6 Terms That Define Real Estate Law
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6 Terms That Define Real Estate Law When it comes to the many legal processes that affect real estate or other forms of real property, a real estate lawyer is the kind of legal representative you want to talk to. As a residential real estate lawyer in East Greenwich, RI from a firm like McCarthy Law, LLC, can explain, this kind of law involves the regulations that govern who may own, use or sell a home, building or piece of land. To better understand this area of legalities, here are six terms that define it.
  1. Title 
If you want to identify who owns what, the first place to look is the title. Essentially, this legal document names the person or persons who can claim the property as an asset.
  1. Mortgage
Because houses and land are not cheap, most people do not have an extra several thousand dollars lying around to make a full purchase. As such, mortgages are available as a type of loan to cover the total price. In turn, new homeowners must give lenders partial ownership while they make payments.
  1. Foreclosure
Sometimes, things do not go as purchasers plan, and for one reason or another, mortgage installments fall behind. When this happens for too long, the lender can take control over the property through the process of foreclosure.
  1. Closing
When the time comes to officialize documents and to transfer the property, the process of closing takes place. During closing, real estate agents come together with the buyer and seller to finalize the sale. Depending on the circumstances, this can be one of the longest and most stressful parts of buying a piece of real estate.
  1. Escrow
For most people, purchasing a home or business building is one of the biggest investments of their life. For this reason, it is not uncommon for individuals to use escrow services as a way to keep their money safe until the transaction and closing is over. Basically, this is when a third party holds funds until everything is final. Going this route can be in the best interest of buyers, but it can also protect sellers as well.
  1. Real Estate Agent
To ensure the buying and selling processes go as smoothly as possible and follow all applicable laws and regulations, many people choose to hire a real estate agent to help them through the paperwork and technicalities. Not only can these licensed professionals help with the transactions, but they are often good at negotiating prices as well. To understand real estate law, there are some essential terms you should familiarize yourself with. For more details on any of the information above, contact an experienced real estate lawyer today!