The purchase of real property is often the single largest transaction someone may make in their life. It is important to have an attorney who understands the significance of this transaction, is accessible to answer your questions and is competent to handle the myriad of legal matters that arise during the course of this very important exchange. The attorneys at McCormick & Friman, LLC are extremely experienced in all aspects of real estate transactions and will respond to your concerns whenever they may arise. We will be your zealous advocate from the early stages of the deal through the closing and beyond, at all times protecting your legal rights and interests. We will make certain that you know exactly what is transpiring, thoroughly guiding you through each document before you sign it. The real estate attorneys at McCormick & Friman, LLC have closed thousands of commercial and residential deals and welcome the opportunity to discuss any questions you may have. The following are some important real estate and loan questions (but by no means an exhaustive list) that we invite you to consider before or during your real estate transaction, all of which the attorneys at McCormick & Friman, LLC can help you answer:
Questions to ask if you are the seller:
- Is the deed prepared in accordance with your state laws?
- Do you have a clean chain of title?
- Are you aware of any encroachments on your property?
- Has the contract been drafted to protect your unique interests, or is it simply a boilerplate, fill in the blanks contract?
- What are the tax implications of your sale (should you consider a tax-deferred exchange?)
Questions if you are the buyer:
- How are you taking title?
- Do you need financing to acquire the property?
- Is this property for personal, investment or rental?
- Is your particular use allowed under the current zoning ordinances?
- Is there new construction involved? If so, how can you be sure you will be satisfied with the end product and that there are no liens on your property upon completion?
- Has the contract been drafted to protect your unique interests or is it simply a boilerplate fill the blanks contract?
- Do you know the difference between the Note and the Mortgage?
- Will you have to pay a fee to pay your loan off early?
- Are the fees that you are paying to obtain the loan reasonable?
- Are the loan documents standardized forms? (For commercial deals, standardized forms often contain draconian and harsh provisions that may be negotiable)
- Does your income generated on the property cover the carrying costs?
- Do you have funds to cover the equity requirement, or will you need to raise money?
We understand that purchasing or selling real estate, whether commercial or residential, is a significant transaction for our clients. The attorneys at McCormick & Friman, LLC are accessible to answer your questions and guide you through the process, offering our expertise at every step of the exchange.