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Although real estate transactions can be complex and perhaps create anxiety at times, consulting an experienced real estate transactions attorney can help things go smoothly. There are multiple procedures and legal requirements to follow as well as many necessary forms to complete. It is vital that these are handled properly. A knowledgeable real estate attorney can address these matters and significantly decrease the chances of litigation or other issues occurring in the future.
It is important that the parties signing a real estate contract first understand what is involved in the transaction. In particular, the seller is obligated to comply with specific legal requirements. When selling any kind of property, whether industrial, commercial, or residential, it is necessary to complete detailed forms that disclose everything about it. Potentially negative facts about the property must be included, as this is information the buyer needs in order to make important decisions. If a defect such as an issue with the electrical or plumbing system, noise problems near the property, troublesome neighbors, or litigation involving the property is not disclosed, this could quickly lead to serious legal problems. Due to the potential for adverse legal repercussions, it is vital to have an experienced professional guiding you through your real estate transaction and advocating for your interests.
When purchasing a property that is within a homeowner’s association community, it is important to have a thorough understanding of the requirements of that HOA. A knowledgeable attorney can help explain the rules that could affect you down the road so that there are no unpleasant surprises after your purchase has been completed.
Besides assisting with purchase agreements, real estate attorneys also assist landlords and tenants with lease agreements. These contracts are not as complex as a purchase or sale transaction, but it is still vital that each party have a good understanding of the rights and responsibilities involved in the lease agreement. If the tenant is agreeable to the terms, landlords can choose any length of time for the lease. When the end of the lease period is over, the landlord can choose to extend the lease for another length of time (for example, one year or just one month at a time) or to terminate the lease agreement and end tenancy. The tenant likewise can choose to extend their lease or vacate the property if they wish.
To reduce the chances of problems and litigation occurring later, a real estate construction contract must include certain details. This will likely include all work to be done, start and finish dates, materials types and costs, labor costs, blueprint dimensions for each room, blueprint dimensions for the entire building, a liquidated damages clause (this specifies the amount of compensation that would be paid if one party fails to fulfill their part of the contract), all companies involved in completing the work, equipment used on the job, and the date/s and method of payment.
Before completing a construction contract, bids should be obtained from the various companies or individuals who will work on the project, including the architect and the general contractor.
An experienced real estate transaction attorney will be able to help create bid requests, review those bids, negotiate terms, create the contract, and explain it to you so that you thoroughly understand what your rights and responsibilities will be.
If it becomes necessary or desirable to modify the contract later, a new document will need to be written and attached to the contract that was originally signed. It is only possible to modify a contract when all parties involved agree to the changes. If a dispute along these lines arises, it may become necessary to initiate negotiations to prevent litigation and/or a costly delay in completing the construction project.
If you have further questions about real estate transactions or contracts, The Law Office of Robert M. Baskin can help. Contact us at (805) 658-
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