Real Estate Basics

Real Estate Basics

Real estate simply refers to property in form of land and buildings (commercial and residential). Many people invest in real estate in order to generate profits. Usually, this is a long term venture. However, in some cases, it can be short term particularly when you purchase property, renovate it and then sell it off at a higher value. Once you sell the property, you will need to look for a different property, develop it and sell.

If you do not like this option then you can choose another alternative: Rentals. This is where you buy/build a piece of property then rent the space to tenants. Typically, you will need to carry out property improvements in the form of renovations if you are buying an old piece of property.

It is worth noting that even if tenants rent your property, you are the one in charge of mortgage payments, property maintenance and taxes. Some folks who have attempted this investment fail because they forget to consider these imperative aspects. To be effective, you may need to bring professionals on board to handle the finer details for you.

Like any other investment, it is always critical to learn what is involved before you plunge in headlong. Here are essential facts about buying and selling property.

Real Estate Basics

Buying Real Estate

The process of purchasing property requires that you sign lots of paperwork. This purchase involves the law of property as well.

This brings up unique issues not captured in other transactions. Consequently, some states have decided to certify lawyers to specialize in real estate matters. This is because a real estate lawyer is widely trained to handle property matters. The process of buying a home seems simple at the first glance and may leave many people wondering whether they really need a real estate lawyer.

The purchase agreement is one of the most important pieces of documents handled when buying property. Of course, pre-printed forms in soft copy are useful. However, a lawyer can clearly explain the forms and also make any additions or changes according to the buyer’s request.

The purchase agreement addresses the following issues:

  • What will happen if the property is discovered  to have harmful waste material?
  • What could be the legal implications if the closing fails to take place as scheduled?
  • What will happen if the property is investigated and found to contain lead-based paint, termites or asbestos?
  • If the property is altered in any way, was that done lawfully?

If you intend to buy property, you will need an attorney to make sense of all this. That is where Zapicchi & Liller come in handy to ensure that your property purchasing process is a piece of cake.

Buying Real Estate

Selling Real Estate

When selling a piece of property you should use a real estate agent. But do not forget to bring a real estate lawyer on board because doing this comes with incredible perks. For one, having a lawyer will ensure that your seller rights are protected.

A lawyer will offer priceless help when it comes to reviewing the legal real estate documents and forms used in the sale of property. This is particularly important for the paperwork that requires signing.

In addition, the lawyer will review the terms surrounding the binder and the contracts. They will also help in preparation of the purchase agreement. Consulting a lawyer before selling your property is the wisest idea as it ensures the whole process goes well.

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If you are planning to sell your property contact us today! We are legal professionals with years of on the job experience.

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