Real Estate
Purchase and Sale
We have classified our purchase and sale services in residential real estate under the categories “Advisor”, “Negotiator” and “Advocate”. Our representation under each category is as follows:
Advisor – Document Preparation and/or Review.
- Consultation with the client to understand the client’s goals and objectives, including contract terms;
- Reviewing and/or preparing the contract of sale and addenda and providing drafts and/or comments to the client;
- Revising the contract of sale in accordance with changes requested by the client and providing the final draft to the client;
- Advisor representation will conclude upon submission of the final draft to the client.
Negotiator – Engagement with the Buyer/Seller.
- All Advisor services;
- Negotiating the terms of the contract of sale and any subsequent agreements with the buyer/seller on behalf of the client;
- Providing any additional service reasonably requested by the client on an “a la carte” basis.
Advocate – Representation from Offer to Closing.
- All Advisor and Negotiator services;
- Representation of the client throughout the sale transaction, including, home inspection, appraisal, and settlement;
- Advocate representation will conclude upon closing.
Deed Preparation
We assist individuals and families with the preparation and recording of deeds. A common type of deed that we prepare is for estate planning purposes and it’s called a life estate deed. A life estate deed is the type of deed in which the grantor either grants or reserves an interest in real property that is limited in duration to the lifetime of the grantor or some other designated person. Upon the death of that person, ownership of the real property vests in the grantee by operation of law. Generally, life estate deeds come in two forms: (1) life estate deed with powers; and (2) life estate deed without powers. A life estate with powers grants the property to the remainderman, subject to the right of the life tenant to sell and dispose of the real property without first obtaining permission from the remainderman. A life estate without powers grants the real property to the remainderman without reserving or granting any power of sale and disposition to the life tenant. If you are considering a life estate deed, it is very important that you consult with an attorney. The type of life estate deed you choose can have a tremendous effect on long-term care Medicaid eligibility.
The Deeds that we prepare for more than one grantee typically result in common ownership in one of the following three ways:
1) TENANCY IN COMMON
Tenancy in common is a form of co-ownership in which each grantee owns a share of the property with no right of survivorship so that upon the death of a grantee, his or her estate is entitled to the decedent’s share. In Maryland, title is presumed to be held as tenants in common unless the grantees are married or unless it is specified that the grantees will hold title as joint tenants with the right of survivorship.
2) JOINT TENANCY
Joint Tenancy is a form of ownership in which the grantees own an undivided interest in the property with the benefit of the right of survivorship so that upon the death of one grantee, the surviving grantee(s) is/are entitled to the decedent’s share. A deed must state that the grantees will own the property as joint tenants with the right of survivorship.
3) TENANTS BY THE ENTIRETIES
Tenants by the Entireties, also known as Tenants by the Entirety, is a form of ownership that is only available to married couples whereby each spouse owns an undivided whole of the property coupled with the right of survivorship.
Tax Sale
We represent homeowners and tax sale investors in the defense or prosecution of complaints to foreclose the right of redemption in Maryland real estate pursuant to Article 14 of the Tax-Property Article of the Annotated Code of Maryland and the Maryland Rules of Procedure.
Short Sales
We represent homeowners who own real estate in which the mortgage balance exceeds the fair market value. A short sale involves the mortgage lender accepting less than what it is owed on the mortgage in order to facilitate the sale of the property. Most short sale properties will be listed with a Maryland licensed real estate agent so that the homeowner can receive offers from potential purchasers. Once an offer is accepted, third-party approval from the mortgage lender will be required before the home can be sold.
Loan Modification
Mortgage loan modification is a process where the terms of a mortgage are modified outside the original terms of the mortgage originally agreed to by the lender and borrower. In general, any loan can be modified, and the process is referred to as loan modification.
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