When most people are thinking of buying a house, they are trying to find the most suitable place to make a home for themselves and their families. Some families may acquire a vacation home or a timeshare, but few people own more than one property at a time. The exception is the group of property owners focusing on investment.
When it comes to real estate, most people only care enough about the practice to secure a home for themselves and their families. Some developers and speculators rely on real estate for income, between flipping properties for resale value or renting out strategically located apartments and houses. Both groups need the help of real estate law to protect their purchases.
The prospect of unmanageable debt is always scary. Some people have lost their life savings and even family fortunes to bad business deals or excessive lifestyles. But Tennesseans should not be afraid of losing their homes in a debt settlement or bankruptcy proceeding, because the Volunteer State is one of several that has homestead laws.
A "short sale" is when a homeowner sells a house for considerably less than its market value. Homeowners choose this option for a number of reasons. Sometimes, they're avoiding foreclosure. Other times, they're deeply in debt and want to rid themselves of their mortgage. Many times, they owe more on the mortgage than the home is worth.
When you and your former spouse divorced, you chose to keep a vacation house in the Blue Ridge Mountains that you rent out on Airbnb. Perhaps you have an investment property that the same tenants have rented for years. The mortgage is paid off, but you're both still on the title. Therefore, you both own it.
Your company has offered you an amazing job opportunity in Atlanta. Your brother, who's preparing to retire, has always loved your home here in Marysville and would like to buy it. What could be simpler? You don't have to deal with potential buyers traipsing through your home, a real estate agent "staging" it for an open house and the myriad other complications that come with selling a home, right? Not so fast.
We've seen many shopping centers, large and small, go from bustling, lucrative properties to ghost towns in seemingly the blink of an eye as neighborhoods evolve and consumer tastes change. It's understandable that retailers who lease space in a shopping center want the option to close a store without penalty if the location becomes unprofitable for them and/or they find a better location elsewhere.
Spring is the most popular season for home sales, and real estate experts are predicting that 2018 will see a lot of them. Whether you're a buyer or seller, it's important to do your homework on the current trends in housing sales to get the greatest benefit from a real estate transaction.
For many first-time home buyers, it may not seem important to enlist the help of an attorney in the buying process. Unfortunately, this is almost certainly because they don't understand how many ways a home purchase can go sideways, making the process far more expensive in the long run or possibly even dismantling the deal altogether. If homebuyers do not navigate this process carefully, other parties may have grounds to sue.
Nashville remains among the leading U.S. real estate markets to watch, according to an "Emerging Trends in Real Estate" report compiled by the Urban Land Institute and consulting firm PwC. That report looks at projected growth for 2018 and beyond.