4 Tips For A Legal Real Estate Transaction

Real estate transactions are some of the most complicated financial transactions most people will ever engage in. The amount of money and work that goes into the transfer of property from one person to another is immense. Apart from the financial aspects of such transactions, it's also important to factor in the legal ones.

There will be legal documents to be signed during real estate transactions, but depending on certain factors, there may be a lot more legal work involved. A proper understanding of real estate law will be necessary in many cases.

Correctly Identify the Real Estate Sector

The type of due diligence performed when purchasing land for a warehouse isn't the same as when it is performed when purchasing land for a multi-story commercial building. There are different sectors in real estate both in the residential and commercial sector. If you intend to put up a residential building, you could face significant challenges if the land was previously used for certain applications. You may need the previous owner to sign documents that state the land wasn't used for some applications.

What are the Requirements for that Sector?

You may have dreams of buying land and putting up some industrial property, however, this may come with very high requirements. Many states are putting into action laws that heavily regulate which lands can be used for industrial property and what measures must be taken to prevent environmental issues. Take time to go over the state laws to know what will be needed.

Work with a Structural Engineer

If it later turns out that the real estate you're buying has problems that make it structurally unsound, you may suffer a significant loss. Before you engage in any transaction, look for the input of a structural engineer to determine the state of the real estate you're buying. You can also engage with other experts to ensure that the condition of other parts of the property e.g. electrical wiring and plumbing are in good shape.

Title Due Diligence

If you're not careful, you could spend a fortune buying land from someone who has no legal authority to sell the land. It's important to carry out a title search and other due diligence to ensure that there are no issues. This will ensure that the title can be transferred to you legally. This is also why it's important to hire the services of a real estate attorney to ensure there are no legal hiccups.

410 Words

About Me

Buying the Home You’ve Always Wanted When I married my sweet spouse, I moved into the home he already owned. The small brick house wasn’t what I pictured I’d be starting my married life in when I was younger. Thankfully, my husband and I are currently packing our belongings in order to move into our dream home. Are you ready to buy a new place? Before you sign on the dotted line, consider securing the services of a real estate attorney near you. A real estate attorney can help you get through the complex closing process. A real estate lawyer is especially helpful when people choose to purchase a foreclosure. On this blog, I hope you will discover the types of tasks real estate attorneys help home buyers with. Enjoy!




Latest Posts

4 Tips For A Legal Real Estate Transaction
27 March 2019
Real estate transactions are some of the most complicated financial transactions most people will ever engage in. The amount of money and work that go

Top Tips For Planning Your Estate
27 December 2017
No matter what age you are, estate planning is an important step to take if you have assets that you own. To plan for your estate, you will need to hi

Two Ways You Can Accidentally Destroy A Joint Tenancy Agreement
22 December 2017
People who own property together can ensure they inherit full rights to the real estate by developing a joint tenancy with right of survivorship agree