Real Estate Transactions

Charleston Real Estate Transactions | Residential Real Estate & Commercial Real EstateReal estate transactions refer to any transfer of ownership of property, usually either residential real estate or commercial real estate. Although real estate transactions may appear to be as simple any other transaction between a buyer and seller, there are many procedures, forms, laws and  rules which apply uniquely to real estate. Any real estate transaction which fails to carefully follow the necessary procedures and adhere to the relevant policies runs the risk of incurring real estate litigation battles. Our Charleston real estate transaction attorneys provide legal counsel to our clients to ensure wise legal decisions during real estate sales, purchases, exchanges or other transnational matters.

Common Mistakes for Real Estate Transactions

Legal counsel from a real estate transactions attorney can also be useful because it is difficult for a client to understand every necessary and relevant policy regarding their particular needs. While there are useful publications and online resources, even the smallest regulatory oversight can create massive costs in unanticipated litigation fees. One important step that clients can take however is to review some of the most frequent real estate transaction complications in an effort to watch for unnecessary legal troubles.

One of the most common issues that can result during real estate transactions is that the seller may unknowingly not possess the legal authority to actually sell the property. While this may seem like an improbable case of fraud or unlikely negligence, it is not uncommon for a spouse to sell a property when the estate was actually in the name of their counterpart or some other loved one. The consequences of such an action can be quite costly for the buyer and seller alike.

The Role of Title Insurance in Real Estate Transactions

Many of these aforementioned issues can be resolved through the safeguarding of title insurance.Title insurance is often a valuable investment tool for legal protection against these sorts of complications. With that said though, title insurance is no panacea. Some contractual errors, contingency violations and other transnational errors can only be prevented with certainty through legal counsel. Our real estate lawyers even offer legal representation in constructing title insurance plans and protecting against such oversight issues and improper transactions for buyers and sellers alike.
Another common oversight can result in an improper legal description of the property. Some clients may provide a sufficient legal description for the needs of the seller but may still fail to fulfill the legal requirements of legal description which can result in a faulty transaction. Other complications can result from the actions of the buyer. Some property purchasers may wish to purchase residential real estate for leasing purposes and even express this intent in their residential sales contracts and residential purchase contracts. However, without special attention to zoning requirements, it may not be possible to even lease the purchased residential property. This oversight would not only leave the buyer at a huge financial loss but it may even invalidate prior contracts to a breach of initial intent.