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The purchase or sale of a home or commercial property can be exciting, yet difficult. The complications lie in the transactions themselves, as there are legalities that can become issues. These issues then put you in need of an experienced real estate lawyer in Philadelphia who can give you the assistance you need.

Property Ownership and How It Affects You

The term “property” refers to an object owned by a person and that person has the right to control, use, and dispose of that object. “Real property, ” on the other hand, is land, which is the surface of the ground and everything above (homes, buildings, and other structures) and everything below, such as the minerals.

Real property can change hands through purchase and more than one person can own the same piece of real property. If there are two or more owners, one of the following may exist:

  • Joint Tenancy – Two people have undivided interest in the property and have the right to the whole property upon surviving the other owner.
  • Tenancy by the Entirety – Spouses have undivided interest in real property and have the right to the whole property upon surviving the other spouse.
  • Tenancy in Common – More than two people have an undivided, yet distinct, interest in the property. If one owner passes away, they still do not have the right to the whole property due to there being more living owners.

When you are the sole owner of real property, then you have whole use of the property and can designate a beneficiary for that property upon your death.

Common Real Estate Matters We Handle

Real estate law encompasses a wide range of areas because practically anything can happen at any time. It is what can happen that prompts the need for a Philadelphia real estate attorney. The following are some of the types of matters that can be handled:

Purchase of Property

The purchase of property may seem rather cut and dry because it involves agreeing to a price and money exchanging hands. However, there are issues that can come about, such as property line disputes or a disagreement about something that may go with the property.

Lease Drafting

Lease agreements need to be solid, so having an attorney draft a lease can help avoid loopholes that can lead to an expensive dispute.

Agreement of Sales

A real estate agent will likely recommend the use of a standard purchase agreement, but you can have your real estate lawyer review the contract. There are many details ranging from the purchase price to a legal description of the property that must be reviewed. The more sound the agreement, the more enforceable its terms.

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