Why a Residential Real Estate Developer should always consult with a Real Estate Attorney.
There are many things that real estate developers do. They are the ones in the field of real estate who generally end up taking the biggest risks and reaping the biggest rewards. They not only buy either undeveloped land or currently existing multi-unit residential buildings, but they also must have a good understanding of how to finance these purchases. While this can be a very rewarding field, it can also be very risky in terms of purchasing either undeveloped land or a building which they intend to renovate and either rent or convert to condominiums and sell. As such, if you are into real estate development, you want to make sure that you know the current legal uses of said property and whether you would be able to legally develop the property as you wish.
In order to make sure you know what you are buying, its legal uses and the potential financing of said purchase, the best thing you can do is hire a real estate attorney. A real estate attorney will generally have the knowledge and the experience to be able to guide you when you are trying to make important decisions in regards to a piece of property or land. They will also be able to create the legal entity, such as a corporation or limited liability company, by which you will take title to this property. These legal entities are often beneficial to real estate developers in so far as they limit to different degrees the potential legal liability of the real estate developer.
A real estate attorney has the knowledge to be able to prepare and review purchase agreements, lender closing documents, including but not limited to, the Promissory Note and Mortgage. As such, an experienced real estate attorney will know how to handle any issues that come up in the course of this transaction. If you end up not knowing what to do in a certain situation, your best recourse would likely be to contact a local real estate attorney in order to get good advice.
Attorney Lopisi has the legal expertise and experience to be able to help you with anything you would possibly need from a Real Estate Attorney in the greater Boston metropolitan area, including Boston, Cambridge and Arlington.