Real Estate

Real Estate Basics

Real estate simply refers to property in the 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.

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 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.

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 the preparation of the purchase agreement. Consulting a lawyer before selling your property is the wisest idea as it ensures the whole process goes well.

Real Estate Basics

Real estate simply refers to property in the 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.

Our real estate attorney handing over keys after a client signed their contract near Hamilton Township

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 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.

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 the preparation of the purchase agreement. Consulting a lawyer before selling your property is the wisest idea as it ensures the whole process goes well.

What to Know Before Buying or Selling

At Zapicchi & Liller LLP, we’re dedicated to providing you with the best information about navigating complicated real estate law. Here are some of the most important points to know when preparing to buy or sell a home, which can help prevent future expensive legal battles.

Buying a Home

  • Inspect the house carefully before committing! There may be hidden defects you aren’t aware of that will come back to bite you once you’ve finalized a deal. If the seller keeps a problem from you knowingly, it can be grounds for a suit within a certain period of time. Keep yourself covered early by asking about specific issues you may see, or hire an inspector.
  • Be sure about your closing date commitments if you don’t want to begin the whole process again. If you need to delay for extenuating circumstances, the seller could back out of the transaction.
  • If you have bad credit and are unable to get a bank or lender mortgage, there are still options in purchasing your future home. Some sellers are willing to enter into an agreement by which you would pay them directly over time until the house is fully purchased.
  • Clarify any title discrepancies to ensure you’re purchasing the house from the right owner! Purchase title insurance to protect yourself from future foreclosures in case of a previous mortgage or lien on the house.

Selling a Home

  • As a buyer needs to be aware of any defects in a home for sale, it’s the sellers’ responsibility to make those points of potential concern known upfront. Not doing so is grounds for future legal action on charges of fraud. Always be honest and upfront in your disclosures.
  • Latent defects are known issues with your house that the buyer may not notice while checking out the house, such as a leaky roof or a flood-prone basement. This is especially important for those issues which could cause health issues for a resident, including mold and carbon monoxide exposure.
  • Selling a house ‘as is’ does not preclude informing your buyer of the home’s latent defects, and can still hold you liable to a fraud suit if you intentionally withhold information about the problems.
  • The sale contract will often outline the disclosures you must make about your house. Some standard promises often contained in these forms include: that everything is in good working order as could be reasonably expected by its age, that the property is not violating zoning ordinances, and to provide permits for any permit-required improvements made on the property.
  • A few of the major defects that can cause a buyer to cancel on your contract include roof leaks, plumbing or electrical problems, and foundation or structural issues. The buyer has the ability to have a certified inspector look over the property to find such defects. If they exist, you can offer to either fix the found defects or include a credit on the sale for the defects to be fixed later. Any agreements made by this exchange should be added to the initial contract.

Legal Advice for Buying or Selling a Home

Throughout the process of both buying and selling a home, you want to make sure you’re in the right position to make an investment in your future. Contact us at Zapicchi & Liller today for an initial consultation at 609-318-3990 to begin planning your next real estate move.

What to Know Before Buying or Selling

At Zapicchi & Liller LLP, we’re dedicated to providing you with the best information about navigating complicated real estate law. Here are some of the most important points to know when preparing to buy or sell a home, which can help prevent future expensive legal battles.

Buying a Home

  • Inspect the house carefully before committing! There may be hidden defects you aren’t aware of that will come back to bite you once you’ve finalized a deal. If the seller keeps a problem from you knowingly, it can be grounds for a suit within a certain period of time. Keep yourself covered early by asking about specific issues you may see, or hire an inspector.
  • Be sure about your closing date commitments if you don’t want to begin the whole process again. If you need to delay for extenuating circumstances, the seller could back out of the transaction.
  • If you have bad credit and are unable to get a bank or lender mortgage, there are still options in purchasing your future home. Some sellers are willing to enter into an agreement by which you would pay them directly over time until the house is fully purchased.
  • Clarify any title discrepancies to ensure you’re purchasing the house from the right owner! Purchase title insurance to protect yourself from future foreclosures in case of a previous mortgage or lien on the house.

Selling a Home

  • As a buyer needs to be aware of any defects in a home for sale, it’s the sellers’ responsibility to make those points of potential concern known upfront. Not doing so is grounds for future legal action on charges of fraud. Always be honest and upfront in your disclosures.
  • Latent defects are known issues with your house that the buyer may not notice while checking out the house, such as a leaky roof or a flood-prone basement. This is especially important for those issues which could cause health issues for a resident, including mold and carbon monoxide exposure.
  • Selling a house ‘as is’ does not preclude informing your buyer of the home’s latent defects, and can still hold you liable to a fraud suit if you intentionally withhold information about the problems.
  • The sale contract will often outline the disclosures you must make about your house. Some standard promises often contained in these forms include: that everything is in good working order as could be reasonably expected by its age, that the property is not violating zoning ordinances, and to provide permits for any permit-required improvements made on the property.
  • A few of the major defects that can cause a buyer to cancel on your contract include roof leaks, plumbing or electrical problems, and foundation or structural issues. The buyer has the ability to have a certified inspector look over the property to find such defects. If they exist, you can offer to either fix the found defects or include a credit on the sale for the defects to be fixed later. Any agreements made by this exchange should be added to the initial contract.

Legal Advice for Buying or Selling a Home

Throughout the process of both buying and selling a home, you want to make sure you’re in the right position to make an investment in your future. Contact us at Zapicchi & Liller today for an initial consultation at 609-318-3990 to begin planning your next real estate move.

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Trusted Defense Against a Wide Range of Criminal Allegations

  • Burglary

  • Disorderly Conduct

  • Drug Charges

  • Sex Crimes
  • Identity Theft

  • Insurance Fraud

  • Drug Crimes

  • Juvenile Crimes

  • Obstruction of Justice

  • Violent Crimes

Trusted Defense Against a Wide Range of Criminal Allegations

  • Burglary

  • Disorderly Conduct

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  • Drug Charges

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  • Sex Crimes
  • Identity Theft

  • Insurance Fraud

  • Drug Crimes

  • Juvenile Crimes

  • Obstruction of Justice

  • Violent Crimes

  • Resisting Arrest

  • Shoplifting

  • Weapon Possession
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