Real Estate

Want peace of mind that your real estate project will go off without a hitch?

Did you know that inadequate due diligence on the front end could cause you significant delay in developing your property, tie up (and stall) a sale, and/or cost you significant time and money to remedy on the back end?

A messy chain of title, inadequate lender disclosures, and poorly drawn up contracts may not prevent you from closing the deal today, but they do have the potential of causing all types of problems down the road, including preventing you from using the property in the way you had planned in the first place.

Bottom Line: Since real estate might be one of your biggest investments, it is worth double checking and triple checking that —

• Applicable laws and the operative real estate documents allow you to use and develop the property as you originally planned;

• Zoning laws and local ordinances do not impose costly building requirements that outweigh your profit margin (check flood zone restrictions);

• Disclosures are accurate in compliance with state and federal law;

• The title is “clean” — i.e. there are no unexplained gaps in the chain of title, there are no liens or encumbrances, there is no pending legal action against the property, and the person selling the property has authority to do so;

• The Covenants, Conditions, and Restrictions for the lot do not conflict with your property plans;

• There are no unrecorded leases, agreements, or other factors that could adversely impact your property rights. Remember, just because a title report comes back “clean,” your due diligence doesn’t end there because there are still things you need to check for that won’t show up on a title report. For example, if you are buying a house in an HOA, the financial reserve study and any special assessments for the next fiscal year are potentially very expensive items that need to be looked into and may not appear on a preliminary title report.

Need more help? Call Spector Law for a free 15 minute call today to get started.

Here are some examples for how Spector Law can help you dot-your-is and cross-your-ts to make sure your next real estate project goes as smoothly as possible:

1. Title Review: A preliminary title report is prepared by a title company or a title insurance company during the early stages of a property sale or refinance process. The preliminary title report provides important information about the property's title history and potential liens or encumbrances that may affect the transfer of ownership or restrict property rights. Spector Law can help interpret and explain legal documents, contracts, and disclosures, ensuring you understand your rights and obligations.

2. Contract Review: Real estate transactions involve numerous contracts, such as purchase and sale agreements, title deeds, loan documents, easements, CCRs, surveys, and more. A real estate attorney can review these contracts to ensure they are fair, accurate, and protect your interests. Additionally, an attorney can also negotiate terms and conditions on your behalf to secure a better deal.

3. Due Diligence: A real estate attorney can perform due diligence on the property to identify any “hidden” issues, such as zoning restrictions, environmental concerns, or pending legal disputes, which may impact your decision to buy.

4. Property Tax and Finance: Need help in understanding property tax implications and the financing process? Or do you want to explore creative finance options and their implications? Spector Law can connect you with industry professionals for all types of real estate transactions to find a solution that Meeting

5. Dispute Resolution: Want to protect your earnest-money deposit? If any disagreements or disputes arise during the transaction, having an attorney can be invaluable in negotiating or mediating a resolution to avoid costly and time-consuming litigation.

6. Compliance and Regulations: Want to complete your project before interest payments or the balloon payment is due? By double-checking that your plans comply with various federal, state, and local laws and regulations, you can complete your project faster and for less money because you will save time by avoiding bureaucratic hold-ups.

7. Peace of Mind: Working with an attorney provides peace of mind throughout the transaction, knowing that you have a professional advocate safeguarding your interests and guiding you through the process.

8. Closing Process: Real estate attorneys can review final closing documents before you sign, ensuring that all necessary documents are properly executed and explaining any final details or adjustments.

Spector Law can help you get your real estate project started right away and without worrying about the potential hold-ups. You don’t have to reinvent the wheel and dig through hundreds of pages of legal mumbo-jumbo when your time would be better served getting your project underway. Save time, money, and hassle and let Spector Law provide you with peace of mind that your real estate project will go as planned from the starting line.