Real estate agents utilize documents that attorneys prepare for their clients to fill in. Some examples of documents that real estate attorneys in Muskegon, MI prepare are deeds, leases, purchase contracts, mortgages, and transfers. Real estate attorneys may also attend and supervise closings if they were hired to handle a transaction.
Understanding Complex Contracts
According to the National Association of Realtors, 20% of homebuyers struggle with paperwork due to a lack of understanding the home-buying process. This is where real estate attorneys come in. Real estate attorneys can explain legal jargon to clients in more general terms, help add or remove conditions from a purchase agreement, and so on. For instance, a purchase agreement is just another name for the contract used between a buyer and seller to describe owned property.
Michigan Disclosure Laws
Home sellers have their own share of legalities to research, such as disclosure laws in Michigan. Sellers must complete a disclosure statement where they must reveal what they personally know about a home. This includes any property damage, issues with electric systems, or defects in appliances. A seller must also disclose any mineral rights.
A mineral right is the right to extract minerals for payment. According to the Michigan Department of Environment, Great Lakes and Energy (EGLE), “Michigan ranks 11th in the country for the production of non-fuel minerals, including iron ore, salt and brine extracts, sand, gravel, gypsum, and a host of other mineral products.” EGLE states that mineral rights in Michigan are property rights and can be sold or transferred separate from surface rights.
So, what if you’re worried you didn’t disclose enough information about your home, or if you’re unsure if you actually have any mineral rights? Real estate attorneys can help you figure out small nuances and determine if you own any of the minerals under your land.
Boundary Disputes and Property Lines
Is your neighbor’s tree casting a shadow on your pristine lawn? Perhaps that tree is sitting smack in the middle of you and your neighbor’s property line. If that’s the case, it must be maintained by both neighbors, but what if you don’t want to take care of it. Muskegon real estate lawyers can help mediate a property line crisis like encroachment, adverse possession, easements, and more.
Buying a Home in Another State
Each state has its own laws, and they may not be well known or easy to understand.
The list of reasons a person should hire a real estate attorney can go on and on. The overarching theme is that a real estate attorney is an advisor. They’re capable of answering that questions that you may not be able to answer on your own. They can clarify legal confusions, and make jargon comprehensible. A real estate lawyer is an asset. They may not be required by law for your real estate needs, but they may make an intimidating transaction seem bearable.
*Please note, that this article is meant for informational purposes only and is not intended as legal advice.