Buying a property? Don’t sign anything without knowing this. Legal tips every buyer needs. - Bucks County Real Estate, Estates and Divorce and Custody Attorney

Understanding the Basics of Real Estate: What You Need to Know When Buying Property

Purchasing real estate is one of the most significant financial decisions a person can make. Whether it’s your first home, a vacation property, or an investment, understanding the fundamentals of real estate and the legal landscape surrounding it is crucial. In this article, we’ll walk you through the basics of buying property, what to watch out for, and why having a real estate lawyer on your side is an invaluable asset during the process.

Real Estate 101: The Basics

What is Real Estate?
Real estate refers to land and any permanent structures attached to it—such as houses, buildings, or other improvements. Property can be categorized into several types:

Residential (homes, condos, townhouses)
Commercial (office buildings, retail spaces)
Industrial (factories, warehouses)
Land (undeveloped property, farms)

Types of Property Ownership:
Buyers should understand different ownership structures:

Freehold: Full ownership of the property and the land.
Leasehold: Ownership of the property for a fixed term, but not the land it stands on.
Joint Tenancy and Tenancy in Common: Forms of shared ownership that affect inheritance and control.

Key Considerations When Buying Property

1. Location, Location, Location
Location is often the most important factor in a real estate purchase. Proximity to schools, public transport, amenities, and employment opportunities can greatly affect both property value and quality of life.

2. Budget and Financing
Know your budget before starting the search. According to the National Association of Realtors (NAR), 86% of recent buyers financed their home purchase, and the median down payment was 14% for all buyers in 2023.

3. Market Trends
Understanding local real estate trends can help buyers time their purchase effectively. As of 2024, housing prices in many U.S. markets have begun to stabilize following pandemic-era surges, but affordability remains a key concern—only 40% of homes on the market were considered affordable for the average buyer.

4. Home Inspection
A professional inspection is critical to uncover hidden issues such as structural damage, plumbing problems, or mold. Skipping this step can result in unexpected costs down the road.

5. Legal Due Diligence
Title searches, zoning laws, easements, property taxes, and deed restrictions are just a few of the legal factors that must be verified before a purchase is finalized.

Why You Need a Real Estate Lawyer

While many buyers rely on agents or brokers for guidance, these professionals are not qualified to provide legal advice. A real estate lawyer ensures that your rights and interests are protected at every stage of the transaction.

Here’s Why Legal Representation Matters:

1. Contract Review and Negotiation
Real estate contracts are legally binding documents that can be complex and full of jargon. An attorney can review purchase agreements, identify red flags, and negotiate terms on your behalf to ensure fair treatment.

2. Title Search and Resolution
A title search is essential to confirm that the seller has the legal right to sell the property and that it is free of liens or encumbrances. A lawyer can resolve disputes or unclear title history before you finalize the purchase.

3. Closing Process Oversight
The closing process involves numerous legal documents, including the deed, mortgage agreement, and transfer of ownership. Errors at this stage can delay or derail the transaction. Legal counsel ensures everything is properly executed and recorded.

4. Protection Against Fraud and Misrepresentation
Real estate scams are on the rise, with the FBI reporting over $350 million lost to real estate fraud in 2023. A lawyer can help verify legitimacy and guard against deceptive practices.

5. Navigating Complex Situations
Purchases involving foreclosures, estate sales, or investment properties can come with added legal complications. A real estate lawyer brings clarity and direction to these often murky waters.

The Bottom Line: Legal Guidance is an Investment in Your Future

Buying a property is more than just a transaction—it’s a legal process with long-term implications. Having an experienced real estate lawyer on your side provides peace of mind, reduces risk, and ensures that your investment is sound.

Eddie Rodriguez

15:41 05 Jun 20

Michael Kuldiner and Maria Lester, Paralegal Were very Responsive and quick to handle my case. I highly recommend their services to anyone! Thanks again for your help and I will be using you again in the future!

Michael L. Saile, Jr.

13:30 16 Feb 20

My law firms have worked with Michael and his team for a number of years and continue to do so. Whether you are going through a bitter divorce and need a fighter or buying or selling real estate and just need to get the deal through, this law has the knowledge, skill, and tenacity to win and make your experience as best as it can be. Give them a call today to get started!

Sanghavi Family

03:24 26 Nov 19

Michael is excellent! We were incredibly impressed by his professionalism and quick response time. He helped with our home closing. He stayed abreast with the events at closing and ensured everything ran smoothly even though he couldn't physically be present. We would highly recommend his services!

DM MD

17:51 28 Oct 19

Great lawyers- I had a complex custody issue, and Marianne, my attorney for my recent case, was a HUGE help. Even Christin, who works with Marianne and the firm, gives helpful advice and always available and understanding, as well. Also, they were VERY understanding of my financial situation, and gave advice accordingly, which is a rare find in this field. They are compassionate, understanding, and always available to answer any and all questions. I highly recommend this law firm. They go above and beyond, which again, is rare. I've used their firm for over two years, and always had great experiences. Highly HIGHLY recommend!

Leslie C.

16:59 13 Sep 19

Michael provided superior representation. I’m pleased with the outcome, it was along the lines of what he anticipated. Michael is very knowledgeable and a great negotiator. His team was very supportive and encouraging. They stayed on top of all deadlines to ensure the process was resolved as quickly as possible. I highly recommend Michael and his team.

Veronica Eiben

15:29 08 Jul 19

There are no words to truly explain how grateful we are to Michael Kuldiner and his staff. We had a previous attorney that had done very little with our case. Michael agreed to take our case, and we are very thankful that he did! He was able to accomplish in 4 months what the other attorney had not even come close to in over 2 1/2 years. Felicia is the most AMAZING Paralegal. She is through, prompt, on top of every detail, and incredibly kind. We are confident that our case settled simply because of Michael, Felicia and the office as a whole. HIGHLY recommend!!!

Kevin Ireland

04:28 21 Sep 18

Michael is an A+++ lawyer. He is very well versed in the law and fights hard for his clients. His dedication to his craft is unmatched. I HIGHLY recommend him and his legal team.

Samantha Ruland

18:45 18 Sep 18

Exceptional firm. They made me their priority and were always quick to return my calls and emails. Glad I came to them for help when I needed it! I would highly recommend this firm to anyone in need of legal assistance or advice.

JC Ye

01:09 20 Aug 18

We terminated our previous real estate attorney and came to Michael for help. We were most impressed by Michael's deep commitment on our best interest and his strong legal expertise on helping us achieve the desired outcome. I also really liked Michael's communication - He always returns your call and inform you key progress of the case. We will definitely recommend Michael to our network as the top real estate attorney.

Cartin cartin

16:57 11 Jul 18

Michael Kuldiner and his staff are the best! They are professional, educated and always there when you need them. I went through a very difficult divorce and there is no one else I would rather have by my side then Michael.

Zhanna Sivchuk

00:10 10 Apr 18

I dropped my old attorney and came to Mike. I had 2 matters that needed to be resolved together. My previous attorney was only working on one matter since he was not knowledgeable in the other, my case was going no where. Finally after 6 years i dropped my old attorney and came to Mike. He was able to take care of both matters in fraction of the time and cost than with my previous attorney. Michael and his team are very knowledgeable in many diverse legal areas. I am very happy i switched attorneys and both of my cases were resolved and finalized.