Savviness is a good attribute to have when investing in commercial, industrial and residential real estate as well as land. However, personal knowledge and research can only go so far in an investment area where you may be a novice or only have a basic understanding.
The areas within commercial and residential real estate can be complicated, and they run the gamut. The list includes the necessary tours and inspections of properties, the thorough review of contracts that require skillful negotiations before agreements are made. And who knows what can happen when a litigious situation arises? All of these matters confirm the complexity of real estate law.
Purchases and sales, negotiations and leases
In nearly any matter related to real estate, it is a good idea to consult with a knowledgeable legal advocate who can explain the nuances of this area. Real estate law covers diverse areas that include:
- The purchases and sales of commercial properties: The list of things to do is lengthy and includes understanding contracts, negotiating and determining the length of leases, the need to diversify investments and how to avoid conflict with investment partners
- The purchase and sale of residential properties: Whether you are a buyer or a seller, it is a good idea to have guidance in areas related to single-family housing, inspections, negotiations, contract reviews and closings.
- Purchase and sales agreements: Careful review of contracts is a necessity. Contracts clearly define rules and can help you avoid as well as settle disputes. Understand these agreements when buying or selling real estate.
- Commercial leases: Upon investing in rental properties, you are now a landlord. When attracting business tenants, you must have a firm grasp of these leases. It is in your best interest to know whether the property is properly zoned, ensure that the lease agreement is up-to-date as well as the length of the lease.
- Litigation: These situations surface in real estate matters related to foreclosures, construction defects, zoning and breaches of contract.
Real estate law encompasses so many situations. As a commercial or residential real estate investor, you understand the risks and challenges, and you are ready to face them and succeed. An attorney who understands real estate law is a solid ally to have in your corner.