Talking About Family Court Proceedings

3 Important Steps Real Estate Attorneys Do For Clients Purchasing Commercial Properties

If you are considering purchasing an apartment building, there are a number of factors you will need to evaluate before going through with the deal. Hiring a real estate lawyer is a smart move to make before you make an offer on the building, and your lawyer will help you avoid dealing with unwanted surprises after making the purchase. Here are three things real estate attorneys will help you with during the buying process.

Verifying Legalities Of The Property

Real estate attorneys do a lot of different tasks, but there are several key things they do for a buyer of property. This includes:

  • Ordering a survey of the property – A survey is usually needed to secure a loan, but it is also important to get so you can fully understand the property you are purchasing. A survey will show you the exact property lines, and it will illustrate and easements on the property. This is important to know because you may not be able to use the land where the easements are found.
  • Researching the title – One important step completed during a property purchase is a title search. Every property has a title, but there are times when titles are not clean and clear. Your attorney's job is to verify that there are no liens on the title of the property and that no one else has claims to the property. The attorney will also perform research to make sure the person selling the property is truly the owner of it.
  • Getting an appraisal – An appraisal will help determine the value of the building. Commercial appraisals often take longer to complete than residential appraisals, but they are a necessary part of the buying process.

In addition, you attorney can also prepare all the closing documents for the deal. He or she will also review the purchase agreement or contract you are using to buy the property. When you have a real estate attorney, he or she is working for you. This will help you protect yourself and your money during this big purchase.

Evaluating Expenses And Rental Income

Another way a real estate lawyer can help you is by evaluating the expected income and expenses of the building. This step often requires requesting financial information from the current owner of the building, and this can include asking for:

  • A list of current tenants and rental payment amounts
  • A list of security deposits on hand
  • Copies of bank statements
  • Copies of all bills relating to the property
  • Tax return documents
  • Property tax and insurance statements

Before you purchase this apartment building, you should thoroughly understand the financial commitment this will require. You should also fully understand the potential the building has to make money, and your lawyer can help you understand these things.

Your lawyer will thoroughly evaluate the financial state of the property by examining all the information, and you will be able to better understand what you are getting into by making this purchase.

Understanding The Condition Of The Property

Finally, your lawyer will want to take a few steps to find out what the condition of the property is in. This often begins by hiring a company to perform a building inspection on the property. This inspection should include:

  • Verifying that everything in the building is up to code
  • Examining all major components of the building to find out their conditions
  • Inspecting every apartment unit in the building to make sure they are in good condition
  • Writing an inventory list of all property in the building that comes with the building

By doing this, you will know whether or not you will have work to do after making the purchase. It's always better to know before you buy a property, rather than to wait until afterwards.

If you would like to learn more about the commercial property buying process, contact a real estate attorney for help.

About Me

Talking About Family Court Proceedings

Hello, my name is Bridget Waller. Welcome to my site about family court proceedings. My involvement in family court was not a welcome one. Despite the difficulties experienced during that time, I focused on building my knowledge about family court proceedings rather than let the process bring me down. I created this site to share my knowledge with you all, in hopes that I can help others navigate family court proceedings with ease. I will explore every phase of the court process in great detail to help others better understand the proceedings. Please come by my site regularly to learn more. Thanks.