Real Estate Law

Real estate is a legal term - in some jurisdictions, such as the United States, United Kingdom, Canada, Australia and the Bahamas - that encompasses land along with improvements to the land, such as buildings, fences, wells and other site improvements that are fixed in location, i.e., immovable.

Real estate law is the body of regulations and legal codes which pertain to such matters under a particular jurisdiction, and includes things such as commercial and residential real property transactions. Real estate is often considered synonymous with 'real property' (sometimes called realty), in contrast with personal property(sometimes called chattel or personalty under chattel law or personal property law). However, in some situations the term 'real estate' refers to the land and the fixtures together, as distinguished from 'real property,' which refers to ownership of land and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof.

Real property is typically considered to be Immovable property. The terms real estate and real property are used primarily in common law, whereas civil law jurisdictions refer to immovable property.

Your Michigan Condominium Attorney and/or Michigan Real Estate Lawyer can review any offer you make or receive and make sure that your rights are protected and your duties clearly defined.

If you’re ready to make or accept an offer on a property and haven’t retained a real estate lawyer yet, make the offer contingent on a attorney’s review and approval before you sign a binder.

There are non-legal services that claim they can do all the legal work you need. But remember that lawyers belong to a regulated profession with standards they must meet, and insurance to cover damages if they make an error or omission. You don’t necessarily have the same standards or recourse dealing with other types of advisors. Even though some legal forms used in real estate are similar, binder or purchase and sale agreement forms vary from state to state. And some title insurance companies and mortgage lenders require you to use a lawyer to ensure that the title is good, there are no liens against the property, and that the deal will close as anticipated.

If you’re purchasing a home, your real estate lawyer should:

• Help you understand the purchase contract, including how you will take title on the property.
• Check that there are no covenants, easements, liens, etc. registered against the property that will impede your use of it.
• Prepare and register all the legal documents.
• Clarify the terms of the mortgage and work with your bank, if necessary, to modify them.
• Scrutinize the adjustments, including taxes owing and utilities costs paid, prior to the transaction closing.
• Attend the closing and review all the papers you will be required to sign.
• Arrange title insurance protection to protect you from losses due to title defects.
• Ensure you receive a valid registered ownership subject only to the liabilities you have accepted.

If you’re selling a home, your real estate attorney should:

• Review the binder and review or prepare the purchase and sale agreement, including negotiating its terms.
• Prepare the deed and power of attorney if necessary.
• Deal with title issues as they arise and help correct them.
• Attend the closing and review all the papers you will be required to sign.
• Arrange for transfer of security deposits.
• Arrange for insurance certificates if needed.

Let the professionals at the Law Office of Jeffery R. Jones properly handle all your Michigan real estate law issues.