Matters relating to commercial and residential real estate in Washington, DC and Virginia can be overwhelming and complex, especially when you attempt to do it on your own. There are a lot of people or agencies that may be involved and each has its own role to play. There's also a lot of paperwork, deadlines, and legal requirements that must be met.
At the Law Office of Alfredo Vasquez, our experienced real estate attorneys want to help the process run smoothly so you get the best possible results. Here, we answer some commonly asked questions, but if you have more specific questions, contact us today at 202-525-7710 to schedule a consultation.
What is involved in a real estate transaction?
A real estate transaction involves a number of tasks and activities that must occur before the property is officially transferred from the seller to the buyer. Many parties are involved in a real estate transaction and could include:
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Real estate attorney
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Real estate broker
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Real estate agent
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Seller
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Buyer
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Mortgage lender
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Home inspector
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Title company
Who is involved and how the process flows depends on the type of transaction and the jurisdiction.
What is a deed?
A deed is a legal document that is used to transfer property from one person (grantor) to another person (grantee). They are typically used to transfer real estate as they are the proper way to transfer ownership rights in the property.
A deed to real estate must meet certain requirements to be considered valid. While the exact requirements vary between jurisdictions, they must be written, witnessed, and notarized. Deeds also need to be recorded in the county in which the real estate is located. Each county will have an office for this purpose, and it may be called the Register of Deeds, Recorder of Deeds, or something similar. Recording the deed is typically required as that is how ownership of a property is determined. A search of the public records will reveal who owns a certain piece of property.
Why do I need a title review in a real estate transaction in Washington, DC?
There are different reasons why you may need to have your title reviewed through a title search. A title search will go back a certain number of years and document:
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Who has owned the property during that time period
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Whether there are any mortgages or other liens on the property
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Whether there is anyone else that may claim an ownership interest in your property.
A title search and review is the best way to be sure of what you are actually purchasing.
Is litigation the only option to settle real estate disputes in Washington, DC?
Litigation is rarely the only option for real estate disputes. Mediation is typically available and can be an effective solution. Mediation is usually less time-consuming and less expensive. It also allows the parties a say in how the matter is settled. If mediation fails, litigation is always available.
Does a real estate lawyer help with both residential and commercial real estate transactions?
Whether or not a real estate lawyer is able to help with both residential and commercial real estate transactions depends on the attorney. While there are a lot of similarities between residential and commercial transactions, there are even more differences. At the Law Office of Alfredo Vasquez, our real estate attorneys are experienced and prepared to work with clients on both residential and commercial real estate matters.
What's the difference between a real estate agent and a real estate lawyer?
A real estate agent (agent) is completely different from a real estate lawyer (lawyer). When you seek to buy or sell a house, an agent is there to help you through the process. For sellers, an agent can tell you what your home is worth, list it for sale, and show it to potential purchasers. For buyers, an agent can help you determine your budget, assist you in finding the home of your dreams, and help you make an offer.
A lawyer assists with the legal aspects of a real estate transaction. In many states, it is a requirement that an attorney performs all real estate transactions while in other states, an attorney is required to either be present at the closing or certify the title. In some states, a lawyer's presence is not required but is highly recommended, especially for more complex real estate transactions that involve unusual aspects of the contract. A real estate attorney intends to make sure your legal interests in the real estate transaction are well-protected. Given that for most people, the purchase of a residential property is or will be one of the largest investments they will make in their lives, having your interests legally protected is as critical as it is reassuring.
How does a real estate lawyer help?
A real estate lawyer can help you understand the governing laws and the legal ramifications of your real estate transactions. They help with crucial aspects of the transaction, like:
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Contracts. Real estate lawyers will review, negotiate, and draft contracts, keeping your interests at the forefront of this process.
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Title Search. A real estate lawyer will conduct a title search, and if a lien or another issue is discovered, the lawyer can help address it timely and can obtain proof that the lien is fulfilled.
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Fraud. Real estate fraud and scams are on the rise. Unsuspecting buyers lose out on their closing funds and the home they thought they were purchasing. With a lawyer who has done the due diligence, becoming a victim of one of these types of real estate schemes can be avoided.
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Advice. Generally speaking, real estate attorneys can provide legal advice that a seller or buyer cannot obtain from an agent or broker. Getting smart legal advice over any and all matters related to the real estate transaction offers value from the peace of mind to favorable and timely solutions.
Further, real estate attorneys make sure that once the property has passed hands, you have received the property (as the buyer) or compensation (as the seller) to which you are entitled.