paid plus five percent. If no third party pays for that, then they get to keep the property. It’s difficult and it involves a high degree of risk. You need to do your research and have an attorney look at legal issues that may impact the value of the property.
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