Referrals from Real Estate Agents

Helping Clients With Their Real Estate Transactions

Closing a real estate deal is an exciting time that can quickly become overwhelming. You have a million different things going on, and one mistake can land you back at square one. It may have never occurred to you that a real estate attorney could help you with your sale or purchase.

Why Should You Partner Your Real Estate Agent With an Experienced Real Estate Attorney?

While real estate agents handle many details throughout a transaction, certain legal matters require the precision and authority of an attorney. A real estate attorney’s role is to protect the integrity of your real estate transaction by ensuring that all contracts, disclosures, and documents meet legal standards.

What Services Do Real Estate Attorneys Offer When Closing?

While your real estate agent is busy arranging showings and submitting offers, your real estate lawyer can be in the background, offering a wealth of services that can help you feel more confident about this process.

Your attorney can help you:

• Review and negotiate purchase and sale agreements
• Perform title searches and clear title defects
• Examine and prepare closing documents
• Advise on zoning laws, easements, and property use restrictions
• Handle inspections, disclosures, and compliance duties
• Manage earnest money and escrow arrangements
• Secure and review title insurance
• Resolve liens, encumbrances, or boundary disputes
• Advise on financing contingencies and lender requirements
• Address contract disputes or last-minute changes
• Assist with landlord/tenant or leasing issues (for commercial transactions)
• Oversee due diligence for commercial acquisitions
• Ensure compliance with local, state, and federal regulations
• Manage multi-party property transfers or complex ownership structures

Terms You Should Know When Closing Commercial Real Estate

While you are checking out properties and making plans, you may encounter unfamiliar phrases. According to Forbes, here are ten terms you should know:

Title

The legal right to own and use property. A clear title is essential for marketability and to avoid disputes over ownership.

Escrow

A neutral third party holds funds or documents until all closing conditions are met, thereby protecting both the buyer and the seller.

Earnest Money Deposit (EMD)

A deposit by the buyer to show their commitment. It may be forfeited if the buyer defaults on the agreement.

Time of the Essence

A clause making deadlines in the contract strictly enforceable. Missing a date may be grounds for termination or breach.

Lease Estoppel

A statement from tenants affirming lease details, like rent and lease terms, so the buyer can rely on them for smooth operation after closing.

Pro Rata Adjustments

Apportioning costs or revenues between the buyer and seller based on the closing date.

As-Is, Where Is

The buyer accepts the property in its current condition, without requiring the seller to make any repairs or provide warranties beyond those specified in the contract.

Conditions Precedent

Contract terms that must be fulfilled before a party’s obligation to close becomes binding.

Representations and Warranties

Statements by the buyer or seller about facts or conditions that induce the contract.

Covenants

Promises to act or refrain from acting in a certain way, such as maintaining property or observing zoning restrictions until closing.

What Title Issues Should You Be Aware Of?

The key document that proves ownership of a piece of property is the title, and without it, you own nothing. There are many complications surrounding this legal document that can arise if they aren’t uncovered during closing.

Old Republic Title suggests buyers watch out for the following when purchasing property:

• Mistakes in public records, such as clerical errors or misspellings
• Fraudulent deeds or forgery
• Hidden or unpaid liens
• Illegal or invalid deeds
• Missing wills or unresolved probate matters
• Boundary disputes or encroachments
• Unknown easements or rights-of-way

Even years after closing, a purchaser can be blindsided by legal claims, financial liabilities, or challenges to their ownership! These problems can force a buyer into costly litigation or force corrective actions.

How to Avoid Title Issues

A real estate lawyer can help you avoid risks through the following actions:

• Conduct a thorough title search and examine public records carefully
• Use title insurance to protect against losses stemming from uncovered defects
• Scrutinize exceptions and exclusions in title policies
• Investigate neighboring boundaries, surveys, and any recorded easements or covenants

Are You Ready to Call Nery Richardson & Konewko LLC?

Nery Richardson & Konewko LLC works with clients from all walks of life. If you own and operate commercial real estate and need help with transactions, our firm can guide you and your real estate agent. Or, perhaps you’re looking to buy a new family home, but you’re worried about proper due diligence to avoid future issues. Our law office can put your worries to rest through rigorous research. If there is an issue, we will uncover it.

We also form professional relationships with real estate agents. Having an attorney in your corner can help you not only protect yourself from legal fallout, but it can also help you reassure your clients that you are doing everything in your power to ensure their needs are being met and their rights are being protected.

Where Should You Start?

The first step you should take is calling Nery Richardson & Konewko LLC at 773-232-6643 to schedule a thirty-minute consultation. During your consultation, you can ask questions and receive honest answers about your unique circumstances.

An attorney may not have been on your checklist when you started looking to purchase or sell real estate, but having one can make the transaction process easier, giving all parties involved peace of mind knowing this transaction stands up to the toughest legal scrutiny. It’s time to call Nery Richardson & Konewko LLC at 773-232-6643 to schedule your consultation now.