Month: August 2020

What Does A Real Estate Attorney Do?

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If you’re a first time home buyer, you might find yourself wondering what a real estate attorney does. Most real estate buyers or sellers often think that a real estate agent can play the role, but they are two individuals with different responsibilities and functions.

Real estate lawyers or attorneys review real estate transactions, including purchases and leases. In case there is a title insurance issue, they can help resolve such without hassles. If by any chance, something goes wrong, a real estate attorney is ever ready to step in and defend.

  1. Draw Up Documents

A real estate lawyer’s primary role is to draft out documents by preparing deeds for conveyance transactions, rentals, and more. Your real estate agent can help you fill those documents, but it is the job of a real estate attorney to draft and revise these materials.

  • Handle Transactions

When it comes to the rules and regulations guiding the real estate market, a real estate attorney is the best person for the task. A competent real estate attorney knows the ins and outs and can help their clients understand contracts, inspections, leases, and other legal processes involved. If you ever have a question, your real estate lawyer is ever ready to answer and guide you.

  • Negotiate Sweet Deals

Real estate attorneys have closed more deals than you could ever imagine. So, it is always good to leverage their sophisticated experience in the real estate market. You can allow your attorney to handle the negotiation, including the terms and conditions.

  • Engage In Litigation

When a real estate transaction fails to work out, your real estate lawyer must represent you. It often includes drafting legal pleadings to file with the judge. Also, your attorney will be there for your hearing, trials, or any other legal processes. In extreme cases, they could work out a settlement agreement.

  • Protects Clients’ interest

Your attorney can be a preventive measure against hidden legal traps. You can trust your attorney to protect your interest and ensure that the legal documents are authentic. If you’re in doubt, you can always ask your attorney to take a second look at the contracts. In the end, your interest will be protected, and you’ll have no cause of alarm.

  • Assist With Closing

The closing day is the most crucial in real estate transactions. Through your lawyer, rest assured that every purchase will be facilitated. Also, your lawyer can familiarize you with some of the hidden costs and other likely surprises. Since the closing day is the most important event, your lawyer will try to ensure it is successful and have no regret.

Conclusion

If you want peace of mind, hiring a real estate attorney is one of the first things you need to do before any other deals. Your lawyer will ensure your interest is protected, and your chances of making a mistake are also eliminated.

Real Estate Scams You Need To Avoid

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Come to think of it; a house is probably one of the most expensive items most people buy in their life. Since big money is involved, it has become a hunting ground for scammers. There are now lots of creative ways these predators use to lure unsuspecting victims.

By learning how they work or operate, you cut down on the chances of falling victim. As usual, they prey on their victim ignorance and exploit it. If something sounds too good to be true, it probably is. This article aims to expose you to red signs you should be wary of.

  1. Hackers Stealing Your Down Payment

When closing a real estate deal, transactions are often required to seal it off. However, hackers have been known to hijack the process and have you transfer your down payment to an anonymous account. They could do this by sending you an email that contains a harmful malware.

Other times, they could fool you into thinking they are an agent and tricking you into sending him money. To avoid this sort of scam, arrange a home deal where there is zero closing cost. That way, there is nothing to hijack.

  • Fake Rental Listing Scam

This scam is viral, and yet many aspiring homeowners keep falling victim. The issue is because they make it seem so real that people rarely notice. The domain of this scam is online, and it works by reposting legitimate property listings elsewhere to scam their victims.

When you stumble on such websites, they often demand an upfront. The moment you send them money, rest assured you will not see that money again, or the property. To avoid this scam, never wire money to anyone you’re yet to see in person.

Before pushing the button, take another fresh look and verify the details. Go the extra mile and find out if they are even licensed, real estate agents.

  • Title Fraud

This type of real estate scam is very devastating since it takes identity theft while posing as the actual owner with fake documents.  Once they are successful with stealing your identity, they can get a new mortgage against the property, thereby taking the cash for themselves while leaving you with the repayments.

The ideal way to prevent this sort of real estate scam is to ask your insurance to recommend the best policy that offers the best protection against the type of fraud. Also, secure your data, as that is the only way to stop your identity from getting stolen.

  • Unlicensed Realtor Scam

In case you have no idea, this scam affects both you and the realtor. That is why you need to ensure you prevent situations like this by being cautious. This scam works when you find yourself dealing with a fake realtor who deposits the money into their account and not into an escrow.

Conclusion

The only way to mitigate these real estate scams is to be extra cautious and verify everyone and everything you do. In that light, good luck.

Real Estate Investment Books Of 2020

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There is no doubt that the real estate is a goldmine, and not many have exploited its potential. If you’re an aspiring real estate tycoon and you want to get your hands dirty, perhaps you should start with books. 

There are lots of ways to invest in real estates, like investing in real estate multifamily rentals. By investing in investment books, you will have a strong foundation to begin. So, here are books you should give a try.

  1. Rich Dad Poor Dad By Robert Kiyosaki

Robert Kiyosaki did justice by being a guardian to real estate enthusiasts. Through his unique perceptive and comparison between his rich and poor dad, he was able to draw the line between the rich and the poor.

This book is rated as one of the best general reads on investment. There are lots of incredible lessons to learn, and the storytelling is crafted to put you hooked and focused. This book is best for beginners, dummies, or anyone looking to focus on an entirely new field.

  • The Millionaire Real Estate Investor By Gary Keller

Ever considered investing in the real estate industry like a millionaire? You probably have taught about it, but unfortunately, you might not have a million buck lying around. 

That can suck, but “The Millionaire Real Estate Investor” draws wisdom from more than 100 millionaire real estate tycoons. This book is literarily a handbook to wealth.

The common problem aspiring investors face are myths. They don’t know what is real and what isn’t. This book was able to address this issue, this stumbling block stopping many from achieving their millionaire status.

  • ABCs Of Real Estate Investing By Ken Mcelroy

If you’re a beginner with little or no knowledge of the real estate, then get a hold of this book. Just as the title portrays, it covers the basics of real estate investment and how to create wealth.

The book will also guide you on how to find and evaluate properties, negotiation, and some management tips that help. Since the author is already a guru in the field, he can guide you through his book.

  • The Book On Rental Property Investing By Brandon Turner

The author of this fantastic book, Brandon Turner, is a real estate entrepreneur with years of excellent experience. In his book, he explained how one could succeed with rental investment to generate cash flow. This book covers almost everything you need to know as a real estate investor.

  • Long-Distance Real Estate Investing By David Greene

When dabbling into real estate, you will come across myths such as you should look to invest only locally. That way, you can monitor your property. However, this book challenges that myth and uncovers how you can invest without distance posing a barrier.  

If you’re looking to widen your real estate knowledge, then, by all means, try and get this book.

Conclusion

That is all for the best real estate investment book of 2020. With the right knowledge of the real estate market, succeeding becomes inevitable.

5 Common Real Estate Closing Problems

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You dread the thought of it, hoping you will never have to face these inevitable. But nearing that closing deal, you find yourself battling with anxiety. When something out of the ordinary strike, you’re immediately thrown off the edge.

The closing day can be relieving and anxiety-inducing at the same time. Finally, the stress will be over. But then again, what if something happens? In this article, you’re going to learn some common real estate closing problems and manage them.

  1. What Stays And What Goes?

It might not seem like a big deal, until when the new occupant shoves your favorite figurine into a box. This issue is common during real estate closing and can lead to no deal if the situation is not correctly handled.

If the item is not much of a big deal, you can let that slide. But if it isn’t, there are ways to solve the misunderstanding. To ensure something like this never happens, delineate in a contract what remains in the house. Be specific, so there won’t be any misunderstanding.

  • Credit Challenges

Everything might be working pretty smoothly at first, only for red signs to start emerging from your credit scores. There have been cases; even approved mortgages can be withdrawn due to credit score problems.

Perhaps it might have been triggered by a job change, falling behind in paying bills, and even sudden cash infusions. To mitigate this issue, contact your lender day before the closing. You’re doing this to ensure there are no problems. Also, if there were, you would be able to discuss solutions.

  • Title Insurance Issues

Most often, buyers and sellers are often ignorant of what title insurance is and why they are expensive. It could become a problem during the closing day and lead to the deal not going through since title insurance protects both parties and the transaction. Since costs are not often disclosed to buyers and sellers, it could become a problem on the closing day.

  • Uncomfortable Closing Rooms

Although it might sound unlikely, numerous closing deals have failed to pull through due to a cramped room.  If you’ve ever been in a stuffed place, you definitely wouldn’t want that to be the closing day.

There are lots of comfortable conference rooms you can hire. They will have comfortable seating and plenty of places to move around. With this, you eliminate the chances of this ever being a problem.

  • Ugly Walk-Through

The inevitable can happen a day before closing, thereby pulling a surprise stunt as you walk into your property on the closing day. Perhaps there was a massive storm, or maybe a break-in. Whatever be the case, it amounts to one of the top problems of real estate closing.

No matter the magnitude of the issue, you can fix it. Don’t be shy to ask for a look-see after maybe a storm. If all fails, your recovery plan should be asking the seller to cover the cost of repairs.

Conclusion

Being ready for the inevitable has its advantages, as it eliminates surprises on the closing day. If you’re about to close a deal on the house, ensure, you’re one step ahead. Call Chang Legal Today!