All in Contracts & Negotiations
As most of us know there is no shortage of self-proclaimed real estate “experts” looking for us to part with our hard-earned money. All you have to do is get excited by the pitch, subscribe online, buy the book or course and part with some cash.
Then go get rich in real estate! … (sorry, I almost forgot that part).
A lien is the legal right a creditor has to pursue a claim against a defaulting debtor. The real estate involved in the transaction is security for the debt.
This is the age-old question a lot of Sellers ask before marketing a property. It gets a little more complex when considering hybrid brokerage relationships, so let’s take a closer look at some of the issues.
It is possible to close on real property and waive an inspection. I have never done it and I think it is reckless to do so under almost every condition. A waived inspection can create unnecessary risk and potential problems at three broad levels.
Some of us ask, “do I need a Will?” A qualified estate planning attorney is the person to provide the right answer, but many people avoid doing estate planning because of the perceived cost, or they just feel it’s too morbid to deal with right now. There are some pitfalls to this thinking, some of which we should look at.
Existing laws governing real estate practices, general business activity and professional services exist of course, but knowledge of them and caring enough to comply can be a different matter. Being on the good side of the laws is always the goal, but then there are the situations where I am legally right, but ethically conflicted.
Adverse possession is an involuntary transfer of land governed by whatever state the land is located in. It is an operation of law that has certain statutory requirements to qualify. The actual transfer of title is secured after a Suit to Quiet Title.
I believe that a person in the real estate business in a meaningful way must have a qualified Real Estate Attorney. The time to find this person is before trouble starts, and a wise person finds use for their attorney to prevent trouble in the first place.
It is a perfect world when I hold all the cards and can dictate terms and conditions of a deal. That is not negotiating. Negotiation is a process of give and take.
As a subdivider of land and principal representative of the legal landowner, I have sole responsibility to make sure that the contracts I sign are as bulletproof as possible.