Reasons to Hire a Real Estate Lawyer for Real Estate in Biloxi, Mississippi - Funnl
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Reasons to Hire a Real Estate Lawyer for Real Estate in Biloxi, Mississippi

 

Reasons to Hire a Real Estate Lawyer for Real Estate in Biloxi, Mississippi

If you are considering hiring a Real Estate Lawyer in Biloxi, Mississippi, consider this estate planning is something to be taken seriously. By writing one wrong word or one missing signature can change the entire document. Aside from this, many of the reasons listed below should be enough to induce you to go out and find and hire an estate planning attorney to assist you in drafting your estate planning documents. As well as answer some questions you may have.

  • Inspect the property

When buying a house, you need to know if the local codes and state regulations have been followed, and if not, what’s the next process? (should the closing occur?). You should question what would happen if I buy this property. Will I be required to remove an illegal addition after closing? You should also inquire if the Seller must disclose an unauthorized addition to the buyer.

House drawing in a sticker

 
  • Do you plan on purchasing or selling your house, along with a non-cooperative partner or co-owner?  

A key thing to know is if a partition action may be necessary under Mississippi law. The question you should ask is. Does one co-owner need to sue his/her partner in to force the completion of the sale of the property? 

Man and women handshake, business

 
  • Are you an out of town buyer? 

If you’re from another part of Biloxi or another state or country, you are probably of the specific municipal, county, state, or even federal regulations that apply to you and the property. A few key questions you should ask are:

3a. Are there tax withholding requirements?  

3b. Would some exemptions apply that would alleviate the tax withholding?  

3c. Who would pay for transfer taxes, and how much are they?

  • Is the property a short sale, in Foreclosure, or bank-owned?

If the property is either Real Estate Owned or in Foreclosure and short sales, they will almost always involve special conditions. A Biloxi real estate lawyer with foreclosure defense experience can be a valuable asset to you in the negotiating process with the bank and reviewing the title work to ensure that the property you are receiving is marketable and has an insurable title.

  • Are you buying commercial property?

Any commercial real estate such as an apartment building, warehouse, or shopping plaza usually has complications during the transaction. This is not typically seen in more straightforward residential real estate deals, which is why having a Mississippi real estate lawyer is essential here because of additional legal issues.

Green Dollar symbol

 
 
  • Noticed that your property might have Structural Issues?

Mississippi Real Estate Lawyers can help you perform these specific types of inspections to learn about the condition of the property before purchase as well as inducing the Seller’s disclosure responsibilities under Mississippi law.

  • Are you worried the property won’t appraise for the purchase price? 

Appraisals can be difficult, and different appraisers may yield different results. Using a Biloxi Real Estate Lawyer can help you, and the Seller determine the best course of action, or recommend contract clauses to address issues with the appraisal, for example, if there are different appraisal estimates or if the property appraises for less than the contract price.

  • Would you prefer an attorney to hold your deposit in case a problem arises with the transaction? 

Did the know that the lawyers in Biloxi, Mississippi, can also act as escrow agents. And think, do you want a third party holding the money deposits, especially when a problem arises?

9. Are you concerned that you may not qualify for financing, and you may lose your deposit? 

A Mississippi real estate attorney can advise contract clauses to address this issue, including returning the deposit to you if you’re unable to obtain prevailing market financing.

10. Are you concerned the Seller or real estate agent isn’t telling you something about the property? 

Only in a perfect world would every Seller and Real Estate Agent be honest. But unfortunately, it isn’t the case. Many may not even know their obligations concerning disclosing the condition of the property; if you are suspicious, then a Biloxi real estate lawyer can help.

11. Do you want an objective 3rd party reviewing the seller documents, mortgage documents, and the closing disclosure statement at or before the closing? 

To have a Biloxi lawyer’s eye on closing documentation can protect you and your family from excessive or inappropriate fees and costs. Is the appropriate party paying for an item, and have all expenses been collected and adequately allocated between the parties?

Make the Choice

If one or more of these circumstances apply to you, you’ll need the experienced counseling and advice of an estate planning attorney to create your planning documents. Otherwise, there is a chance it could be a probate lawyer and your state’s department of revenue or the IRS that will receive the largest chunk of your estate. Remember to be proactive, not reactive.


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