Michigan Residential Real Estate
For many Americans, including Michigan residents, our homes are our biggest lifetime investment. So, it is not surprising that proud homeowners doggedly safeguard and defend that precious asset from anything that potentially diminishes its value, especially when buying or selling property.
Many Michigan residents report that their decision to partner with a realtor and residential real estate attorney helped them accomplish several valuable and beneficial goals before, during and after real real estate transactions. First, they were able to navigate the real estate transaction process smoothly, efficiently, and effectively with minimal stress. Second, they were able to avoid or circumvent the challenges, pitfalls, and issues along the way. Third, they were able to simultaneously work to maximize their return on investment for their homes with professional real estate assistance bolstering their efforts.
Core Components of a Michigan Residential Real Estate Transaction
As in most U.S. states, in Michigan, there are several distinct stages to a residential real estate purchase or sale. As such, the state's homeowners can anticipate having to undertake the following core steps during the course of any residential real estate transaction:
- The buyer and seller in a Michigan-based residential real estate transaction execute a written land contract to complete the buy-sell transaction. The contract is often prepared by the seller (or agent) and is based on a form supplied by a realtor.
- The buyer is allowed a short time to conduct a title search on the property and to obtain financing from a mortgage lender or other provider, if needed.
- A closing is scheduled and held. In a Michigan residential real estate closing or settlement, a real estate deed passes ownership from the seller to the buyer. Additionally, the buyer pays the seller the purchase price, and the seller tenders the deed, keys, and legal ownership of the property to buyer
- Deed is recorded by the buyer or his representative (typically, a lawyer).
How Can a Michigan Residential Real Estate Lawyer Help with My Short Sale?
Realtors do not make their commission until a real estate transaction successfully closes. Likewise, a title company does not make its money until the transaction is effectively consummated through a completed closing. But the reality of today's down-turned economic climate is that more short sales and foreclosures are occurring, in lieu of traditional purchase transactions. And these more difficult processes are time-intensive to say the least. It is difficult and can be time-consuming to obtain a bank's consent to a short sale transaction.
That is where a Michigan residential real estate attorney can enter the picture and prove invaluable. These lawyers work with clients to aid in negotiations and discussions with mortgage lenders, to ease the process and expedite the approval of a short sale transaction. Oftentimes, where homeowners trying to accomplish the process on their own might fail, those who partner with qualified and experienced Michigan real estate lawyers in these particular types of transactions are able to succeed.
Locate a Local Michigan Residential Real Estate Lawyer Today
Michigan residential real estate lawyers represent clients pre-sale, during the sale process, post-sale, and in subsequent litigation stemming from the sale and/or purchase of a residence. They review, analyze, negotiate, and amend real estate agreements and documents to ensure their clients' best interests and legal rights are preserved and protected. They stand ready to provide guidance and help to clients as they address challenges, pitfalls, or problems that develop with their real estate transactions, including through the title search process, with any defects in title that may emerge, such as with tax, judgment, or property liens, or when repairs are needed after a home inspection reveals serious, costly defects.
Michigan residential real estate attorneys aid clients in navigating the entire real estate transaction and work closely in tandem with the other real estate professionals, such as realtors, home inspectors, appraisers, and title examiners to provide an unparalleled breadth and depth of service to clients. Call now to speak with a residential real estate lawyer in Michigan at 877-913-7222.