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Purchasing a real estate is a critical decision, and probably it is the biggest transaction most people will ever make. The transactions involve some of the most complex areas of law. It is mandatory to hire a lawyer to help you make these transactions. Most of these deals are completed successfully without involving San Diego business lawyer. However, it is advisable to hire a real estate law firm in real estate transactions even though it leads to an increase in the transaction costs. Some of the situations that may require the use of real estate law firm include: 

Short sale

This refers to the sale of property for an amount which is lesser than the amount owned on the mortgage. This means that the seller does not have the money required to clear the loan. A homeowner who is financially depressed and is considering a short sale should seek the services of a real estate attorney. 

Qualifications

For a short sale to qualify, it has to fulfill four conditions. The first conditions require the market price to have dropped. Besides, the mortgage should be in default or near default, the seller must be undergoing through a financial hardship, and the seller does not have assets that can be sold offset the loan. If the seller has assets that can pay off the loan fully, the assets should be liquidated to contribute to the payoff. In this case, the real estate firm should evaluate the vendor's situation and determine if the vendor qualifies and advice accordingly on how to protect the assets that the seller holds.If you want to learn more about business law, you can visit http://edition.cnn.com/2015/05/22/opinions/barton-rise-and-fall-of-lawyers/. 

Lender approval of sale

Also, the Inland Empire employment defense lawyer should secure the lenders approval of short sale and negotiate on behalf of the seller to ensure maximum protection of the seller. If the lender does not approve the sale or if the seller is not sufficiently protected from the mortgage in the future, the bank may succeed in obtaining a deficiency judgment. In this case, the bank may still pursue the seller for the amount that was short. In this case, the seller will have lost his property and protection as well.

 Successions

More than one person may inherit a real estate property. I such a case, there might arise a lot of questions concerning the process of selling the property. A real estate law firm can help deal with the complexities involved and address the controversies that may arise and ensure the transaction has met the entire legal requirement and that the rights of the seller are protected. 

Commercial entities

 

In some cases, the parties may be a business entity. In such cases, there are additional requirements besides the formalities and filings involved in any purchase. A business lawyer, in this case, plays a major role in protecting the sellers and ensuring the charters and by-laws are honored.