Purchasing and selling real estate can be overwhelming for both sellers and buyers with all the contracts and documents that are involved during the buying process. Commercial and Residential Real Estate Attorney/Lawyer specialize in protecting both buyer and seller’s best interests throughout the transaction. In this article we will discuss how an Attorney/Lawyer can help you navigate your real estate transaction.
Protecting the Buyer:
Purchasing both commercial and residential real estate can seem like a daunting task with so many unpredictable variables. With each stage of the buying process, from placing an offer to closing on the property, there is a catalog of documents that need to be collected and contract negotiations that take place. To mitigate any potential issues that may arise and to ensure that the process goes as smoothly as possible, you can benefit from a Commercial or Residential Real Estate Attorney/Lawyer to guide and protect you during the life cycle of your transaction. Below is a list of ways an Attorney/Lawyer that specializes in real estate can help protect your interests.
- Contract drafts and reviews
- Contract negotiations
- Inspection contingencies such as:
- Illegal structures
- Termites
- Lead paint
- Asbestos
- Other hazardous conditions
- Property line disputes and encroachment
- Canceling contracts and protecting earnest money
- Reviewing documentation such as:
- Property deeds
- Liens
- Loan documentation
- Title
- Title Insurance
- Contract addendums
- Due diligence
- Closing
- Uncovered issues after closing
Buyers should not only be aware of the above steps and situations, but also, they need to be informed on what each step entails and the best way to navigate each step to remain protected.
Protecting the Seller:
Selling your commercial and residential real estate can have similar steps and situations as a buyer and will involve the same protections offered to the buyer. While there are several similarities for both the buyer and the seller, there are also unique situations that a seller will confront. An experienced Commercial or Residential Attorney/Lawyer is very helpful and below is a list of additional situations that a seller can encounter during the selling process.
- Giving notice to occupants about the sale of the property and vacate notices
- Removing any liens on the property
- Resolving title issues
- Breach of contract
- Canceling contract (if you change your decision on selling the property)
- Seller disclosures on property conditions
- Pre-approval letters from lenders
- Negotiating responsibilities for repairs
- Navigating loan types
- Buyer does not qualify for the loan
Sellers will need to understand what their roles are during the transaction and retain a Commercial or Residential Real Estate Attorney/Lawyer to ensure they are not only protected with contracts and buyer issues, but also clearing any property issues that are your responsibility before closing on the property as well.
Conclusion
Both buyers and sellers can run into issues and delays during the transaction process and beyond. It is in the best interest for both parties to hire an experienced Commercial and Residential Real Estate Attorney/Lawyer to ensure that contracts and negotiations go smoothly and that each party is fulfilling their end of the transaction. Having the protection offered by a Commercial and Residential Real Estate Attorney/Lawyer that will work with you to ensure you are getting the best deal and help ease your mind during the ups and downs of your real estate transaction.
Warren S. Dank, Esq., P.C. provides legal guidance and representation to our clients. Contact us online or call us at (516) 364-2469. We look forward to meeting you.