The Department of Housing and Urban Development (HUD) has reported more and more incidents of abusive practices by businesses involved in selling or financing homes. Inattentive homeowners can find themselves in a recently purchased home that is not worth the amount of their mortgage loan or that contains property defects that were not properly disclosed. Either of these problems can ultimately lead to foreclosure. To understand more about these practices and learn how to protect yourself from predatory lending, contact an experienced residential real estate attorney.
Jeffrey A. Klein, of the Law Office of Jeffrey A. Klein in Daytona Beach, is a Florida foreclosure defense attorney who represents clients by aggressively fighting to save their homes and negotiating with lenders on their behalf. For more details about foreclosure and how it works, please visit the foreclosure process page.
Below is some general information to educate you about how the law applies in home ownership cases. For answers about your specific situation, please contact the Law Office of Jeffery A. Klein to schedule a free initial consultation.
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The Law Office of Jeffrey A. Klein helps people facing foreclosure by aggressively defending the lawsuit and negotiating with the lender on the client's behalf. When you hire Jeffrey A. Klein to represent you, he will seek to re-work your mortgage or negotiate a short sale or deed in lieu of foreclosure.
Are you facing foreclosure or behind on your mortgage payments? If so, contact the Law Office of Jeffrey A. Klein immediately by calling the firm in Daytona Beach at 386-492-9952 or toll free at 866-819-6032. Or, contact the office online, and a knowledgeable lawyer will respond to you shortly.
Home Ownership - An Overview
Buying a home is often a consumer's biggest investment. Residential real estate transactions are covered by a complex web of federal and state laws. The requirements established by state law often differ significantly from one state to the next. A residential real estate lawyer from The Law Office of Jeffrey A. Klein in Daytona Beach, Florida, can assist a buyer or seller through the complexities of these transactions. If you are considering buying or selling property, call The Law Office of Jeffrey A. Klein today.
Contracts
Several different contracts are involved in a typical residential real estate transaction. A listing agreement is the contract between the seller and the listing broker. It sets out listing terms, the seller's preferred sales price, and the commission rate. Most of these conditions are negotiable, including the commission. The listing agreement is critical to the seller, and he or she should review it carefully and have it reviewed by a lawyer. Once a broker produces a willing and able buyer and all conditions are met, the seller owes the broker his or her full commission, even if the seller decides not to sell.
The agreement to sell between a buyer and seller of real estate must be in writing. The terms of the purchase contract are typically negotiated through a series of offers and counteroffers. Other possible contracts include property insurance, title insurance, easements, sales of personal property, and more. The terms of all of these contracts are negotiable and can significantly affect the buyer's financial well-being and the success of the transaction. Contact the experienced real estate lawyers at The Law Office of Jeffrey A. Klein in Daytona Beach, Florida to protect your rights and to ensure you achieve the terms that are the best for you.
Title
Purchase agreements commonly require that the title to property must be marketable. Therefore, the seller must have proof of title to the property and proof that third parties have no undisclosed interests in the title. A buyer may use a title insurance company or an attorney to determine whether a title is marketable. In order to pass title, a deed with an accurate property description must be signed and delivered.
Mortgages
The most common method of financing real estate transactions is through a loan secured with a mortgage on the property purchased. Many different mortgage loan programs exist. The loan structure, term, and source of funding can affect the loan's interest rate and the size of the monthly payments. The source of funding can also affect the amount of the down payment and closing costs.
The most common type of loan, a conventional loan, typically requires a down payment of 10 percent or more of the loan amount. Conventional loans include loans secured by government-sponsored entities such as Fannie Mae (FNMA) and Freddie Mac (FHLMC), and loans that are funded by private investors for higher loan amounts, which typically carry a higher interest rate.
The federal government and other state, local, and private entities have developed programs to provide mortgage loans with a lower down payment. A first-time homebuyer or a buyer with a low to moderate income may be eligible for a mortgage insured by the Department of Housing and Urban Development (HUD) through the Federal Housing Administration (FHA), which insures the loans. Although a qualified borrower may be able to obtain an FHA loan with a down payment of 3 percent of the loan amount or less, the maximum size of an FHA loan is limited.
Veterans may qualify for a loan guaranteed by the Veteran's Administration (VA). VA mortgage loans offer a low or no down payment with many of the same benefits of an FHA loan.
A borrower with bad credit, who may not qualify for a conventional loan, may consider a subprime loan or seller financing. A borrower with a poor credit history can expect to pay a higher interest rate for a mortgage.
Conclusion
Real estate is the economy's backbone and the major investment for most households. However, the real estate market is volatile, the transactions can be complicated, and the market cycles require proper preparation for opportunities and challenges. The experienced real estate lawyers at The Law Office of Jeffrey A. Klein in Daytona Beach, Florida give clients the guidance they need to succeed in these competitive and complicated residential real estate transactions.
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