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Laws and regulations in the real estate industry are constantly evolving and can differ from one area to another, and there has never been a more tumultuous time than now in the world of real estate law. Short sales have become incredibly common, and along with that it has become very common for agents, home buyers, and home sellers to run into legal issues surrounding a short sale. If you are a real estate agent, home owner, or a home buyer who is involved in a short sale than it is essential that your speak with a lawyer who specializes in this area.
Talking to a lawyer now can save you a whole lot of time and money later on. Issues that often arise include release of personal liability which spells out various bank rights and asset protection clauses within contracts. There are literally dozens of potentially problematic issues surrounding a short sale. Even if the realtor believes they know the law in any given area, legally, as they will tell homeowners and home buyers, they cannot make legal recommendations. Be sure to hire a real estate short sale attorney.