Real Estate Land Transaction Pitfalls

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    The complex, litigious nature of today’s society means that you could be sued – or need to sue someone – at any time. Protecting your assets and interests has become increasingly difficult as laws are being interpreted in a very broad manner and exposure to loss is more prevalent than ever. Having a good attorney on your side is absolutely essential for success.

    Lawyers come in all shapes and sizes so make sure yours specializes in whatever type of law is being contested. That should go without saying, but many attorneys simply have a general practice and do not necessarily have advanced skills in any particular field of law. You want a lawyer who knows the ins and outs of your issue like the back of his hand rather than an attorney who essentially takes on any case.

    Take for example, land transactions. Real estate and property law can be ridiculously convoluted and there are always numerous clauses and intricacies in any contract and deed process. Each step of the way is a potential pitfall that could result in a serious loss. Title attorneys do just what their name implies – they ensure the legality of their clients’ titles to parcels of land and/or the various mineral rights.

    What is reported in the newspaper docket pages as a simple land transaction actually involves mountains of paperwork and minutiae that requires a very narrow scope of expertise – if a desirable outcome is wished for, that is. Most land deals involve large sums of money and financial obligations on the part of two separate entities – the buyer and the seller – with two separate interests, so the litigation in a land deal can become quite involved very quickly. If your team does not have a good leader in the form of an experienced and specifically trained attorney, then the likelihood of a desirable outcome is small.

    Perhaps you purchased a piece of property from Person A for a large sum of money that you borrowed from the bank. A year later Person B shows up with evidence that he is an heir of a previous owner and is therefore the legal title-holder to your property. You face the very real potential of simply losing possession of your property – and you are still saddled with a large loan payment. Of course, you would have the option of attempting to recover your money from Person A, but you would need a good attorney. If you had allowed a title attorney to handle your land transaction in the first place you would have discovered the title discrepancies and would not have entered into the deal.



    Source by Owen Walcher