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Common Real Estate Legal Jargon

By Scott McAllister

Tell us a little bit about your company and its foundation.

Our law firm was created in Williston, Vermont in 1992 with a practice concentrating on residential real estate conveyancing. Our three attorneys have 83 years of combined experience in this area. We typically represent buyers and sellers of real estate commencing at the contract negotiation stage and proceeding through the closing. The process involves reviewing and preparing documents, resolving issues, performing titles searches, giving advice and performing the closing.

What are the most common and useful terms used in The Real Estate Law business that others might not be familiar with?

The most common terms in real estate law are:

  • Warranty Deed ? a document which transfers ownership from the seller to the buyer and warrants that there are no defects in title.
  • Quit Claim Deed ? a document which transfers ownership without any warranties.
  • Mortgage Deed ? a document which transfers ownership to a lender until a debt is paid off.
  • Promissory Note A document which sets forth the terms of the debt owed by a borrower to a lender.
  • Title Search A detailed review/research of the land records in the town offices to determine whether the property can be freely transferred from seller to buyer.
  • LienGenerally speaking, a lien is the legal claim of one person against the property of another person to secure the payment of a debt or the satisfaction of an obligation. Liens become the buyer's responsibility if unpaid by the seller prior to a transfer. Examples include unpaid condominium dues, judgment liens, and liens for unpaid fees to contractors.
  • Easement/Right of WayThe legal right of another party to use the premises in some manner. For example, an electric company power line which crosses the property.

Do you believe it's necessary your customers understand the basics of Real Estate Law prior to working with an attorney?

One does not need an understanding of real estate law to work with an attorney in our office. It is the attorney's job to assist the client in understanding the law and the process.

What are a few ways your company help teach people and walk them through the process so they are understanding of everything?

Upon initial contact with our office, we send a letter to the client which explains the process and encourages the client to contact us if they have questions. We do not charge any additional fees to answer questions or to meet with clients ahead of the closing. At closing, we always have an attorney sit down with our client to go over all of the documents and encourage further communication after the closing if there are questions or concerns.

Is there any other information involving real estate law terms and information that you wish to expand upon?

Not specifically, but anyone wishing to discuss any questions they may have regarding any area of real estate law is invited to call one of our attorneys.

What is the best way for people to reach you and or your company?

The best ways to reach our law firm are through telephone or email. Our phone number is 802-879-1440. Our attorneys" emails are: Scott@cdblegal.com; Fred @cdblegal.com; Margie@cdblegal.com. People wishing to learn more about the firm or our attorneys can visit our website at a href="http://www.cdblegal.com" rel="nofollow"> www.cdblegal.com

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