Real Estate Attorneys Greenville Archives

Tag Archive for: Real Estate Attorneys Greenville

Real Estate 101: Should I Get a Real Estate Development Lawyer?

October 13, 2020/in Business Law, Real Estate, Resources

Deciding to throw your hat into the real estate development ring means you will soon be juggling several things on your to-do list and putting out fires.

Whether you are looking to renovate an existing property or start from scratch and create a unique branding experience, you need help along the way. The process can take years from inception to completion and choosing a great team will lead to financial success.

One vital addition to that team is an experienced real estate development lawyer. Someone who understands not only real estate, but all the legal facets and hurdles involved in business management, permits, and financing.

Read on for signs to know when to get a lawyer for your new endeavor.

What Does It Take to Be in Real Estate Development

Not everyone is cut out to be a real estate developer, but they are the backbone of the commercial and residential market.

Many start their careers as real estate agents. They learn tips and tricks along the way and decide they want to grow and promote their community and their career.

Others fall into this type of work from the construction side of things. With their years of experience, they have trusted architects and resources and decide to journey out on their own.

If you have the drive to excel and a background in real estate, business management, marketing, and finances then you are on the right track.

Here is how a real estate development attorney can help get you started.

The Sale

Real estate development is a little more advanced than simply buying a home.

Acquiring property for both commercial and residential, or a combination, requires knowledge of the market, potential site surveys, and environmental impact studies.

You will also need to go through the due diligence process of the title examination.

There are multiple agencies involved and it is key to have one central contact to organize all the information. As the client, you need your interests protected with sound legal advice.

Plans, Plans, and More Plans

Planning for your real estate development is an intricate step in the future success of this endeavor. There are development plans, site plans, and of course, building plans that all have their specific requirements.

Are you renovating an existing property? Has a market analysis been completed? Are you going to combine residential space with retail space? All the parties involved must be on the same page and an attorney will keep the plans moving in the right direction.

Tax Laws

Tax laws are a legal minefield all its own. There are local, state, and federal guidelines and laws that must be followed. You have enough on your plate without trying to learn all the necessary tax codes.

Let your attorney work with your accountant to sort through all the details and then follow the lawyer’s advice.

Permits

Permits are another potential difficulty to overcome. For a development project, you will need both a land-use permit and a building permit.

The land use permit allows for the actual use of the land for your specific concept design. The approval depends on things like any rezoning issues and resolving conflict with the community residents or other businesses. This permit can be the hardest and take the longest to obtain.

The building permit opens the door for the actual start of construction. In this stage, engineers from the governing jurisdiction in question will review the building plans. They are looking to make sure all safety measures and building codes are up to date.

Your real estate attorney can walk you through all the legal processes in obtaining these permits. They can note potential pitfalls and make sure everything is in order and lines up for speedy approval.

Financing

Your dream project will never leave the planning stage without proper financial backing.

Finding investors or backers may be the easy part, but there are still many lines of fine print to read and spaces to sign. Multiple avenues of financing are used in such a project, and all the details must line up.

It is wise to let your attorney research all financing options. Do not rush through this step and jeopardize the success of the project.

Construction Contracts

Once the permits are signed and the financing is arranged, it is time to start seeing the actual fruit of your labor. It is time to build.

As with any construction project, there will be a contract and agreements. There should be clear direction on the scope of work, responsibilities, and payment. There will likely be delays and changes along the way as well.

Contingencies for modification and timeline must be addressed. All of these should be thoroughly reviewed by your real estate lawyer.

Leasing Agreements

Whether you are building a commercial/retail space, residential, or a mixed space, you will eventually need to draw up leasing agreements unless you are going to sell once completed.

These agreements are a solid base for the ongoing relationship with the development and the tenants. Do yourself a favor and make sure all the bases are covered.

An attorney can help with the correct terminology, current leasing laws, and any special conditions that could be involved in this development. Don’t have any lease signed without oversight and recommendation from your lawyer.

Potential Disputes

From the initial stage of planning to filling the space with tenants, there will be disputes that arise from time to time.

Some can be handled quickly with no legal action. However, unforeseen events may cause a person, or persons, to challenge you and file a lawsuit.

For as much as you know about real estate, you should leave the legal issues and disputes to the attorneys.

If you have secured a real estate development lawyer who has been with you every step of the way, they will be familiar with your vision and also knowledgeable of all your dealings. They will be able to properly and swiftly handle any legal disputes that crop up.

A Trusted Partnership

A successful real estate development strategy requires dedicated teamwork.

One key component of that team is an experienced real estate attorney. From the initial planning stages to tenant management or resale, we will be with you every step of the way.

For more information on how our services can help you fulfill your dream, please reach out.

How Do I Sell My Home If There Is A Lien On The Property?

December 28, 2016/in Real Estate

Liens are designed for lenders to ensure that home buyers are more likely to make payments in a timely manner and do not default on them. If a debtor fails to pay the lender, the lender may sue the debtor, resulting in a lien on the property. If the homeowner should wish to sell the home, this can cause issues. In this case, a skilled and experienced real estate lawyer may be your best resource.

Why Liens Matter

Liens are attached to the property, meaning that if a debtor should transfer ownership to another party, the debt does not follow them. However, liens are present on the property title. Before a real estate closing, a mortgage company will require a title search. Should outstanding liens appear on the property, it is likely that the mortgage company will refuse to finance the purchase. Additionally, the lender who owns the lien can seize the home as long as the lien is valid. This may mean that the new homeowner must pay off the previous owner’s debt to keep the property. Most people will not want to take that risk, so selling a home with a lien may be very difficult.

Paying Off The Lien

If you are selling a home that has a lien on it, it is best to repay the debt before selling. Once the lien is paid off, the lien holder will issue a Certificate of Release. This acknowledges that the lien is no longer valid, as the debt has been paid. Upon receiving the certificate, the debtor files it with the Secretary of State’s office. The lien will no longer appear in title searches once this document has been filed, making it easier to sell your home.

Expiring Liens

Sometimes, the homeowner will choose to wait until the lien expires instead of paying it off if it is financially easier. There are several types of liens, and they expire at different times. Federal tax liens are valid for ten years, after which a homeowner can request a Certificate of Release. A judgment lien will expire once the original judgment expires, but a creditor could renew a judgment before its expiration. Therefore, relying on the lien to expire is not always a good idea.

Mortgage Liens

Mortgage liens are different than other liens. Should an individual sell the home before paying off the mortgage, the proceeds of the sale will go to paying off the original mortgage, should the house sell for more than the owner owes. Mortgage liens do show up in title searches, but do not count against the homeowner and would not complicate the sale process the way other liens would.

Solutions

If there is a lien on your property and you intend to sell it, you have a couple of options. Typically, a debtor must pay off the judgment lien before it is removed, but a lender may voluntarily remove the lien if the debtor offers collateral or sets up a payment plan. For federal tax liens, the IRS will allow debtors to apply for a lien release when trying to sell your home, if the individual submits their application at least 45 days before the sale of the home. This will release the lien on the home, but remains on other property, and the individual will still owe the debt.

At The De Bruin Law Firm, we have experienced real estate lawyers you may be able to help you with your questions about liens and other real estate issues. Contact us today to learn more about our real estate lawyer services.

3 Issues That May Come Up During A Refinance

June 28, 2016/in Real Estate

Refinancing a home can be a really big task that has the potential to get complicated quickly. There are many different reasons a homeowner might want to refinance from wanting to lower the interest rate on the loan, remove the PMI, or receive an infusion of cash to improve the house. Even in the case of a refinance, an attorney is required for many of the aspects involved with the closing in South Carolina. Contacting a closing attorney early in your refinance process may be beneficial. Let’s take a look at what these issues are and why you might want to call De Bruin Law Firm for assistance during your refinance.

Timeliness

Whether buying a new home or refinancing your existing home, having all of the evaluations and paperwork complete by specific deadlines is essential. What can happen is banks will continue to ask for current paperwork as they push out your refinance up to even 90 days. If your bank is giving you the run around, it could be beneficial to bring in a real estate attorney to protect your investment and time.

Low Appraisal

Receiving a low appraisal can also be a really big problem when refinancing. The appraisal dictates what the bank is willing to do in terms of relieving you of the PMI or cashing out for improvements. There are several steps that can be taken to escalate this problem, which is often why you need to consult with a real estate lawyer.

Negotiations

Having a good attorney on your side means that if things escalate, negotiations need to happen. A real estate lawyer can help avoid disputes and protect the borrower’s rights throughout the process. If you’re thinking about getting your home refinanced contact Bryan De Bruin at the De Bruin Law Firm to handle you closing.