Best Real Estate Lawyers in Waterford, MI

FAQs

• What is the non-emergency contact number for the local police station in Waterford, Michigan?

  For non-emergency matters, you can reach the Waterford Police Department at (248) 674-7527.

• Where can I get a copy of police reports for incidents related to my case in Waterford, Michigan?

  If you need a copy of a police report from the Police Records Bureau in Waterford, you can choose to request it online or in person. To request the document online, simply fill out the request form using this link: https://www.waterfordmi.gov/DocumentCenter/View/55/Police-FOIA-Request-PDF?bidId=. After completing the form, you can email it to PDFOIARequest@waterfordmi.gov.

• What are some tasks that should be completed prior to or during a real estate closing in Waterford?

  To ensure a smooth closing process for first-time buyers in Waterford, there are important tasks to be completed prior to or during the closing:

  • Verify the accuracy of the legal description on all deeds and title documents.
  • Carefully review the title insurance policy commitment and raise any objections if necessary.
  • Address any concerns related to seller financing arrangements, such as land contracts.
  • Evaluate assignments of leases, particularly in commercial properties and apartment complexes.
  • Resolve any survey issues or boundary disputes that may arise before the closing.

• If your apartment complex in Waterford adhered to the building enforcement regulations and removed balconies during your lease, what actions can you take in response as a renter?

  Although your Waterford apartment complex's removal of balconies appears to comply with the city's building codes, it is reasonable to ask for a rent reduction given that the balcony was initially a part of the leased area. It is also worth exploring the possibility of terminating the lease without incurring any penalties; however, it is advisable to consult with an attorney to thoroughly review the lease provisions before taking any action. One approach to determining the rent reduction could be based on the balcony's square footage.

• What are the benefits of obtaining title insurance in Waterford?

  Title insurance provides protection for buyers in Waterford by ensuring that the property they are purchasing has "clear title" and that the seller is the rightful owner. A thorough title search is performed by a title insurance firm to find any liens or claims against the property that must be cleared up before the sale. The title insurance policy protects the new owner from potential future disputes or encumbrances relating to the property in case any claims or liens are missed during the search.

• What is the typical cost associated with hiring a real estate attorney in Waterford?

  While some lawyers in Waterford may charge a fixed amount for evaluating real estate transactions, the majority often bill by the hour. When choosing a real estate lawyer, it is wise to find out their hourly rate and ask how many hours they anticipate spending on your particular case. It is crucial to remember that unexpected complications can occur, perhaps leading to costs that are higher than originally anticipated.

• What are land contracts in Waterford?

  A land contract in Waterford offers increased flexibility in the process of selling a home as it involves an agreement between the seller and the buyer. In this scenario, the seller lends money to the buyer, who agrees to pay back the loan in a series of payments based on the home's price. Land contracts are especially helpful for buyers because they allow them to proceed with a property purchase even if they do not meet the requirements for conventional financing from banks or mortgage firms.

• What does a real estate attorney do?

  Real estate attorneys are responsible for preparing and reviewing transactional documents and helping clients with the closing process. They draft purchase agreements, perform title searches, write title insurance policies, disburse funds, and prepare federally mandated HUD-1 settlement statements. They can also help clients understand the tax implications of selling a home. In the case of a dispute between the buyer, seller, or a third party, real estate attorneys also defend clients in court. Even if there is no identifiable dispute over the transaction, an attorney will make sure everyone “plays by the rules” during the purchase or sale.

• Can I purchase property without a real estate attorney?

  In some cases, it’s possible to purchase residential or commercial real estate without consulting a real estate lawyer. However, legal representation is required in approximately 20 states, and some jurisdictions require a lawyer to be present at the closing. Usually, real estate attorneys take over once real estate agents have an offer in hand. Buyers are encouraged to consult an attorney when purchasing damaged or bank-owned property or real estate located in high-risk areas. Attorneys can also assist out-of-town buyers and negotiate favorable solutions if liens, structural issues, or legal challenges crop up during the procurement.

• What does a real estate attorney do for a buyer/seller?

  Real estate transactions may seem cut and dried, but it’s common for unforeseen difficulties to arise. Attorneys who represent buyers or sellers can facilitate a successful transaction while protecting their clients’ interests and preventing costly mistakes. On the buyer’s side, attorneys can provide advice related to financing, estate planning, tax law, and first-time home buyer credits. Real estate attorneys can also help sellers who are dealing with challenges due to liens, structural damage, probate disputes, or uncooperative partners.

• What’s the difference between real estate and property?

  Real estate includes land, permanent structures, and natural resources, such as water, minerals, and trees. Property typically describes personal items and belongings that aren’t permanently attached to land. The transfer of real property includes the bundle of legal rights, which give landowners the freedom to possess or occupy the property, enjoy their land without interference, restrict others’ access to the property, and dispose of their ownership rights as they see fit.

• What happens when a real estate lawyer puts a lien on you?

  In most cases, liens stay attached to the property until the debt is satisfied or the debtor files for bankruptcy. The creditor’s rights vary depending on whether the lien is voluntary or involuntary. Additionally, if a lien has been perfected, that lienholder has priority over other creditors. Voluntary liens are most common when homeowners use their property as collateral against a secured loan. Involuntary liens are typically related to back taxes, court judgments, and child support. Properties are also subject to involuntary mechanic’s or materialman’s liens in case a customer or contractor fails to pay for materials or labor. Liens don’t necessarily prevent someone from transferring property, but most buyers want a title that’s free and clear.

• What does a real estate lawyer do at closing?

  Lawyers perform critical functions during every stage of the closing process. They draft and review documents, negotiate contracts, and finalize all of the details needed to close the sale. Attorneys who represent buyers can negotiate the terms of sales contracts, including contingencies, perform title searches to ensure that the seller can legally transfer ownership, and resolve issues related to third-party claims, liens, and easements. They can also assist with loan paperwork, title insurance, and other financial matters, such as taxes and transfer fees. Real estate attorneys who represent sellers are responsible for handling deeds, insurance declarations, and payoff letters.

• Do I need a lawyer to sell my house privately?

  Not necessarily. Some states require a real estate attorney to be present at the closing, but there are some situations when you might consider hiring one even if it's optional where you live. Examples might include:

  • You're selling the house with an uncooperative partner
  • You've inherited a property from an owner who is now deceased
  • You anticipate tax consequences

• Can a real estate lawyer represent the buyer and seller?

  Generally speaking, no, because the seller and buyer have different priorities when it comes to a home sale, and some of those interests conflict. States have specific laws governing whether or not a real estate lawyer can represent the buyer and seller, and if this does happen, there's often a waiver that has to be signed by both parties acknowledging a conflict exists. States may have different names for a document like this, but it's usually called a Conflict Waiver. Acceptable exceptions for using the same real estate lawyer might include a property being transferred from one family member to another, such as a father to his son.

• How much does a closing attorney cost?

  Some states require a closing attorney, while others deem it optional. The cost of hiring a closing attorney varies widely by the state and law firm you choose. You can expect to pay between $2,500 and $3,000 for a simple buy/sell transaction, but keep in mind that this cost is likely to vary depending on your location and the complexities of the closing.

• Do you need a lawyer to sell land?

  Technically, no, you don't need a lawyer to sell land, but there are some situations when it might be a good idea. You might consider hiring an attorney if you are faced with existing boundary disputes, involved in a sale of land that's partially wetland, or in circumstances concerning tax issues. Specific laws related to land vary by state, but one potential issue is the tax rate, which can differ depending on whether the land can have structures built on it.

• What role does a real estate lawyer play in mortgages?

  Lawyers can assist buyers and sellers in transactions involving bank financing. They can review the fine print, any title insurance declarations, and the mortgage terms. A real estate attorney also will ensure that funds are distributed to the correct parties, especially if there are any outstanding mortgages or liens that need to be paid before the title transfer.