Some Key Real Estate Law Advice: Plan Ahead for These 5 Legal Issues

by Isaac Benmergui, Esq on January 8, 2014

Out of all the niches in the legal industry, I’d argue the great case that real estate law requires that much more paperwork and hoop-jumping just to get everything right and regulated without fail. Bravo to many of the real estate attorneys pounding the pavement and ensuring the market is formidably solid! From a legal standpoint, anyway….

Here are five issues you would need to keep in mind well in advance before even considering a home – or building, or any structure, for that matter. Take notes.

♦       CohabitationBelieve it or not, the laws are extremely different when you’re living alone versus living with real estatesomebody else. Do the research regarding money, property and even lease agreements. It’ll save you a lot of headaches.

♦       Marriage – Right off the bat, in family law, marriage is quite the process. But when you throw that into the real estate law mix, we’re talking about necessaries, like name changing, taxes, money and property management. Keep all your ducks in a row, and make sure they’re all shot down correctly, or you’ll be banging your head over and over again with this one.

♦       Home Ownership – Renting is one thing. Owning a home? That’s a totally different battlefield. You often need to prepare yourself financially – with closing costs, down payments and other legal stipulations requiring the assistance of an attorney. Be prepared.

♦       Estate Planning – Part of real estate law does involve a great deal of preparation for the biggest journey you’ll ever have in your life: death. Yes, when you die, whatever you own in terms of property would have to be addressed in probate or somehow. Prepare with a will, a trust or anything stipulating where and what should go to who and how many.

♦       Retirement – We all work super-hard during our supposed “young” years. That’s why retirement always sounds so appealing. But if it’s not planned out well, especially on the real estate side, you’ll most likely be greeting at the local supermarket until you’re 95 years old just to make sure you’re paying your bills.

These are just some legal issues. There are plenty more. In essence, whatever you take out of the legal enlightenment here, understand that real estate law is all about planning. Planning for the future. So start outlining. The future’s right around the corner.

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