Real Estate Legal Advice
We advise on transactions across all real estate sectors, including office, leisure, industrial, hotels, residential, retail and mixed use. This enables us to ensure we deliver a service that reflects current market conditions and practice, as well as dealing with all sector specific requirements for the target asset. Our areas of practice are mainly and not limited to the following:
Purchasing Residential Real Estate
The law surrounding problems that can arise during the purchase of residential real estate is complicated. Plus, the facts of each case are unique. Whether its Reading the Purchase Agreement Carefully, presenting you with finance options, dealing with the ministry, checking for hidden defects, title defects…tec. Contact us and we will handle all the legal aspects of the purchase with your mind at ease.
Purchasing commercial Real Estate
A commercial real estate deal is much like a residential property deal. Both involve contracts between the buyer and the seller or, if the deal is a lease, between the landlord and renter. Commercial real estate transactions typically tie up large sums of liquid assets. In a down market, owners can have a hard time selling the property. Owners can have trouble with tenants and vacancy rates that affect their ability to make financing payments on the property. If payments to the lender fall behind, commercial property is subject to foreclosure. Typically, commercial real estate purchases come with a lot of long-term risk. This risk must be realistically evaluated prior to making the purchase. If either party decides to end the deal, the terms of the contract will spell out how this can happen. This article provides a brief, general introduction to the topic. For more detailed, specific information, please contact a lawyer who deals in real estate.
You may be able to borrow up to a certain percent of the equity in your home. The exact amount you can borrow depends on several factors, such as your credit rating, how much you owe on current mortgages, and how long you will need to pay the money back. The longer you take to repay the loan, however, the higher your total interest payments are likely to be. The policies of each lender are different. But some unscrupulous lenders offer loan terms, like interest rates, so unreasonable that you won’t be able to repay the money. Alternatively, lenders may encourage you to exaggerate your income. This allows you to qualify for a loan with monthly payments so high that you can’t pay them. If you fail to repay the home equity loan, the lender can foreclose, seize your house, and sell it. If you suspect that you’ve been victimized. CONTACT US we are here to help.
Evicting a Problem Tenant
Your ability to evict a tenant who’s causing you a problem depends on the nature of the problem and whether you have a lease. If you have a lease and your tenant is just a mild annoyance, you’re probably stuck with that person until the lease expires. However, if your tenant isn’t paying rent or is causing damage to your property, you have options. You Can’t Just Change the Locks: The worst thing you can do is lock your tenant out of your property.
A legal proceeding is required to evict a tenant. If you don’t follow the procedure, the court may fine you – and allow your tenant to stay. Or your ability to evict a tenant who’s causing you a problem depends on the nature of the problem and whether you have a lease. If you have a lease and your tenant is just a mild annoyance, you’re probably stuck with that person until the lease expires. However, if your tenant isn’t paying rent or is causing damage to your property, you have options.You could file for eviction, and after you do, you and your tenant will get your day in court. You’ll both have an opportunity to tell a judge your side of the story. If your tenant wins, your only aoption is to wait until the lease expires. However, you can usually sue your tenant for the costs of damages to your dwelling in a separate legal proceeding. The law surrounding the eviction of problem tenants is complicated. Plus, the facts of each case are unique. CONTACT US and a real estate lawyer and we’ll ensure you get the service you need.
Ending a Real Estate Deal
The Contingency Clause
Depending on how far you are into your commercial real estate deal, you might be able to end it by using a contingency clause in the contract. Contingency clauses let the buyer or the seller out of the deal if something happens that changes the terms of the contract. For example, your business might not be able to obtain the mortgage you’d planned on. Alternatively, your contract might be contingent on the property having clear title, which means there are no liens against it. If it does have liens, you can back out of the contract.
You Might Be Sued
If a contingency clause doesn’t provide an escape route, getting out of the deal won’t be easy. If you signed a contract for sale, it’s binding. If you back out, the other party can usually take you to court. If you are the seller, the buyer can sue you for “specific performance.” The court might order you to sell the property. If you are the buyer, you’ll probably lose any deposit money you put down on the real estate. You might have to reimburse the seller for any money spent on a deal that didn’t go through.
Negotiate a Settlement
Lawsuits can be expensive, so if you think the other party might sue you, consult with a lawyer. A lawyer can help you negotiate a solution that is acceptable to both parties. If you are the buyer and changing your mind, you might still lose your deposit. Sellers who end a deal must return the deposit and attempt to recoup certain expenditures.
Many Ways to End a Lease
If your commercial real estate deal is a lease, there are several ways to end it. Your lease might include terms that allow you to void the agreement if your business fails or your landlord fails to make agreed-upon repairs to the property. You might even be able to sublet the commercial property to another tenant. A new tenant can move in and pay the rent. But if the new tenant causes damage to the property or doesn’t pay rent as required, you might still be legally responsible. CONTACT US and our commercial real estate lawyer will make sure your interests are always our own.