Real estate or real property is land and the buildings on the land. Real estate law governs who may own and use the land. MCM Legal is committed to representing you and educating you through every step of your land transactions.
This simple concept includes a wide range of different legal disciplines. Real estate may be either residential or commercial. It may be owned by one person but used by another through rental arrangements. MCM Legal is well-versed in all areas of property law and happy to assist you with your property needs and supervise your transition into your forever home.
Land can be bought or sold, and due to its high value, there are many local laws that ensure real estate transactions are properly performed and recorded. Land may also pass between family members through estate planning or may be owned by more than one person.
Terms to Know:
Title: A legal term describing who officially owns the land
Mortgage: A loan that covers the price of a house. The new homeowner must give the lender partial ownership of the house as collateral.
Foreclosure: The process by which the lender takes control of a house if the owner fails to pay back the mortgage.
Closing: The meeting in which ownership of real estate is officially transferred.
Escrow: Money or property held by a third, disinterested party for safekeeping.
Real Estate Agent: A professional licensed to negotiate and conduct real estate transactions.
Hiring a real estate attorney is essential in real estate transactions. Real estate attorneys can review the house’s transaction history and title to ensure that the house is able to be sold and that no past owners will come back claiming to still own the house. Attorneys also advise homeowners regarding their mortgaging options and can help review the contract of sale to make sure there it is fair to all parties.
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