The real estate market is a significant driver of our economy. It affects homebuying, renting, lending, and business investments.
A real estate attorney can help buyers and sellers in a for-sale-by-owner (FSBO) transaction, and a lawyer can assist in mortgage loan closings. Real estate attorneys charge hourly rates or flat fees, depending on their level of expertise.
Residential real estate refers to properties designed for families and individuals. These properties include single-family homes, condominiums, apartments, and townhouses. Residential real estate property laws are more lenient and less complex than commercial ones.
Residential property owners often have to screen tenants carefully before leasing their properties. They must review tenant credit, income, and background to ensure they have responsible renters who will take care of the property.
In addition to regulatory compliance, real estate companies may face anti-money laundering (AML) regulations. AML compliance is critical for real estate companies, and a robust AML program can help them identify potential risks before they become a problem. This can reduce the risk of a money laundering scandal or regulatory penalties.
Just because you own property does not necessarily mean you can do whatever you want. Land use and zoning laws restrict what can be done on properties and are the source of many legal disputes.
Zoning ordinances tell property owners what kinds of uses can be made of their property, such as residential or commercial. A property owner may be able to get an exception from a zoning law for specific reasons that are not detrimental to the public interest.
Real estate attorneys can help with various property ownership and use issues. These include zoning, environmental conditions, and even eminent domain. Contact a qualified attorney to find out how they can help you. How much does an attorney charge for a deed? That question or any questions can be asked to attorney experts in the real estate field.
Commercial real estate, or investment property or income property, consists of buildings and land used to generate business income. This includes office buildings, hospitals, malls, and warehouses. Often, these properties are owned by investors who lease them out to individual businesses. However, a single business owner sometimes owns and occupies the building.
When two or more businesses enter into a scheme that has the effect of an unreasonable restraint of trade, it’s called a conspiracy under antitrust law. Though most people associate antitrust laws with breakups in the oil and telecommunication industries, the Supreme Court has held that they also apply to the real estate industry.
License law prohibits real estate licensees from discussing commission rates with each other. This helps avoid the appearance of price fixing, which can violate state and federal antitrust laws.
When a real estate licensee commits a wrongful act that damages others, they can be sued for wrongdoing. However, a judgment can be worthless if the licensee has no money or other assets to pay it. The state tries to protect people whose evil actions have hurt by ensuring the licensee has the resources to pay a judgment.
Leases are legally binding contracts in which one party, known as the lessee, agrees to rent an asset—such as property or equipment—from another party, the lessor. Leases usually guarantee the lessee’s use of the support and the lessor’s regular payments for a specified period in exchange. Some leases have clauses that allow them to be broken early if certain conditions are met, such as job-related relocation or divorce-induced hardship.
A foreclosure is a process that occurs when a borrower fails to make their mortgage payments. The lender can then sell the property at auction. Depending on state law, borrowers may avoid foreclosure by negotiating with their lenders for a loan modification, forbearance agreement, or repayment plan.
Homeowners should also know that foreclosures hurt their credit, affecting their ability to obtain future mortgages. They should also consider other loss mitigation options, such as a short sale or deed instead of foreclosure.
Real estate professionals should also be aware of antitrust laws prohibiting price fixing, such as discussing commission rates with competitors. This can violate the Sherman Act and result in civil and criminal penalties.