The real estate process can be tricky–but knowing you have an attorney on your side to guide you through the process can help alleviate your worries. Mazzoni Karam Petorak & Valvano have been representing clients with their real estate issues throughout the Northeastern Pennsylvania region and are here to answer your real estate FAQs.
What is a Title Search?
A title search is a search of any accounts and sources connected to the property including deeds, land records, tax liens, divorce proceedings, bankruptcy records, etc. which is completed once an offer has been accepted to purchase the property.
What is a Commercial Lease?
Commercial leases generally fall into three categories:
- Gross Lease: In a gross lease, the tenant agrees to pay rental fees for a specified period of time and the landlord assumes the responsibility of paying expenses associated with owning and operating the premises.
- Net Lease: In a net lease, the tenant’s share of the cost is computed based on the size of the leased space. The landlord pays for costs not allocated to the tenant.
- Modified Gross Lease: In a modified gross lease, the commercial tenant still pays a flat rate. However, the tenant may take on some of the other responsibilities as well.
Is a land survey necessary to buy a home?
If you are purchasing a home, your lender will require you to get a land survey. The land survey will update property lines and may address soil conditions, mark existing properties, as well as make note of any easements. In addition, the legal descriptions found on deeds come as the result of the measurements taken by land surveyors.
What is a lien?
A lien is a claim against a property by a creditor. They are commonly placed against property such as homes and cars, so creditors like banks and credit unions can collect what is owed to them.
Liens can also be removed, once the debt is paid and the owner will have the full title to the property.
How do I know where my property line begins and ends?
The most common property dispute between landowners is where property lines begin and end. Oftentimes called the “boundary by consent and acquiescence,” property boundary lines are established in one of two ways, by dispute and compromise, or by recognition and acquiescence.
A land survey can work to determine property lines but in some cases, it may come to a legal dispute. In those cases, a real estate attorney can help.
What is Title Insurance?
Title Insurance makes sure a buyer is getting a clear title to the property without liens or other complications.
What is a contingency in real estate?
In real estate contracts, contingencies are the “what ifs” that have the potential to occur in a sale. These contingencies allow a buyer or seller to void the contract if certain items aren’t met.
Common contingencies include appraisals, inspections, house sales, and loan approvals.
Have a real estate question? Contact Mazzoni Karam Petorak & Valvano
If you live in Northeastern Pennsylvania and are in the middle of a real estate transaction, now is the time to get a Scranton real estate lawyer on your side. Put your trust in a law firm that puts your needs first. Contact Mazzoni Karam Petorak & Valvano for a free consultation today. Serving clients in Lackawanna, Luzerne, Wayne, Monroe, and surrounding counties.