The Value of a Real Estate Lawyer
Buying real estate can be a great long-term investment option. Buyers and sellers may assume that a real estate lawyer is only needed when there is a dispute between property owners or buyers and sellers. However, hiring a real estate attorney early in the process of buying or selling real estate can help identify legal issues early on, prevent disputes and provide peace of mind to the buyer or seller who is represented by a lawyer.
Real estate transactions involve federal and state laws, county codes, city ordinances, zoning regulations, and practice areas such as property law, contract law, agricultural law, land use, eminent domain, environmental law, lending and financing, and secured transactions.
Process of Buying or Selling Real Estate
Purchasing or building residential or commercial real estate for investment purposes is an involved process. Identifying legal issues and negotiating the legal terms, such as what happens when a seller or buyer defaults on the purchase contract while in escrow, advising on and resolving title issues such as liens, easements, or boundary line issues, giving notice to tenants and transferring leases to the new owner, and addressing development concerns, require an experienced real estate attorney. The legal issues involved will depend on the type of real estate, whether undeveloped land, a single-family residence, a multi-family residential development or a commercial building. A real estate attorney will prepare a purchase and sale agreement appropriate for the type of real estate being purchased or sold. Seller financed real estate purchases add another layer of complexity and require that a promissory note and deed of trust be prepared when the seller takes collateral in the property to secure repayment of the note.
Services Provided by a Real Estate Lawyer
A real estate lawyer can form an entity, such as an LLC, for the purchase of real estate. The attorney will work with the title company on a title search of the property, identify and resolve any title issues, consult with other specialists such as a CPA or an estate planning lawyer as needed, address zoning and development concerns, make sure all inspection deadlines and critical dates are met, address due diligence items, review leases, meet all notice requirements, advise on any transfer tax, review all closing costs, and work with the title company to close the deal. For your peace of mind, it is a good idea to hire an experience real estate lawyer when selling or buying real estate. This is true for both buyers and sellers.
Lotus Consulting & Law provides commercial real estate attorney services in Portland and Vancouver — everything from forming an entity for the purchase of the property, preparing a letter of intent, negotiating the terms of the purchase agreement, and closing the purchase or sale. Our experienced attorney approaches real estate law with a focus on the big picture and a personalized approach with the client.
If you are looking to buy or sell real estate, you are dealing with a title company, lender, or a real estate agent, or you need a real estate purchase agreement, getting legal representation will allow you to go through the buying or selling process with peace of mind. Work with an experienced real estate attorney to make sure your interests are protected.