Real Estate Law
There are many potential pitfalls when buying or selling real estate. First, you need a solid contractual agreement. Make sure it addresses all potential problems so you don’t get taken advantage of in a real estate transaction.
A full disclosure of any known problems is a must unless the property is being sold “as is.” This must be conveyed to the buyer by the seller and its agents, and this is understood and acceptable to the buyer after a reasonable due diligence and inspection period.
Residential Real Estate
Residential real estate is very different than commercial real estate and other real estate investments and development. The contracts and agreements associated with each can be very different.
Residential real estate is usually associated with the buying or selling of a home, condo or other habitual dwelling. However it can also involve real estate transactions with the renting or leasing of homes, condos or other types of habitual dwellings.
Landlord and Tenant
Oftentimes when there is a landlord/tenant relationship, there can be problems or disputes. If a tenant fails to pay his rent or otherwise comply with the lease agreement, a landlord may find itself in a position where it has to seek legal help to collect owed rent, evict tenants who fail to pay their rent or comply with their lease agreements. When in this situation, any landlord must follow the applicable state laws in its jurisdiction to avoid exposing itself to liability.
Likewise, in certain jurisdictions there are certain tenant’s rights that afford them certain protections.
Commercial Real Estate
Commercial real estate comes in many forms. Oftentimes commercial real estate is owned or run by management companies for investors or commercial real estate companies. To create income for the owners of commercial real estate all or a portion of any project is leased to tenants in which they operate businesses. The lease agreements typically used in commercial real estate transactions are very different than those used in residential real estate transactions. Sometimes it is customary for a tenant to be responsible for any repairs to a commercial property, they may be obligated to pay the property taxes for the property they are occupying as well as the property and building insurance.
