What is Real Estate law?
Real Estate Law deals with the legal aspects of selling, renting, and maintaining of real property. The three main topics of Real Estate Law that are discussed in this site deal with property used for commercial purposes, property used for living purposes, and property used for renting purposes. The Statute of Frauds requires that all real estate sales contracts be in writing. A contract does not have to be very fancy to be valid. If it describes the property and the price, it usually will be enforceable in court. However, it is not a good idea to rely on a bare-bones contract when you purchase real estate.

Since every real estate deal is different, you will need to get advice from a lawyer on how best to protect your interests in these types of transactions. As a general rule, your contract should address at least the following issues:
• A property description, including the land surrounding the building.
• Purchase price and payment method.
• A list of any equipment or personal property that is included in your purchase.
• Any conditions that must be met before you are obligated to complete the purchase.
• Any costs that may be pro-rated (allocated) between you and the seller.
• Title evidence or title insurance.
• The date for closing and delivery of possession.
• Legal recourse by one party if the other party defaults.

Your lawyer may advise you to include several other provisions as well.

Many real estate contracts have contingencies or escape clauses. These clauses let you walk away from a deal without penalty if certain conditions are not met. Some examples of common contingencies are:
• The ability to get a mortgage loan of at least 75% of the purchase price.
• Satisfactory inspection of the building by a third party.
• Satisfactory environmental reports.
• The ability to get zoning changes for your intended use.

Contingencies help protect you from unforeseen problems. Your lawyer can protect you and put the right contingencies in the contract that are important for your individual purchase.
Buyer or seller default clauses should be a part of any real estate purchase and sales agreement and this is one of the main reasons to have legal representation in real estate transactions. Without this legal representation the following situations can occur:

• In most states, if the seller defaults, the buyer can go to court and seek an order of "specific performance." This order commands the seller (under penalty of being held in contempt of court) to transfer the property to the buyer upon payment of the agreed purchase price.
• If the seller defaults, the buyer can sue for "difference" money damages: the difference between the contract price and the fair market value of the property (assuming it is higher than the contract price).
• If the buyer defaults, the seller can sue for "difference" money damages as well. In this case, it would be the difference between the contract price and the lower fair market price.

Representations and warranties are also an important part of the real estate contract and are always a matter for negotiation. These clauses can protect both the buyer and the seller from problems arising before and after a property transfers ownership. Some examples of representations and warranties are:

• "The property is being sold ‘as is.' Seller makes no representations or warranties."
• A seller's lawyer may insist on adding the cautionary words, " . . . to the best of seller's knowledge." That way, the seller is not guaranteeing unknown facts or conditions.
• If you are buying income producing property, your lawyer may want the seller to guarantee the accuracy of the rental income figures as well as the expenses the seller has represented to you.
• "The seller is aware of no hidden defects in the building” that is, defects that your inspector is unlikely to discover.

Commercial Real Estate includes such things as retail buildings, office buildings, shopping centers, and hotels. It is real estate that is used for business purposes. It is mandated that all real estate transactions be done by a written contract. This contract should describe the property as well as the price. A lawyer can be helpful to assist you in this contract.

Real Estate that is purchased for residential purposes usually involves a real estate broker. A real estate broker or agent can work for either the buyer or seller; however, the majority of agents and brokers work for the seller. The relationship between the seller and the broker is outlined in the listing agreement. The transaction is also highlighted by a purchase offer, which details the terms of the offer. Because of the importance and complexity of these documents, you may find it beneficial for an attorney to help you with this process.

The most important document when renting property is the lease. A lease is a written document that lays out the agreements between the landlord and the tenant. A lease can be characterized as being short term (month to month) or long term (indefinite). Whichever type of lease that is used, it may be wise to have an attorney review the lease before anything is signed to make sure you protect your rights.

Contact us at 702.836.9696 or Email the Firm today.

Commercial Real Estate Transactions
Commercial Real Estate refers to retail properties, office buildings, shopping centers, hotels, warehouses, manufacturing facilities, apartment complexes and vacant land that has the potential to be developed into one these types of buildings. In short, almost any kind of real estate, with the exception of single-family home and single-family lots, can be regarded as commercial real estate.

Many office and retail buildings start out with tenant spaces consisting of little more than four walls and a door. The process of finishing this raw space is known as the "build-out." There can be extensive negotiations between the building owner (landlord) and the tenant over:
• Types of improvements.
• Responsibilities for payments for the improvements.
• Defining who is responsible for supervising the improvements.
• Defining what improvements are permitted (or required) to be removed at the end of the lease.
Contact The Law Offices of Barry Levinson for a consultation today.

Contact us at 702.836.9696 or Email the Firm today.

Landlord Tenant Law
Landlord-tenant laws govern the rental of commercial and residential property within the United States. The foundation of the legal relationship between a landlord and tenant is based on contract and property laws, and is considered a specialized area of real estate law. This office is familiar with all aspects of landlord tenant law and represents both landlords and tenants in disputes.

Buying and Selling of Your Home
Residential real estate transactions are governed by a wide body of federal statutes, and state statutory and common laws. The requirements established by states often differ significantly so please consult a lawyer before buying or selling a home.

Residential real estate brokers are employed as the agent of the seller to find a buyer for the property. While buyers can work with any number of brokers, sellers only contract with one broker. Although as seller you list with one broker you'll want to make sure the terms of your listing allow other brokers to show the house to potential buyers. In such a case, the commission is shared (often split) between the listing and selling brokers.

Remember, if you are buying a house, you should be aware that the brokers (even "your broker") are almost always acting in the interests of the seller. Unless the Buyer signs a waiver that the Agent represents both Buyer and Seller, the broker works for the seller. Usually the waiver is entitled an agency disclosure. The contract between the seller and the listing broker is called a listing agreement, and it sets out the conditions of the listing. While the details of the agreement should be negotiated, a listing agreement generally includes the following:

• the length of the listing period.
• the desired sales price, as well as a price that might be accepted.
• the amount of the commission.
• any exceptions to the commission.

For example, would there be a reduced fee (or no fee at all) if you sell the house on your own, or you sell it to a friend who expressed interest? Generally the broker will insist on you naming any such persons in the listing agreement to protect his/her position.

Once a broker produces a willing and able buyer and all conditions for sale are met, the seller owes the broker his or her full commission. If for any reason the seller chooses not to sell (perhaps s/he wants to hold out for more money, or a proposed job transfer falls through), the commission must still be paid.

A title insurance company or an attorney is often employed by the buyer to investigate whether the title is marketable and clear of any third party claims or liens.

Our office also represents sellers who are selling their home without a real estate agent and can draft most of the paperwork as to avoid a realtor's commission.

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Financing your Property
The most common method of financing real estate transactions is through a mortgage issued by a lending institution. Mortgages come in many different rates, terms and specific conditions. Private mortgage brokers can arrange loans through individual investors and small lenders.
Seller carrybacks and creative financing of homes is becoming more popular, especially for people that are employed in certain types of work or who have credit problems. Whatever kind of financing is right for you, the decision to commit to a mortgage or other kind of financing is usually the most expensive commitment a person makes during their lives. You should consult with an attorney and have an attorney review any financing arrangement before signing the documents to protect your interest.

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Foreclosure
Failure to make timely payments may result in a foreclosure (a declaration by the mortgagee that the entire mortgage is due and payable immediately). This process is defined in a section of the mortgage called the acceleration clause. These clauses are regulated by most states and allow for late payments to be made to avoid foreclosures. Each state has different laws regarding the foreclosure process. There are two types of foreclosures processes, judicial and non-judicial. Judicial is done through the court system. Nonjudical foreclosure is done through the statutory process and requires certain notice to be posted into order to foreclose on a property. If your property goes into foreclosure you should consult an attorney immediately.

Contact us at 702.836.9696 or Email the Firm today.