The term “real estate” refers not only to land and the structures that may sit upon it but also to the business of buying and selling these properties. Although the concept itself is simple, the laws surrounding the purchase and disposition of real property are generally just the opposite. While most of these regulations are statutory in nature, a lesser number derive from common law, evolving from various judicial decisions. Federal, environmental, and zoning restrictions also play a role in real estate matters.
If you are unsure of your rights and obligations under real estate law, the attorneys at Macchi Law Group are ready to help.
Understanding Real Estate Legalities
Real estate law has its roots in basic legal tradition. At any given point in time, rules concerning contracts, inheritance, and family rights can all come into play, and any property may find itself the unwanted centerpiece of torts or criminal action. Macchi Law Group can support you in all these areas, but you may feel the need for our help most keenly when threatened with property loss.
A mortgage lender has the legal right to foreclose on any property owner who falls behind in his/her payments. Through use of various foreclosure mitigation methods, the attorneys at Macchi Law Group will often succeed in saving the property from seizure.
We begin by conducting a thorough examination of all foreclosure-related documents in search of any defects that might serve as grounds for the lawsuit’s dismissal. We will also attempt to determine whether predatory practices on the lender’s part might weaken or invalidate the terms of your original loan. If these strategies fail to bear fruit, we will turn to such proven alternatives as loan modifications, short sales, and deeds in lieu of foreclosure.
A property owner can often sidestep foreclosure by replacing an existing debt with one that carries more attractive terms. While this tactic is often successful in saving a property in default, debt modification can also serve a myriad of alternative purposes. People who choose to refinance their mortgages may simply wish to:
- Consolidate their debts.
- Enjoy lower interest rate charges.
- Reduce their monthly mortgage payments.
- Switch from variable to fixed-rate terms.
- Free up available cash.
Regardless of the conditions that might apply to your specific situation, the attorneys at Macchi Law Group stand ready to assist you with all of your refinancing needs.
A property that sells for less than the amount remaining on its mortgage is said to have changed hands in a short sale. This arrangement offers the owner a valuable escape hatch from the looming threat of foreclosure, and the seller who handles it with legal assistance can minimize the damage to his/her credit rating.
The short sale can also present buyers with a good opportunity to obtain attractive properties at below-market prices. For such a deal to close successfully, however, all lien holders must agree to settle for less than the seller owes them. These transactions often move slowly and may fall through entirely. It is imperative for anyone considering the purchase of a short sale to do so only with the advice of expert legal counsel.
Deed in Lieu of Foreclosure
In this form of deed instrument, the borrower attempts to satisfy a defaulting loan by conveying the entire interest in the property to the lender. This arrangement releases the borrower from indebtedness while often protecting his/her credit. It also shields the lender from the hassle and expense of having to sue for repossession and grants the lender protection against losses that would ensue if the borrower should decide to file for bankruptcy protection or maliciously damage the property.
The Macchi Law Group Advantage
The real estate attorneys at Macchi Law Group are proud to offer customized solutions to every client’s property requirements through collaborative strategies that benefit transactions of every type. Whether you are buying, selling, or considering your options, you can count on Macchi Law Group to handle your real property needs with the care and attention that we firmly believe they deserve.