Real Estate Attorney – Do You Need One?
Buying a home is often the biggest investment most individuals ever make in their lives. Usually, a real estate agent to there to help negotiate the transaction. However, you might also consider a real estate attorney to guide you through the legal process. A Real Estate Attorney is legally authorized to prepare and review documents and contracts related to the sale and purchase of a home.
Buying a home isn’t always a simple purchase. It also requires the legal transfer of property from one entity to another. Sometimes, the legal side of this transaction can complex. Therefore, it makes sense for home buyers and sellers alike to enlist an attorney who can look out for their best interests. In some states, it is required.
Real estate lawyers document and review real estate transactions, including purchases, leases, inspections, and appraisals. They also help resolve title insurance and environmental issues. When things go wrong in real estate transactions, real estate lawyers step in to file and defend lawsuits in court. Many real estate lawyers also help lenders carry out a foreclosure, while others help borrowers defend against foreclosure. (Source: homeguides.com)
Many states require a real estate attorney to be present when closing a property. Even if your state does not require one, you might still want a real estate attorney to be there. A real estate attorney represents your interests at closing. They review the paperwork in advance and advise on any problems or omissions with the documentation. One of the key roles a real estate lawyer plays is drafting documents. Real estate attorneys prepare deeds for conveyance transactions, leases and rental agreements, purchase contracts, and financing agreements. State law allows real estate agents to help clients fill out these types of documents. However, only a licensed attorney can draft and revise the documents.
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Up Next: What Is the Fixed-Charge Coverage Ratio?
The Fixed Charge Coverage Ratio measures a firm’s ability to pay its fixed charges or expenses with the income it generates before interest and income taxes.
Fixed charges are business expenses that occur regularly. They are independent of the volume of business. A fixed charge is a term for a variety of expenses. These include principal and interest payments for a loan, insurance, taxes, utilities, salaries, rent, and lease payments. This should not be confused with variable expenses that are dependent on the volume of business.
The fixed-charge coverage ratio (FCCR) measures a firm’s ability to cover its fixed charges, such as debt payments, interest expense, and equipment lease expense. It shows how well a company’s earnings can cover its fixed expenses. Banks will often look at this ratio when evaluating whether to lend money to a business. If you can’t meet these expenses, you’re not likely to remain in business for long.