Real Estate Law

Real Estate Legal Issues Can Be Tricky

Real estate legal issues can be tricky, and mistakes can be expensive. Whether you are buying a house or building an apartment or office building, going to closing without an experienced real estate attorney can end up costing you a lot of money.

Real Estate Contract disputeIf you are buying real estate, a number of real estate legal issues need to be considered and addressed. How will the property be paid for? Will the seller take back financing some or all of the purchase price? Is the purchase contingent on a bank loan, and if so, then what terms (as in interest rate and amortization period) would be acceptable? Is the property subject to any easement or other use restrictions, and how will those affect the intended use of the property? Real Estate Legal Issues How do you protect against environmental liabilities? Since standard title insurance policies are riddled with exceptions like a termite infested building, how do you guarantee title protection? Is title insurance even necessary? What title endorsements should you get? When and where will closing occur, and who is supposed to bring what to closing? Who pays expenses, and how will things like taxes and utilities get prorated?

If construction is involved, how will payments be disbursed? How can you be sure you are only paying for the work that has actually been done? Is there proper workers comp, liability, and other insurance coverage in place to protect you during the construction phase. These real estate legal issues can be complicated to navigate. Call Fred Vilbig for answers anyone can understand.

If you are leasing the property, whether for residential or commercial purposes, how do you protect yourself? What provisions should be in the lease agreement? When is rent due and what happens if rent is not paid on time? If some sort of a build-out is required, what are you willing to allow, should you have the right to approve or reject any such build-out? What limited uses are permitted so that the property is not destroyed or used for an illegal purpose? Can your tenant sublease, and if so, under what terms and conditions? If there is any common area to be maintained, who pays what portion of the maintenance costs? And who has to carry what insurance?

Fred L. Vilbig has represented buyers, sellers, and developers throughout his career. He is familiar with title insurance, zoning and building code issues, financing, and leasing.

If you are buying, selling, or developing real estate, complete the form on the right and submit it to us. We will be in touch.