Real Estate Law
Whether you are an individual homeowner or a commercial property owner, real estate represents a significant investment. We know the legal issues surrounding real estate can be complex. Protect your property rights in real estate transactions or litigation.
Real Estate Cases we Handle
We do property owner, and tenant, both commercial and residential real estate cases, although mostly commercial, and mostly on behalf of property owners. We do a lot of work with homeowner associations, mostly on behalf of those associations. We also are involved for individual owners with buying and selling properties. We do some construction law, which involves development and placing improvements on real estate contracts and contract disputes.
We do help in the buy and sell transaction process, and we help clients understand some of the particulars involved with getting their financing addendums that purchase contracts and so forth, but we do not advise mortgage lenders. We work with title companies, but we do not necessarily advise those title companies. Therefore, it is broad; the spectrum is wide when it comes to real estate in this firm.
The one area of real estate that we really do not practice is on the financing end.
Why Hire an Attorney when Purchasing Real Estate
Asking an attorney if his services are necessary, whether it is in real estate or any other area of the law, is like asking a doctor if you should get preventive checkups. We see our value applying to help both sides in any transaction, and especially in regards to real estate, because those transactions are usually the single biggest transactions that people enter into. I mean that across the spectrum.
For example, a young couple that is buying their first a home, that is the biggest deal they have ever been involved in most likely. A businessman who may be running a multi-million dollar company if he decides to buy a building, to operate his business, that may be the single biggest transaction he will ever be involved with in purchasing and closing on the real estate for his business. It really is across the spectrum.
Real estate transactions are usually some of the bigger and most important transactions that we become involved with. So yes, you should have an attorney help advise and oversee these transactions.
Basic Steps with Buying or Selling Real Estate
It might be helpful if we identify the players in buying or the selling of any real estate. In a real estate transaction, you are going to have at least a buyer and a seller, somebody who owns real estate, and the desire to sell. Alternatively, you may have someone who wants to buy real estate. Without those two players, I cannot end up with a transaction. In addition to those players, you are going to have realtors. Realtors are not attorneys, but they usually end up advising both sides of that transaction, the buyer, and the seller. Their motivation is to get the transaction to conclude, because their compensation is going to be based upon a percentage of the proceeds of the sale once it is consummated, and completed.
I do not take anything away from a good realtor. In fact, I have relatives who are realtors and brokers. They provide a valuable service, and are very experienced. They are good at what they do, but at the end of the day, they are motivated to close a deal, that is when they are paid. Most attorneys are always charging by the hour, or maybe a flat fee in regards to real estate transactions, whether the deal closes or not, an attorney is going to be paid the agreed upon fee. Therefore, the motivation for an attorney is to help either the buyer, or the seller, and to make sure their interests are protected. They need to watch for pitfalls, and potential problems, which is much preferable in advising a client who gets in the middle of a big problem, and has to be defended, or prosecuted in order to find adequate resolutions.
The other players in almost every transaction are title companies, financial institutions, lenders, and escrow officers. The title company’s role is to search out the record about the property, so the buyer can be assured that they are buying the property that is represented. What it really is based on is a legal description, and what liens might be associated or attached to that property. For example, they know if they are paying mortgage on the property, or if the balance of the mortgage exceeds the dollar amount that they agreed upon to buy that property. Obviously, the proceeds of that sale are not going to be sufficient to retie to that pre-existing obligation.
The buyer wants to know, he wants to know so that they do not end up buying a property that is still subject to a prior lien, or somebody else is ahead of them. Sellers are interested in getting title commitments from their buyers to make sure they do not go too far down the road with the buyer who is not going to qualify to pay whatever the agreed upon purchase price is. Loan commitments and letters of qualification for a buyer are important to the seller, but those are the main players; buyers, sellers, real estate agents, brokers, title officers, and the financiers. When you know who the players are, you know what their motivations are, and then depending on who I am hired to help, I can oversee and make sure that problems do not arise or exist, and can be dealt with in the appropriate time before a closing.
General Information with Utah Real Estate
- What Kind Of Real Estate Cases Does Your Firm Handle?
- What Are The Things Required In A Real Estate Transaction?
- What Are The Common Conflicts That Arise In A Real Estate Transaction?
- How Long Does A Real Estate Transaction Typically Take?
- Commercial and Residential Landlord/Tenant
- Real Estate Management
- HOA And Property Management
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