Protecting Your Investment When Purchasing Your Dream Home
Your dream in life is to buy a townhouse with a beautiful view of the beach or a condominium near the lake. For this you have saved part of your monthly income for several years. When you have saved a sizable nest egg for your new home, you start hunting for that dream condominium. In this case, should you hand the money you saved all these years over to the property owner and assume everything will work out just fine, or should you first discuss this with an experienced lawyer?
In these hard economic times, it is important to protect your investments. You should consult with a lawyer first about the property you wish to purchase. This is vital because it is not a small amount of money you are planning to invest. The investment is big enough to change your life. A knowledgeable and experienced lawyer can check for errors in documents or figures and guide you on how to proceed.
A capable real estate lawyer can explain title searches, property insurance issues, property taxes, and other considerations that may influence your purchase or make the process easier.
Your attorney can also explain how property owners and realtors must follow certain laws when selling you property, including:
- Federal statutes
- State statutes
- Common law
So be safe and wise. If, with the help of your attorney, no red flags appear, you can expect help with completing the transaction within weeks and moving into your new home.
Information in this post gathered in association with Chicago business lawyers
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.
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.
What to expect when going through foreclosure
Your lender usually sends you a demand letter before foreclosing on the mortgage stating the date by which payment must be made to avoid foreclosure. If this happens, it is in your interests to speak to an experienced Miami foreclosure attorney to craft a reply. After the demand letter you can expect a complaint, a lawsuit, court proceedings, judgment, and sale. Speak to an attorney and avoid waiving rights or saying the wrong thing.
There are so many foreclosures in Florida that some courts developed special procedures and rules in response. The foreclosure process is difficult and requires an experienced foreclosure attorney. Instead of trying to navigate the foreclosure process on your own, put yourself in capable hands.
Source: Foreclosure in Miami
Lawyers at Templer & Hirsch, P.A. law firm are knowledgeable about foreclosure laws and have been assisting their clients by offering them aggressive defense in a foreclosure action.
Your Bank has a lawyer - You need an attorney to fight back!