Frequently Asked Questions (FAQs)
Real Estate Questions
Answers to your Questions
Real estate law includes a variety of legal issues relating to acquiring, financing, developing, managing, constructing, leasing and selling commercial and residential real property of all kinds. It can include, but is not limited to, the following:
- Mortgages
- Purchases
- Sale agreements
- Property taxes
- Negligence
- Fraud/Misrepresentation
- Construction defects
- Mechanic’s Liens
- Land use & zoning
Commercial real estate refers to any dealing with real property in a business context. It could involve any of the following:
- Leasing office space
- Selling real property as part of the sale of a business
- Industrial or agricultural property
- Residential properties — apartment complexes, rental houses
- Working with the government
Unless the property is a residence where the homeowner is living, you are probably dealing with commercial real estate.
There can be huge differences between commercial and residential real estate transactions. Commercial real estate transactions are usually more diverse than selling homes. In general, the risk and potential liability exposure that you face on a commercial real estate deal can be much greater than when you buy a house. Depending on the nature of the business, commercial property may have numerous liens and title problems. There may be greater concerns about hazardous materials or zoning issues. In addition, there will always be questions about the suitability of the property’s location for your business needs.
Certain closing costs are the responsibility of the buyer to pay and are other closing costs are the responsibility of the seller to pay. The responsibility varies depending on the contract between the buyer and seller. You should have an attorney review the contract carefully before it is signed if you are unsure about what your rights and obligations will be.
Real estate transactions are complex, involving numerous documents; therefore, it is a good idea to hire both a real estate agent and a real estate attorney. Listing agreements will clearly state that real estate agents are not providing legal advice. An attorney will be in a better position to provide you with essential legal advice and the benefit of competent legal advice on a real estate deal is worth it. A real estate lawyer will review all documents, including title, for legal clarity before you sign.
Once you have decided upon a lender, their lawyer will review a title search and schedule the closing. As a buyer, if the closing is being handled by an attorney assigned by the lender, it is important to keep in mind that the attorney is working in the interest of the lender. You should consider hiring a separate lawyer to represent your interests.
Please see our webpage on Real Estate for more information.
