It is essential that the purchase and sale documents are well written during the transaction so as to prevent subsequent issues and delays. Litigation could occur where there is a conflict between the parties involved in the transaction. Such litigation could involve zoning, building defects, border conflicts, and homeowners’ association issues.
State Law versus Federal Laws
There are two laws that could affect your real estate property and these are the state laws and federal laws. State real estate law controls transactions involving business and residential real estate. It also regulates the interactions between landlords.
The federal real estate law protects individuals from discrimination under applicable acts. These are also the laws that handle violations against the environment. It is likely for anyone to have issues with both the state and federal law. To be sure, it is strongly suggested that you seek the help of an expert residential real estate attorney Savannah.
Mortgages, Foreclosures, and Lawyers
Many individuals are seeking financing through mortgages. They use the proceeds of the loan to purchase real estate properties or to make improvements on it. Like any debt, those who are interested in mortgages need to be conscious of the statures, offers, and natures of the lending institution that they are transacting with. A loan is secured by a residential or commercial property mortgage. One’s failure to pay for the loan will lead to a foreclosure of the property.
It is often hard to understand the complexities of real estate laws. Complicated transactions are better addressed using the skills of a real estate property attorney with proven expertise in the field. In addition, an attorney should also assess any issues about the situation or borders of the property, including concerns with its mortgage or title. If you have problems with your property, talk to a real estate property attorney about it.
Mortgage Loan Fraud
Mortgage loan fraud is among the most prominent white-collar crimes in the US, according to the latest FBI press release. Mortgage loan frauds pertain to any omission, misrepresentation or misstatement that someone attempts to obtain a credit that a lender relies on. Basically, it is mortgage fraud if you lie on your mortgage loan application. Even if you’re just exaggerating a bit, you’ve already committed mortgage fraud.
Mortgage loan frauds can have severe outcomes even it is committed accidentally. If your bank or lending institution finds out that a portion of your loan application has been wrong, they can ask for your credit to be repaid immediately. Also, because mortgage fraud is considered a crime, you run the danger of an inquiry, possible fines, and some jail time. If you think you have a problem with mortgage fraud or any other real estate matter, be sure to contact a residential real estate attorney Savannah to help you out with it.