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When you gain ownership of real property, certain legalities can cost you money if you do not address them upfront. As an experienced investor or real estate professional, you may not think you have a need to hire an attorney; however, residential and commercial real estate acquisitions are sometimes complex, so it is advisable that you consult with an attorney before you close on your next investment.
Many government agencies track real estate acquisitions, so having experienced attorneys at Nishad Khan, P.L. confirm that all processes are properly followed in your closing is worthwhile. Often, we spot issues that may leave you vulnerable and we can suggest alternatives to address any of these issues that may arise. Further, we ensure that all proper transfer fees and taxes are addressed at closing, so that no person or government agency comes back after the closing to ask for more money.
Review Documents Involved in Real Estate Acquisitions
Many documents are used in real estate transactions; however, some of the standard documents you will see involved in real estate acquisitions are the sale and purchase agreement, the deed, the FIRPTA affidavit (if applicable), and the title clearing documents. Having an Orlando, Florida real estate attorney review these documents avoids confusion and misunderstanding that can lead to costly court proceedings.
Acquiring a residential or commercial property involves many legal complexities. So, set up an appointment with Nishad Khan, P.L., to thoroughly review all the documents. This will give you one less thing to worry about during the real estate acquisition process.
Consider Investment Risks
It is important to consider the risk of a residential or a commercial real estate acquisition. By asking the right questions ahead of time, you can avoid many of the issues that drag out the closing process.
As part of your due diligence during the buying process, if applicable, request profit and loss statements, utility statements, real estate taxes, rent rolls, and maintenance invoices, that indicate the financial and the physical condition of the property. You can, sometimes, use this information as further negotiating points, to request additional contingencies or to walk away from the deal, if necessary.
Perform Due Diligence
Performing due diligence during the buying process is very important. Dependent on the property type, certain due diligence matters, such as: (i) conducting certain types of property inspections, (ii) ordering title, permit and municipal lien searches, (iii) confirming zoning classification, and (iv) completing a survey, are vital in ensuring you are getting what you are paying for. A real estate acquisition attorney can help you understand the overall condition of the property you are purchasing. Because each closing is different, working with a law firm that can help you prevent future legal difficulties is essential.
Identify Financing and Closing Costs
If you plan on seeking financing to fund your Closing, you will need to include a contingency in your sale and purchase agreement to permit for cancellation in the event that lender financing is not obtained within a set timeframe. An approval letter from your lender is required to keep the process moving. Showing you have approval makes it easier when submitting an offer to purchase property, because it confirms that you already have your financing in place for closing. Skipping this step may cause delays due to securing financing for the deal.
As a buyer, you can expect to pay for the following items and services:
Contact Nishad Khan, P.L.’s experienced real estate lawyers in Orlando, today to discuss your real estate acquisition concerns. Our real estate, estate planning and business attorneys will combine forces to provide the legal services you need to protect yourself against potential legalities during the real estate acquisition process.
Our firm’s commitment to professionalism, civility, and open and honest communication allows us to provide our clients with the highest level of professional service.
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