| Real Estate Frequently Asked Questions. |
- How can I transfer property?
- What is the difference between abstract and Torrens property?
- I already have a Real Estate agent. Do I need a Real Estate Attorney to Buy or sell property?
- If the buyer's mortgage is denied can I keep the earnest money?
- What does it mean if we have "contingencies" in our purchase agreement? Do we have an agreement or not?
- My city requires Truth in Housing (TIH) reports. What does that mean?
- Do I have to disclose each and every defect to a buyer?
- If I want to cancel my purchase agreement but the other side won't agree, what can I do?
- If I want to evict my tenants and I am a corporation, do I need an attorney?
- If I want to buy a property (or already own a property) with one or more other people, what happens if I want out?
- If my property Tax assessment is wrong or if the Fair market Value is lower than they say can you help me?
- How can I decide whether to strategically default on my mortgage?
- I just bought an investment property. How can I protect myself?
- What can I do if I cannot pay my mortgage?
- What happens after my house is sold at a sheriff's sale?
- Is it true that once a bank forecloses on my house, that I can't be sued for the balance of my mortgage?
- How can I transfer property?
- You may transfer property through a simple deed using a quit claim, warranty, or limited warranty deed. You may also transfer your property through trusts, probate, or TODD (Transfer on Death Deeds). If you are selling or buying property you should go through a standard closing including formal title work, insurance and seller affidavits, warranties and other closing documents to protect yourself.
- What is the difference between abstract and Torrens property?
- These types of property types indicate different property filing systems. Any time property is bought or sold, the current owners must file a record of the transaction in the relevant filing system. "Abstract" is the traditional way of recording property, and "Torrens" is a modern recording system used in certain states and counties.
- I already have a Real Estate agent. Do I need a Real Estate Attorney to Buy or sell property?
- Most real estate agents are trained to fill in the blanks of standard form purchase agreements but, because real estate agents are not licensed to practice law, they cannot advise you on the legal significance of the terms of your agreement. Agents are paid when they complete the sale and if they have dual representation they may not be looking out for your best interest. Hiring and paying a lawyer to represent you in buying or selling a house is advisable to ensure that your interests are completely protected.
- If the buyer's mortgage is denied can I keep the earnest money?
- Whether you can keep the earnest money or not is completely controlled by the terms of the purchase agreement. Your lawyer can review the purchase agreement and any documents related to it and advise you on what your rights are with regard to the earnest money.
- What does it mean if we have "contingencies" in our purchase agreement? Do we have an agreement or not?
- Even with contingencies, a purchase agreement is valid and binding on the parties who sign it. A contingency simply means that your closing is dependent on an occurrence that you may or may not control. If the specified occurrence does not happen, the purchase agreement terminates and cannot be enforced by either the buyer or the seller. Before signing a purchase agreement, it is important to evaluate whether or not you need any particular contingency to protect your interests. Your lawyer can suggest and draft these terms based on your specific needs.
- My city requires Truth in Housing (TIH) reports. What does that mean?
- A Truth in Housing or Code Compliance Inspection is performed by a licensed inspector regarding the physical condition of the property and if it complies with local building codes. The cost of the inspection varies. If you do not obtain one, not only may you be in violation of the ordinance, but it can bring into question the enforceability of your purchase agreement. You should consult a lawyer to determine what is required.
- Do I have to disclose each and every defect to a buyer?
- You may be able to avoid disclosing some defects by selling your house in an "as-is condition", "with all faults", without representations and warranties. This would most likely be reflected in the purchase price you can command for the property. There may, however, be instances where there is an absolute duty to disclose a defect to avoid committing fraud and you should discuss with a lawyer those certain special circumstances which may dictate a duty to disclose. Misrepresentations never excuse the existence of a defect.
- If I want to cancel my purchase agreement but the other side won't agree, what can I do?
- It depends on the Purchase agreement and any cancellation provisions or other terms which allow you to cancel or terminate the Purchase agreement. If the other side does not agree, you may be able to do a statutory cancellation which may allow for the other party to cure the problem and may require you to go to court on the reasons for cancellation. The only remedy upon agreeing to a cancellation is who will get the Earnest money back.
- If I want to evict my tenants and I am a corporation, do I need an attorney?
- In most counties, all LLC, Corporations and Single Asset entities must be represented by an attorney in court. Traditionally, many smaller landlords would file their own Unlawful Detainers or Eviction actions. The new rule has increased costs for landlords. We provide a low costs legal service (starting at $250) to landlords for professional legal representation by our law firm in their eviction filings. Call our law firm for details and to get signed up with us.
- If I want to buy a property (or already own a property) with one or more other people, what happens if I want out?
- You and the other co-owners should enter into a co-ownership agreement which states the division of expenses, buy-out provisions, death of an owner, sharing of work and other issues. This is similar and can also be done by creating a company to own the property. These are complex agreements with many variables, and you should consult with a lawyer before entering them.
- If my property Tax assessment is wrong or if the Fair market Value is lower than they say can you help me?
- Yes, but there are deadlines and procedures that must be followed to contest your property tax assessment or valuation. Call our office to see what we can do for you.
- How can I decide whether to strategically default on my mortgage?
- I just bought an investment property. How can I protect myself?
- You should set up the ownership and legal interest in the property to best accomplish your goals based on the number of owners, use of the property, and other factors. We can help you to organize an LLC, Corporation or other entity and agreements between owners to protect your assets, ownership, and potential risks.
- What can I do if I cannot pay my mortgage?
- There are a lot of options and directions that this process may take including a short sale, loan modification, foreclosure, deed in lieu of foreclosure and even bankruptcy. Each has its own benefits and concerns. Blaschko Law Firm offers a flat fee consultation of $250 regarding this process and what options are available to you so you can make informed decisions as you go through the process.
- What happens after my house is sold at a sheriff's sale?
- You will have a redemption period of six months (typical) or longer based on whether this was a foreclosure by advertisement or by action and other factors including size and if this is a farm. A redemption period means that the homeowner may redeem the house from the sheriff's certificate holder for the amount bid at the sheriff's sale, but if this is done, the homeowner will redeem it subject to all prior liens such as 2nd mortgages or lines of credit. There are many variables and exceptions which can affect this and you should call an attorney for legal advice on your situation.
- Is it true that once a bank forecloses on my house, that I can't be sued for the balance of my mortgage?
- No, in certain circumstances a foreclosing bank may waive their right to sue for any deficiency amounts when they foreclose, but in some situations the foreclosing bank may still be able to collect on their deficiency amount (the amount the house did not cover upon sale). This also does not affect any other banks rights such as a 2ndmortgage or line of credit for suing for the entire amount they are owed. Call an attorney for specific legal advice on your situation.
Contact a Twin Cities Lawyer Today
Contact our office today to set up a free consultation. You can reach a helpful and experienced Minneapolis/St. Paul, Minnesota, attorney today at 651-204-7152.
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