This is not intended as legal advice. It is intended that the reader personally seek legal advice when addressing these issues.
For most people, the purchase of a home is the largest financial transaction a person will face. There are so many things that are involved in a purchase or sale that nearly all people with a lot of business experience will not go forward without legal help. They know that they don\92t know everything that can go wrong.
Iaconis Law Office, PLLC, handles residential real estate transactions in Onondaga, Madison, Oneida and Oswego counties. Iaconis Law Office works closely with real estate agencies, title insurance companies, banks and surveyors to coordinate services to get your real estate sale or purchase completed as expeditiously as possible.
If you choose not to work with a real estate agency, we can assist you in preparing and/or reviewing purchase offers to sell or purchase real estate. The most critical time for legal advice is the purchase contract itself.
Also, if you are interested in real estate as an investment opportunity, we can assist you in forming appropriate entities, including partnerships, corporations and LLC\92s to purchase, hold and/or manage your real estate investments.
Contact our family law attorney today to learn more!
Common issues in Real Estate transactions
Mortgage insurance is insurance that protects mortgage lenders from monetary loss resulting from a default by a homeowner in paying the mortgage. It is intended to protect the lender and not the buyer, even though the buyer must pay the premium.
Title insurance protects the insured party in the event that other parties claim to own or have a legal interest in a parcel of real estate. It can be purchased to protect a landowner and/or mortgage lender. Most lenders require title insurance to cover only the mortgage but not the buyer\92s interest.
Mortgages: Assumable or not assumable?
If there is an existing mortgage that can be taken over by the buyer of real property, wth the buyer to continue making the same payments the seller had, the mortgage is \93assumable.\94 However, most of these require consent of the original mortgage lender.
If the existing mortgage must be paid off when the property is sold or transferred to someone else, it is \93non-assumable.\94
Today, most mortgages may not be taken over by the new owner of a home.
Benefit of a real estate broker to sell real estate
It is not necessary to have a real estate agent in order to buy or sell real estate. However, it is often advisable to use an agent, especially if the seller needs to sell quickly.
A real estate agent can work for either the buyer or the seller. If a seller hires an agent, the agent is ethically required to use all legitimate, business-like means to help the seller find a buyer and to assure that the seller receives a fair market price for the property.
In this regard, the broker/agent often pre-screens prospective buyers, to attempt to assure that they have the financial ability to purchase the property. This avoids the disruption of people, who really couldn\92t purchase the property, from walking on and through the property.
If the seller\92s agent draws the purchase contract, the agent/broker will attempt to assure that the seller will not be obligated to expend effort or money, nor take risks which are not customary to the seller\92s real property.
The seller\92s agent/broker can often provide buyers with lists of banks, inspectors and professionals who are part of the process, to facilitate the sellers\92 expectation that the sale will be completed.
The buyer\92s agent offers similar service to buyers that are expected to protect and benefit the buyer.
What are the Oneida Indian Land Claims?
The Oneida Indian Nation has had a claim to protions of Madison and Oneida Counties. The claims result from treaties made between New York State and the Oneida Indians during the 1790\92s, when land was purchased from the Oneida Indians without the official approval of the Federal government. Nearly all of these claims have been resolved by the Federal Court.