Friday, July 15, 2016

Back to the Basics - Understanding Foreclosure in Colorado

Colorado is a nonjudicial foreclosure state, meaning that the lender does not have to go to court to foreclose on your home. In other words, the foreclosure can proceed more quickly through a public trustee or county treasurer. Initially, when obligating yourself, you signed two core documents when you bought or refinanced your home: a promissory note and a deed of trust. The deed of trust turns the promissory note into a debt secured by a lien (legal claim) on your home. The deed of trust authorizes the lender to foreclose on the property if you default. The deed of trust allows the foreclosure to occur outside of court, under state law.

While homeowners facing foreclosure have the right to be heard under a Rule 120 hearing, such a hearing does not provide much protection. The issues discussed during a Rule 120 hearing are whether borrowers are delinquent and whether the borrower is an active-duty member. The Judge will not listen to any other arguments. Motions for injunctive relief are commonly raised at this hearing, and just as commonly dismissed. However, if a Borrower believes that the delinquency figures are incorrect, or that payments have not been properly applied, this is where that argument needs to be made.

"Show Me the Note" Defense
The "show me the Note" defense fails in Colorado Courts and is irrelevant to a Rule 120 hearing. Prior to 2006, a lender, to succeed on a foreclosure action, had to produce the original Promissory Note or a certified copy to the Public Trustee in order to foreclose on the Note. As such, a “show me the Note” defense would succeed. However, the legislature changed this requirement in 2006. Now, all that is required is a statement from the attorney handling the foreclosure on behalf of the lender that the Lender is the proper party to conduct the foreclosure, either as the Owner or as an agent of the owner. There is no longer any legal requirement to produce the actual Note or a certified copy before the foreclosure commences. In sum, this defense will fail in Colorado.
MERS and Foreclosure

Mortgage Electronic Registration System, Inc. (MERS) is a company created by the mortgage banking industry to simplify the assignment process. In many mortgage transactions, the mortgage company will designate MERS as a nominee for the lender. MERS then acts as an agent for the owner of the loan, but it does not actually possess a beneficial interest in the note. Rather, MERS simply tracks the mortgage for its members while the mortgage is transferred from bank to bank. Once assigned to MERS, the loan can be bought and sold numerous times without recording an additional assignment.
While Colorado law has not specifically addressed this issue, Colorado courts have routinely held that the absence of a proper assignment of mortgage will not stop a foreclosure. If the foreclosing party is clearly entitled to enforce the promissory note secured by the mortgage, the court would likely allow the foreclosure to proceed, regardless of a proper assignment, because of the general rule that “a mortgage follows the note.”
If your house is in foreclosure, contact the Law Offices of Eric L. Nesbitt, P.C. We know local foreclosure rules and will fight to keep your home.



Eric L. Nesbitt, Esq.
Law Offices of Eric L. Nesbitt, PC
Phone 303-741-2354
Email Us
Nesbitt Law Offices Website

Friday, July 1, 2016

The Basics - Understanding Commercial Real Estate Developer Financing

Commercial real estate developers are visionaries and dreamers. What the average person sees as a barren field or wasteland, a developer sees as a new community or high-rise development. What others see as urban blight a developer sees as the next business center. To make the dream into a reality, a developer needs to be passionate and bold.

Although a commercial real estate developer may be armed with the best construction crew, machinery, and materials, success is still at the mercy of market forces. The intervening time between eying the property until procuring final approvals can see significant economic shifts. These shifts can take what was a surefire success and make it into an abysmal failure. Thus, despite a commercial real estate developer’s aggressive plan and strong track record of accomplishment, market conditions often dictate a commercial development’s success.

The Risks

Furthermore, real estate development is an example of the Anna Karenina principle, wherein just one failure of a number of factors dooms a project. Leo Tolstoy’s book Anna Karenina begins with "[h]appy families are all alike; every unhappy family is unhappy in its own way."  This means that every happy family has all conditions, i.e. finances and children, in place. In contrast, unhappy families need to be missing only one factor to feel unhappiness. The same for commercial real estate development, a number of a variety of factors must be in place; if one is not in place then the project will be a failure.

As mentioned, the economic climate of an area often is the biggest factor determining a commercial real estate development’s success. Another significant factor is construction delays, which can trigger other issues. Often times, a commercial real estate developer needs to secure financing to complete the project. While a perceptive developer contemplates possibilities and scenarios that may affect the future completion of a project, a developer also knows that it is not possible to consider every possibility. Therefore, when unexpected issues arise, a developer may have to seek additional financing to complete the task.

To secure financing, a developer will often need to sign a personal guarantee.  A personal guarantee is perhaps the most dreaded concession a developer can make when trying to secure a loan. However, upon building a portfolio of successful development, lenders are more amenable to lending absent personal guarantees. Even so, a developer currently in the building process and foresees or is experiencing cost overruns may need additional financing to finish the job. At that point, a lender who prior to construction commencement would lend absent a personal guarantee may require a personal guarantee when a developer seeks such funding.

Contact a Real Estate Attorney

Currently, there is strong demand for commercial real estate in the Denver area. Lease rates are increasing, suggested increased interest in commercial space. Developers seeking to capitalize on the strong Denver commercial real estate market should contact the experienced attorneys at the Law Office of Eric Nesbitt, Esq. These attorneys understand the challenges real estate developers face and know how to negotiate with banks on their clients’ behalf.



Eric L. Nesbitt, Esq.
Law Offices of Eric L. Nesbitt, PC
Phone 303-741-2354
Email Us
Nesbitt Law Offices Website

Tuesday, April 28, 2015

How Changes to Colorado’s Foreclosure Laws Can Benefit You

“Foreclosure” is a word that no homeowner ever wants to hear. Foreclosures occur when you’re no longer able to make payments on your home, often due to circumstances outside your control, like job losses or medical bills. The consequences of a foreclosure can be life-changing. If you’re facing a foreclosure, you’re at risk of incurring astronomical fines and fees, damaging your credit score, and even losing your home.
However, it’s important to understand that you have more protections than ever before thanks to recent changes to Colorado’s foreclosure laws. Becoming familiar with these changes can help you minimize many of the harshest consequences of a foreclosure, and might even allow you to keep your home. Here are the most important changes you should know about if you’re facing foreclosure on your home.

Colorado House Bill 07-1157


Colorado House Bill (HB) 07-1157 went into effect in January 2008. This bill represents an extensive effort to streamline and modernize the foreclosure process in Colorado. Many of these changes focused on the “cure period,” or the time between the start of a foreclosure case and the initial sale of the foreclosed home.
The 2008 law lengthened the cure period from 45-60 days to 110-125 days, and his change has proven overwhelmingly beneficial to homeowners facing foreclosure. You now have almost twice as long to work with lenders, foreclosure attorneys, and credit counselors to “cure” your default through a loan modification or payment plan. As a result, you may be more likely to receive an interest rate adjustment or an extension on your loan. Your lender might also be willing to delay the foreclosure altogether, a move known as “forbearance”.
The fact is, most lenders would prefer to avoid foreclosure because they often end up losing money on the re-sale foreclosed homes. The extended cure period encourages lenders to seek alternate resolutions that may be more beneficial to both you and the lender.

HB 07-1157: No More Redemption


Not all of the 2008 changes to Colorado foreclosure law work explicitly in homeowners’ favor, however. Some changes, like the repeal of Colorado’s redemption laws, made it much more difficult—if not impossible—for homeowners to reclaim ownership of their home after the foreclosure sale is complete.
Prior to 2008, a former owner had 75 days to “redeem” his or her home by paying the new owner the total price of the home, including any foreclosure fees and interest incurred. HB 07-1157 did away with this process altogether, meaning once a home has been sold, the former owner has no opportunity to get it back.
This change may seem harsh, but many argue that removing the redemption period actually protects foreclosed homeowners. Redemption was a difficult process even before 2008, since a foreclosure on your credit report makes it difficult to receive a new loan. This left many former homeowners vulnerable to “credit vultures” who preyed on borrowers’ desperation by providing predatory loans that were difficult, if not impossible, to ever repay.  The truth is that very few homeowners ever regained their homes through redemption prior to 2008. Getting rid of this option shifted the focus to the cure period, which is a far more attainable way to regain ownership of your home.

Changes in 2015: Good News for Homeowners


When the foreclosure crisis of 2009 steamrolled the U.S. housing market, many lawmakers realized the pressing need for extensive change.  While federal investigations continue to target predatory lending practices, Colorado made several direct changes to state law to help homeowners stay in their homes.
This is an ongoing process that’s likely to continue into the future, but several major changes already went into effect on January 1, 2015. Two of the biggest changes include those outlined in HB 14-1130 and HB 14-1295, which Governor Hickenlooper approved just last year.

House Bill 14-1130


Though HB 07-1157 helped homeowners by lengthening the cure period, it does little to protect you from being overcharged by unscrupulous lenders while seeking to repay what you owe on your home.
In Colorado, a homeowner can stop the foreclosure process by requesting a “cure statement” that details how much you must pay to cure the default. Cure statements often include fees for a Rule 120 hearing, which is when the judge authorizes the sale of a foreclosed home. Despite the fact that many “cured” foreclosures never reach a Rule 120 hearing, the cure statement may charge Rule 120 fees anyway—forcing you to pay for a hearing that never happened.
This is just one example of the many ways you can be overcharged on a cure statement. But thanks to HB 14-1130, cure statements must now be 100% accurate, and your lender’s attorney must verify that all costs and fees are both real and exact. In fact, any charges outlined in the cure statement must be backed up with receipts that prove the costs billed to the homeowner. If you suspect foul play, you are now entitled to receive copies of these receipts through a written request filed within 90 days of paying the cure amount.
Additionally, if it turns out that you have overpaid, the trustee must return the excess payment directly to you, the homeowner. This may seem like common sense, but prior to January 1, 2015, the law didn’t explicitly require refunds, so many lenders and their attorneys would simply keep the overage.

House Bill 14-1295


Colorado’s new foreclosure laws also provide extra protections for homeowners seeking alternatives to foreclosure. Though this law applies only to single-family homes and small multi-family properties that serve as the homeowner’s primary residence, it has the potential to help many homeowners keep their property and avoid foreclosure proceedings for good.
The first thing HB-14-1295 does away with is the practice of dual tracking. Dual tracking happens when a homeowner pursues loss mitigation option, such as a loan modification, but the lender continues the foreclosure process anyway. The case is therefore on two “tracks” at once.
Prior to this law, homeowners were forced to race against the clock to keep their homes from being foreclosed on. If the loss mitigation process wasn’t complete by the time the foreclosure process ended, the homeowner would be forced to foreclose despite his or her best efforts.
Under the new law, the public trustee in charge of your foreclosure case can stop the process if you’re in the middle of loss mitigation proceedings. If you’re applying for an alternative to foreclosure or have already accepted a loss mitigation option, you can write to the trustee to ask for the foreclosure to be postponed. Though postponement is left up to the trustee’s discretion, this law will help many homeowners complete the loss mitigation process in time to keep their homes.
Another major change implemented by HB 14-1295 is the designation of a single point of contact. This law requires lenders to provide a single point of contact for the homeowner to call regarding loss mitigation options, deadlines, and requirements. Thanks to this change, you can get a straight answer to your questions instead of relying on potentially inaccurate or incomplete information provided by someone who isn’t familiar with your case.  

How Changes to Foreclosure Laws Affect You


The recent changes to Colorado’s foreclosure laws are good news for homeowners facing this difficult situation. However, many of the new laws that benefit homeowners aren’t common knowledge, especially among homeowners attempting to navigate foreclosure on their own. If you’re not aware of these changes, you could miss out on the opportunity to reduce your payments, protect your credit, or even keep your home.
Foreclosure is an especially complex and stressful type of case. With your family’s home at stake, it’s all too easy to fall prey to lenders looking to exploit your vulnerable situation. That’s why our compassionate legal team is dedicated to pursuing the best possible outcome for your case, no matter how difficult your situation may seem. We specialize in staying abreast of all changes to Colorado’s foreclosure laws, so we can invoke every protection available to help you keep your home.
If you’re facing an upcoming foreclosure or your foreclosure proceedings have already begun, make sure to call our office at (303) 741-2354 to find out how we can help you in this difficult time.
http://www.nolo.com/legal-encyclopedia/colorado-law-protects-homeowners-from-foreclosure-overcharges.html
http://www.nolo.com/legal-encyclopedia/new-colorado-law-helps-homeowners-foreclosure.html
http://www.nolo.com/legal-encyclopedia/summary-colorados-foreclosure-laws.html



Eric L. Nesbitt, Esq.
Law Offices of Eric L. Nesbitt, PC
Phone 303-741-2354
Email Us
Nesbitt Law Offices Website

Friday, March 13, 2015

How Changes to U.S. Bankruptcy Code Continue to Impact Colorado Filers


This year marks the ten year anniversary of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005, a major piece of legislation that overhauled the bankruptcy code throughout the United States. This Act was designed to make it harder to file for bankruptcy by imposing new regulations and stricter requirements for any individual or business attempting to file for bankruptcy.
Though nearly a decade has passed, the incredibly complex regulations imposed by BAPCPA are anything but common knowledge.  In fact, many families facing the possibility of bankruptcy are stunned to find out just how complicated this process can be. Here’s what you need to know about the evolution of bankruptcy law in the U.S. and Colorado, and what these changes might mean for you.

Pre-2005 Bankruptcy Laws: Chapter 7 vs. Chapter 13

The purpose of the Bankruptcy Abuse Prevention and Consumer Protection Act was to prevent individuals and businesses from using bankruptcy as a “get out of jail free” card to avoid paying debts. Banks, credit card companies, and legislators believed that bankruptcy abuse was such a widespread and serious problem that it could only be addressed by overhauling the whole system. The BAPCPA of 2005 succeeded in doing exactly that.

Before this Act, individuals of any income level were allowed to file for Chapter 7 bankruptcy, otherwise known as “straight” bankruptcy. Chapter 7 bankruptcy filings are designed to give you a clean financial slate. Under this type of bankruptcy, you aren’t required to repay unsecured debts, which include medical bills and credit card debts. Additionally, all attempts to collect these debts must stop once you file for Chapter 7 bankruptcy, so you’ll immediately stop receiving harassing phone calls from debt collectors.

Chapter 13 bankruptcies—the only other type available to individuals, as opposed to small business and corporations—work a little differently. This type of bankruptcy is often referred to as “reorganization.” Instead of forgiving unsecured debt, a trustee is appointed to work with your creditors to develop a 3-5 year repayment plan. While debts are often consolidated and lessened under this type of bankruptcy, debtors are still required to pay off a percentage of what they owe to credit card companies and other holders of unsecured debts.

There have always been pros and cons to both types of bankruptcy filings—for example, Chapter 13 filings give you a better chance of keeping your assets, while Chapter 7 usually involves forfeiting all but the bare minimum of what you own. But before the BACPCA was passed, Chapter 7 bankruptcies were relatively simple to file and available to anyone. Some families were even able to successfully file for bankruptcy without the help of an attorney. Since 2005, however, all of that has changed.

Means Tests and Credit Counseling: How BACPCA Changed the Game

The Bankruptcy Abuse and Consumer Protection Act instituted many new rules and restrictions, but its most wide-reaching effects came from the creation of a “means test” to determine eligibility for Chapter 7 bankruptcy filings.

Under the new federal rules imposed under the BACPCA, Chapter 7 bankruptcy filings are only available to families whose “presumed income” falls below 150% of their state’s poverty level. In Colorado, however, the means test focuses specifically on whether your income falls above or below the state’s median income for a family of your size.  Presumed income, which is still the standard used today, is calculated based on a family’s average  income over a period of six months. The income is “presumed” because the average calculated may significantly differ from a family’s actual income.

The median income for a single individual in Colorado currently falls at $47,361; for a family of three, the median income increases to $69,252. Once exemptions and expenses for essentials such as childcare and transportation are subtracted from your overall income, whatever’s left over determines the type of bankruptcy for which you are eligible. If this amount falls above the median income for your family, you are most likely not eligible for Chapter 7 bankruptcy and will likely have to file for Chapter 13 bankruptcy instead.

Presumed income is the result of a complicated equation that depends on how many of your assets are considered exempt from forfeiture during bankruptcy. Colorado’s exemption rules are especially numerous and complex. Since exemptions are limited to those defined by the state, many of Colorado’s rules differ from the federal Bankruptcy Code. These rules even vary from county to county—which is one reason why it’s so important to receive good legal counsel if you’re considering filing for any type of bankruptcy.

Additionally, because of the Bankruptcy Abuse and Consumer Protection Act of 2005, all debtors are required to undergo credit counseling before filing for either type of bankruptcy. You will also be required to complete a financial management class after your bankruptcy case has been resolved, regardless of whether you file for bankruptcy under Chapter 7 or Chapter 13.

While the means test and credit counseling mandates were the biggest changes to the bankruptcy code, BACPCA also instituted a wide range of new restrictions and deadlines with harsher penalties than before. Most general law practitioners aren’t familiar with the complicated requirements set for by this act, which is why it’s critical to seek out specialized legal advice.

Continuing Changes

Though there aren’t any major overhauls of Colorado’s bankruptcy laws anticipated in the near future, it’s important to stay on top of small procedural changes that could easily cause your case to be dismissed. Deadlines, court fees, and other administrative details are complex and ever-changing, which is one reason why it’s crucial to have an experienced bankruptcy attorney help you navigate this process.

Here’s an example:  just last September, a new rule took effect mandating that all court fees must be paid via cashier’s check, money order, or exact cash. Credit or debit cards will not be accepted, nor will the Clerk’s Office make change. This may seem like a minor changes that wouldn’t impact the overall success of your case, but the truth is that failure to pay court fees on time and in the correct manner is one of the most common reasons bankruptcy cases get dismissed in Colorado.

What Bankruptcy Law Changes Mean for You

Whether you’re seeking a Chapter 7 or Chapter 13 bankruptcy, it’s more important than ever to enlist the help of a bankruptcy attorney with in-depth knowledge of both the 2005 BACPA changes and Colorado procedural changes that occur from year to year. Experienced legal counsel will not only make sure you meet the many complex requirements for each case; they’ll also help determine which type of bankruptcy is right for you, and work with you to achieve the most favorable outcome possible for your case.

The fact of the matter is, 81% of the bankruptcy cases that failed in Colorado in 2006 were dismissed because the filers didn’t work with an attorney to navigate this complex process. Don’t let the court’s ever-changing rules deny you and your family the opportunity for a fresh start. Call our offices at 303-741-2354 to find out how our specialized bankruptcy team can help you and your family receive the best possible outcome for your bankruptcy case.  

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Sources Consulted:




Eric L. Nesbitt, Esq.
Law Offices of Eric L. Nesbitt, PC
Phone 303-741-2354
Email Us
Nesbitt Law Offices Website

Tuesday, December 23, 2014

How to Shop Smart and Avoid Bankruptcy After the Holidays

The holiday shopping season is in full swing, and with Christmas right around the corner, you might be scrambling to purchase those last minute gifts. This is the season of giving, and there are few things more enjoyable than seeing smiling faces on Christmas morning. Unfortunately, though, those smiles might be a distant memory when the bills start pouring in your mailbox in January.

So, how can you shop smart and avoid bankruptcy in the new year?

How to Avoid Bankruptcy from Holiday Shopping


The most important step in ensuring you won’t be in serious financial trouble in the new year due to overspending on holiday gifts is also one of the most challenging for many people: Be careful with credit cards.
Avoid Banktuptcy
This holiday season, don't max out your credit; avoid bankruptcy
with smart shopping techniques.
 
It’s easy to go overboard during the holidays when you’re paying with plastic instead of physical cash. It can be extremely difficult to fully grasp exactly how much you are spending. To avoid going into shock when your January credit card statements arrive, I recommend that you pay for holiday gifts with cash. For online shopping, opt for a prepaid debit card instead of a credit card. If you do use credit cards this holiday season, there are a few key things to remember.

Not All Credit Cards Are Created Equal


If you’re going to be shopping for credit cards, pay close attention to interest rates. Store cards generally have higher rates than major credit cards like Visa and Mastercard. Obviously, you should opt to use the card with the lowest interest rate whenever possible.

Don’t Fall for Gimmicks


During this season of giving, unfortunately, a lot of retailers see an opportunity to prey on consumers. Be wary of offers that seem too good to be true. Remember that deferred payments still need to be paid eventually, and there is no such thing as “free” in most instances. It is almost guaranteed that you will pay for the “free” special somewhere.

Take, for instance, offers for free additions to products sold in infomercials. If you read the fine print, you will be charged separate processing and handling for the so-called “free” item. In many instances, these fees are equal to than the cost of buying a second item. Don’t fall victim to these gimmicks and open up a shocking credit card statement.

Many retailers also extend store credit during the holiday season to those with subpar credit ratings. Applying may be tempting, but read the fine print, and shop smart. These retailers often sell items for considerably more than their retail value, especially the hottest gifts of the season like video game consoles and televisions. The payments are typically quite high, and these accounts can be very difficult to pay off.

Know Your Limits


And that doesn’t mean your credit card limits. If your holiday shopping plan involves maxing out every credit card in your wallet, you may want to reconsider. Before you charge things, make sure you can afford the payments. It sounds simple, but it can be easy to forget when you’re caught up in the moment of buying the perfect gift.

I recommend setting up a strict holiday budget and sticking to it, even when you’re paying with a credit card. Ideally, you don’t want to charge more than you can afford to pay off right away to avoid interest charges, but if you do plan on making payments, make sure you can afford them. If you have multiple accounts, even small payments can add up and quickly become unmanageable, leading to a very unpleasant financial situation.

When It’s Too Late to Avoid Bankruptcy


If you’d made the mistake of putting off important payments, like your mortgage or car payments, to pay for gifts this holiday season, or if you’re drowning in thousands of dollars of debt from past seasons, you aren’t alone. If you are facing bankruptcy, I am here to help. I also provide services to those who are on the edge and still trying desperately seeking a way to avoid bankruptcy.

Don’t let financial woes get you down during this festive time of year. If you are in need of a bankruptcy attorney in Denver, don’t hesitate to call The Law Offices of Eric L. Nesbitt, P.C.. My staff and I will be more than happy to assist you.

From our office to your home, my staff and I wish you and your family a wonderful holiday season!
 
Eric L. Nesbitt, Esq.
Law Offices of Eric L. Nesbitt, PC
Phone 303-741-2354
Email Us
Nesbitt Law Offices Website

Wednesday, December 10, 2014

Thinking About Moving to Escape Your Neighbor’s Crazy Holiday Decorations? It could be worse.

It’s December, which means it’s time to deck the halls and trim the trees. Unfortunately, though, some of us have neighbors that get a bit carried away with the holiday decorations. A whopping $6 billion is spent by Americans on holiday decorations, and some people seem to drive themselves to the brink of bankruptcy just to have the biggest and brightest displays.

If your overly-festive neighbors have you thinking it might be time to buy a new home, check out these crazy holiday lighting displays, and realize that no matter how obnoxious your neighbor’s decorations are, it could always be worse!

Crazy Holiday Decorations

Shining Bright



crazy-holiday-lights.jpg
By V Smoothe (These people really went all out) [CC-BY-2.0], via Wikimedia Commons


If you have neighbors like this family in California, you might need blackout curtains in your bedroom just to get a bit of shut-eye this month. Make sure none of their extension cords are plugged into your outlets!

Buried in Blow-Ups



ugly-christmas-decorations.jpg


On the bright side, if your neighbor’s house is a bit of an eyesore the rest of the year, it can be completely covered by inflatable decorations during the holiday season. Hopefully there are no strong winds to send them sailing over onto your lawn.

Going O-ho-ho-ho-verboard



tacky-christmas-decorations.jpg


Even at Christmastime, it is possible to have too much of a good thing. This family got a little bit carried away with the Santas. How many can you spot?

Where Do They Store It All?



bad-christmas-lights.jpg


When your neighbors put up this many Christmas decorations, you have to wonder: “Where do they store it the other 11 months of the year?” It looks like this family wiped out the seasonal department of every store in a 10-mile radius.

Lighting Up the Night



crazy-christmas-decorations.jpg


It seems entirely plausible that lights this bright might be visible from outer space, and if they are shining through your bedroom window all night, that might be exactly where you would like to send your neighbor. The only thing that would make these lights even crazier is if they are the flashing variety.

If your neighbor’s crazy holiday decorations and other antics have you ready to relocate, enlist the help of an experienced real estate attorney such as myself. As a residential real estate lawyer, I can also help resolve boundary disputes with neighbors if their decorations are on your property. Even if you are a landlord involved in a landlord/tenant dispute due to an increased electric bill or property damage from holiday decorations, I can help.

Contact The Law Offices of Eric L. Nesbitt, P.C. whenever you are in need of an experienced and trustworthy Denver real estate lawyer. Call us today at (303) 741-2354.

Eric L. Nesbitt, Esq.
Law Offices of Eric L. Nesbitt, PC
Phone 303-741-2354
Email Us
Nesbitt Law Offices Website

Friday, November 28, 2014

Top 3 Reasons You Need a Real Estate Lawyer When Buying a Home

Buying a house is costly enough. Is hiring a real estate lawyer really worth the added expense?
 
http://www.nesbittlawoffices.com/contact/
Buying a house? Hiring a real estate lawyer simplifies the process.
Chances are, a house is one of the biggest purchases you will ever make. The process is very exciting, especially for first-time homebuyers, but it can also be a bit overwhelming. When buying a home, there are numerous real estate laws and regulations involved in the transaction, and they can be very difficult to understand for the average person.

Hiring a real estate lawyer is the best way to ensure that you do everything correctly and the deal goes through without any major complications. Here are just a few reasons why working with an experienced real estate attorney is a good idea.

Dealing With Paperwork Isn’t Easy


Purchasing a home involves a lot of paperwork, and it’s usually fairly complex. If you do not have a clear understanding of real estate terminology, it can be very difficult to actually know what you are signing.

Additionally, there are certain forms that need to be filled out properly to ensure the success and legality of the sale and to protect your investment. An attorney will make sure you complete all the right paperwork and will also make sure all the paperwork from the seller and mortgage lender is in order.

Real Estate Attorneys Can Handle Unusual Complications


Unique issues commonly arise during real estate transactions, and if you aren’t well-versed in real estate law, you probably won’t know how to handle them on your own.

Real estate attorneys have seen it all, so they know exactly how to deal with everything from illegal structures on the property to hazardous waste issues stemming from asbestos and lead paint.

An Attorney Is Truly On Your Side


Hiring a real estate attorney when purchasing a home ensures that you have a professional on your side. While real estate agents are concerned with their own interests, a real estate lawyer has little to gain or lose whether or not you purchase a specific property.

A real estate attorney’s job is to ensure that your legal rights and interests are protected, so having one on your side is invaluable.

Choosing the Right Real Estate Lawyer When Buying a Home


Having the right real estate attorney can save you money and ensure that the transaction goes smoothly. At The Law Offices of Eric L. Nesbitt, P.C., we pride ourselves on providing top-notch legal representation for our clients. I have several years of experience, and I would be glad to put my knowledge and experience to use helping you purchase a home. To schedule a consultation, call my office at (303) 741-2354.

Eric L. Nesbitt, Esq.
Law Offices of Eric L. Nesbitt, PC
Phone 303-741-2354
Email Us
Nesbitt Law Offices Website