Real Estate Transactions in Toledo, Ohio
Few industries are more notably challenging than real estate. Though it may be enticing to enter the real estate market on your own, it is a transaction best completed with expert legal assistance. Whether you’re buying or selling a property, you shouldn’t do it alone.
From leasing property for your business to buying a home, real estate contracts are complicated; commercial development contracts even more so. It would be best if you had an experienced attorney like Schuller Law Firm to represent and guide you through the process.
Negotiating the Purchase Contract
Whether you’re dealing with private residential real estate or working on large scale commercial developments, the purchase contract is one of the biggest potential pitfalls. Sellers may try to conceal essential details about the property in the fine print of a contract – details that could be unfavorable to the buyer. However, the average citizen is not entirelyfamiliar with the verbiage used in such contracts.
An attorney can assist you throughout the negotiation process and will check for potential issues within the contract that you may have overlooked. Attorneys can also help you negotiate the fairest price, bearing in mind not only the property for sale but also the closing costs on comparable properties in the area.
Reminding Parties of Important Dates
There are several key dates in the real estate transaction process. Sellers must submit their bid to buy the property and put down a good faith deposit, which the buyer must approve or deny. Once approved, additional stages include presenting financial information, getting inspections done, and obtaining insurance and other surveys.
Missing deadlines can hinder the transaction and may result in other potential buyers securing new deals before you have closed your own. Having an attorney like Jim Schuller on the case will help you meet your deadlines, so delays do not impede or unexpectedly terminate the process.
Dealing with Developers and Commercial Planners
Commercial planners and developers work together on significant city builds and expansions. However, commercial real estate contracts are even more complicated than private residential ones. Unlike residential, these agreements are “living” entities that can be changed as the process progresses.
Commercial real estate follows completely different guidelines than residential properties, withadditional factors such as engineering and obtaining permits. Unlike in residential, business transactions are typically conducted by a representative of the decision maker, which adds another layer of potential delays.
Reviewing Title Insurance and Surveying
All properties require land surveying and title insurance as part of the transaction. Title insurance is generally only customary, with the buyer committing to purchasing insurance on the property. However, some property titles include exceptions which may not be covered by the title insurance, such as tax liens or easements like utility access.
Surveying defines the limits of the property. This part of the process often has clauses that the average individual might overlook, but which are very important. Because this stage of the transaction requires attention to highly complex details, you should consider hiring an attorney like Jim Schuller.
Addressing Special Circumstances
Real estate transactions seem like they should be relatively straightforward, but they often are not. Special circumstances can arise at any point during the purchasing process. Undisclosed issues such as construction defects, evictions or other landlord-tenant disputes on the property, and nuisance complaints about construction can require legal intervention.
Other issues may also be addressed such as fraudulent transfers, restrictive covenants, and negotiating lease terms on commercial properties. As the transaction becomes more complex, you are more likely to need an attorney.
Intervening in Zoning and Other Land Disputes
Property zoning is another one of the most crucial issues in real estate transactions, particularly when buyers seek zoning changes to allow commercial or multifamily developments in an area that is not already zoned for it. Other commercial zoning issues include utilities, easements, and franchise rights.
Residential real estate zoning issues may include matters of eminent domain, contractor disputes, and mineral rights in relevant areas.
Real estate is likely one of the most expensive and significantinvestments you will ever make. Mistakes hidden deep within the contract could end up costing you even more money than you ever anticipated. To avoid such consequences, it is crucial that you work with an experienced attorney to direct you through the process.
Contact The Schuller Law Office Today
Similarly, real estate prices are negotiable. However, many real estate buyers are not fully cognizant of the property itself, the community in which it sits, and the negotiation process. Hiring an attorney to represent you in this significant purchase will help ensure that you secure the fairest deal possible. Call Schuller Law Firm today at (419) 535-0311.