Real Estate and the Law
Real estate law is one of the most specialized areas of the legal profession. Because real estate can be complex and involve large sums of money, you may need the expertise of a real estate lawyer.
Real estate matters may come up in any of the following categories:
- Commercial real estate
- Residential real estate
- Real estate contracts
- Real estate closings
During the current economic conditions, commercial real estate requires careful handling and consideration due to high unemployment and a high inventory of empty office space. Mistakes can be costly. The assistance of a real estate attorney in drafting lease and sublease documents, for example, can be vital.
If you are buying a home or selling one in Tampa, legal counsel can be essential. You can reach out to a Tampa real estate lawyer for the following services:
- Devising contract
- Closing a contract
- Dealing with lenders, investors, and brokers
- Reviewing paperwork, survey, title report, and loan documents
- Coordinating use and occupancy arrangements
A Tampa attorney is also likely to have good advice about specific Tampa real estate legal issues, issues, and opportunities. A real estate attorney may also be able to help you with your loan modification needs. Finally, before you sign any contract involving real estate, you should review all terms of the contract with the assistance of your lawyer.
Your Texas Real Estate Closing
What charges you can expect
If you are in the process of purchasing a new home or business, it is an exciting time in your life. You finally saved up enough money for a down payment on the property of your dreams, and the seller has agreed to the purchase. So everything is settled, right? Not exactly, as those who are unfamiliar with buying property may be surprised to learn that Texas real estate closings have additional fees associated with them, fees called closing costs.
If you are engaged in Texas real estate closings, your lender is required--under the Real Estate Settlement Procedures Act, or RESPA--to fully disclose all fees associated with purchasing your property. However, some of these fees still come as a surprise to the inexperienced buyer, and can include the following:
- Loan origination fees
- Mortgage interest
- Escrow items
- Transfer of title and deed charges
- Recording fees
- Public record of sale
How much will a real estate closing in Dallas cost me?
It is hard to say exactly how much real estate closings in Dallas will cost. They are often negotiable, and can even be paid for by the seller and worked into the purchase agreement. It is not uncommon for a closing to amount to thousands of dollars on a piece of property. A good way to estimate closing costs is to assume that they will be approximately three to six percent of the purchase price, depending upon the circumstances under which the property was acquired.
Before you do close on any type of property, be sure to have an attorney look over the forms, documents, and contracts that you plan to sign. Real estate law is complex, and the statutes can be altered at any time. You must make sure that you are getting the best deal possible, and that no one is attempting to shortchange you in the process. Hiring an experienced attorney to oversee your transactions is the best way to limit your closing costs, and to make sure that they are legally sound.
Information in this post gathered in association with an Atlanta bankruptcy attorney
Dallas Real Estate Law Firms and Eviction Proceedings
Eviction is when individuals, usually tenants, are removed from dwelling places due to the non-fulfillment of some part of their lease agreements or dwelling contracts.
What exactly are eviction proceedings like in Texas? And how can a Texas real estate law firm help you if you find it necessary to initiate such an action? These are questions that need to be asked.
Dallas real estate law firms help with each step
If you do need to evict a tenant for violation of a lease agreement, dwelling contract or other reason, you must do so using the proper legal procedures. You do not want to be accused of cruelly forcing someone out on the street, when all that you are really attempting to do is regain rightful control of your property. The appropriate way to start an eviction is as follows:
- Give your tenant written notice that he or she must vacate the property. Although, technically, you are allowed to give verbal notice, it is highly recommended that you obtain proof that a notice was served. This typically involves telling the tenant to vacate in writing, either in the presence of a witness, using certified mail, or by hiring a professional courier. Unless the tenant signed a lease stating otherwise, a landlord must wait three days after the notice is delivered before he or she can file an eviction petition with the local court.
- File the petition for eviction. The Eviction Form for Texas, which can be obtained at the local county courthouse, is the document that you need in order to begin a legal action. Be sure to complete and file it in the county and precinct in which the property is located. One of the county clerks should be called upon to act as a witness to its signing--or better yet, to notarize the signature. You will have to pay court costs that cover such things as filing the petition, holding a hearing, and serving a citation to the tenant indicating that eviction proceedings have begun.
Texas real estate litigation
It may be necessary to retain the services of a Dallas real estate attorney that specializes in real estate contracts if your tenant fails to cooperate with the eviction proceedings. A skilled lawyer can help protect your best interests in the following ways:
- Attending the hearing. An eviction hearing will be held after you file the original petition. This is where a judge hears evidence as to why removing the tenant is necessary and legal. You can bring witnesses, and present documents and other pieces of evidence that help to bolster your case. Unfortunately, the tenant can do the same. That is why it is recommended that you have a lawyer present who can explain things to the judge in an efficient and convincing manner.
- Launching an appeal. If the results of the hearing prove unfavorable to you, an appeal may be needed. This is another way in which an attorney can help you. It is important to note that, in Texas, you have only five days after the original verdict to appeal the decision of the court.
Information in this post gathered in association with a bankruptcy lawyer in Albuquerque
Commercial vs. Residential Real Estate
Commercial vs. Residential Real Estate Contracts
If you are considering buying property for your business, you may be surprised to discover just how different the process is - from purchasing a home for personal use. Specifically, the contracts used in commercial real estate are very unlike those used in residential real estate.
Following are a few common distinctions between the two types of contracts:
- A commercial real estate contract should ensure that the intended purpose of the property is permitted under local zoning ordinances. Generally, zoning ordinances do not come up in residential real estate contracts, unless the buyer intends to make specific renovations to the property, or use it for a business purpose. In a commercial enterprise, however, it is typical for the buyer to use the property for a completely different type of business than the seller. If you plan on purchasing a property, make sure that it is stated in your contract that the property is, or can be, zoned for your particular business purpose.
- Commercial real estate contracts can include options. An option refers to the right of a seller to allow the buyer to purchase real estate within a certain timeframe. The seller can offer to pay the buyer an option fee in exchange for the privilege of being the sole buyer of the property within that timeframe. As long as the option exists, the property cannot be sold to another buyer. Sometimes, it can be negotiated that all or part of the option fee is applied toward the purchase. It can also be forfeited to the seller if the potential buyer decides not to purchase.
- Less protection, but more flexibility, is offered in a commercial lease than in a residential one. State and local laws are often designed to protect tenants by ensuring that landlords meet certain basic requirements in the living conditions of a building. However, since commercial leases are viewed as contracts between two informed business people, the government feels less protection is needed from the lessor. Instead of offering as much protection, many more terms of a commercial lease can be negotiated than in a residential lease.
Contact an experienced Tampa Attorney for help with your real estate legal matters.