There Are Many Reasons to Have a Real Estate Attorney Involved in Property Purchases

by | Jun 18, 2014 | Lawyers

People who are considering buying residential or commercial property should retain the services of a real estate attorney. Most residential property sales are straightforward, but the purchaser can rest easier knowing that all documents are in order. Occasionally, issues arise dating back decades but which never surfaced in the past.

A residential property is likely to have less problems requiring a real estate lawyer, but it would be prudent to have all documents check by an attorney for their accuracy and to be sure they represent what you have agreed to. For example, if you found certain defects in the house which need to be repaired, it would be necessary to have these formalized if they cannot be made before closing.

The mortgage is a document which an attorney should surely review for accuracy and for what you thought was the mortgage you wanted. Although mortgages usually conform to legal requirements, there are provisions regarding interest calculations, escrow, and other matters relating to the payments which should be reviewed by an attorney.

Commercial property that you are buying into with a group of investors definitely requires a Real Estate Attorney in Carmel NY. There are so many considerations regarding investor responsibilities and future payments that an attorney is someone you must have look over the documents. The attorney should also check the accounting and tax methods since these directly involve the financial interests of the investor. The property investment documents need to be thoroughly reviewed by an attorney.

The method used to calculate the return on investment should be reviewed by an attorney as well as a CPA to ensure fairness and compliance with the understanding of the investor.

The laws which govern investment property and investment groups are numerous and complex. The Federal laws are involved, state laws are also and the IRS code is definitely involved. The IRS regulations on property purchased by groups of investors are very stringent and enforced. The tax rules are also very complex. While many of these issues are for CPAs to handle, there are many aspects of the laws that an attorney must review with their application to your investment in mind. Spain and Spain PC can advise you on all of these matters.

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