Se habla Español
Please join us in helping those affected by Hurricane Dorian. Your donation to the American Red Cross will help bring relief to those who need it most. Donate Now

Why You Need An Attorney For Your Real Estate Deal

Buying a home or commercial property may be the largest and most significant purchase you make in your life. It also involves the law of real property, which is unique and raises special issues of practice, and problems nor present in other transactions. Our real estate lawyers are trained to deal with these problems and have the experience to deal with them.

Here are some things you need to know:

  • If the property has been foreclosed, altered or there has been an addition to the property, was it done lawfully?
  • If the buyer has plans to change the property, can what is planned for the property be done lawfully?
  • What happens if a buyer has an engineer or architect inspect the property and termites, asbestos, radon or lead-based paint is found?
  • What are the legal consequences if the closing does not take place, and what happens to the down payment? This question raises related questions. Will the down payment be held in escrow by a lawyer in accordance with appropriately worded escrow instructions? How is payment to be made? Is the closing appropriately conditioned upon the buyer obtaining financing?

And when the transaction involves a commercial piece of property, the scrutiny is heightened even further as additional questions come into play revolving around leases, tenants, estoppels, environmental issues, financing information, and more.

If you’re selling, do you need a lawyer?  What if you’re “short-selling” the property? A law firm can handle the title search for purposes of the lender and buyer. Then, a closing occurs where the property is transferred from the seller to the buyer, and the seller receives the purchase price per the contract terms. This seems simple, but without a lawyer, the consequences of a transaction gone awry may be more disastrous than purchasing a car that turns out to be a lemon, or a stock investment that goes “bad”. Our real estate lawyers are trained to deal with problems that tend to arise in this context, and have the necessary experience to navigate the issues. To a seller, the tax consequences may be of critical importance.  For example, the income tax consequences of a sale, particularly if a short-sale or if the seller makes a large profit, may be considerable.  An attorney can review with your accountant on how to best navigate the forgiveness of debt and possible tax liability, or in the case where the seller may be impacted by capital gains taxes, how to take advantage of tax provisions allowing for exclusion of capital gains in certain circumstances. Perhaps the most important reason to be represented by an attorney is conflicting interests of the parties. Throughout the process, the buyer’s and seller’s interests can be at odds with each other, and even with those of professionals involved in the sale. The broker generally serves the seller, and the lender is allied with the buyer. Both want to see the deal go through, but neither can provide legal counsel.

The respective lawyers for the buyer and seller will serve only their own clients’ best interests. Seeking the advice of a lawyer is a very good idea from the time you decide to sell or to buy a home, investment property, or commercial property until the actual closing.

Carlos J. Reyes  is the Principal of Reyes Law Group. He has been a member of the Florida Bar since 1988 and practices state-wide.  Carlos has been awarded a rating of “AV Preeminent” which is the highest possible rating in both legal ability and ethical standards by Martindale-Hubbell – a well-recognized legal resource. The RLG Legal Team also include attorneys Stephan LopezMelissa J. UlloaPhillip A. Ortiz and the RLG Legal Support Team to bring you a dedicated, experienced and dynamic legal team to handle your legal needs.

We also assist clients in the areas of: Civil LitigationReal Estate LitigationResidential Purchase & SalesCommercial Acquisitions & SalesResidential Landlord-Tenant LitigationCommercial Landlord-Tenant LitigationShort Sales NegotiationsLoan ModificationsCriminal DefenseCivil Rights ClaimsFamily LawCorporate Work, and Labor & Employment Law.

Call us for a FREE consultation at (954) 369-1993  Se Habla Español.

Visit our firm website ReyesLegal.com and review our credentials.

We are located at 150 S Pine Island Rd #210, Plantation, FL 33324

______________________

The Reyes Law Group BLOG is intended to provide information to firm clients, friends and potential clients about various legal related topics. Nothing in this BLOG should be construed as legal advice or a legal opinion. Readers should not act upon the information contained in this BLOG without seeking the advice of legal counsel.

The hiring of a lawyer is an important decision that should not be based solely upon advertisement.  Before you decide, ask us to send you free information about our qualifications.

Written by Reyes Law Group