Buying real estate for ongoing passive income can be a great long-term investment option. Buyers and sellers of real estate may assume that a real estate lawyer is only needed when there is a dispute between property owners or buyers and sellers. However, hiring a real estate attorney early on in the process of buying or selling real estate can help identify legal issues early on, prevent disputes, and provide peace of mind to both buyers and sellers.
What is Real Estate Law?
Real estate transactions involve numerous federal and state laws, including state-specific laws, county codes, city ordinances, zoning regulations, and building codes. Practice areas include property law, contract law, agricultural law, land use, eminent domain, environmental law, insurance, inspections, lending and financing, and secured transactions.
Process of Buying or Selling Real Estate
Purchasing or building residential or commercial real estate for investment purposes is an involved process. Identifying legal issues and negotiating the legal terms such as what happens when a seller or buyer defaults on the purchase contract while in escrow, advising on and resolving title issues such as liens or boundary line issues, giving notice to tenants, transferring leases to the new owner, and addressing development concerns all require an experienced real estate attorney.
The legal issues involved will depend on the type of real estate, whether undeveloped land, a single-family residence, a multi-family residential development, or a commercial building. A real estate attorney will prepare a purchase and sale agreement appropriate for the type of real estate being purchased or sold.
Environmentally sensitive properties require an experienced real estate lawyer in navigating federal and state environmental laws, completing environmental studies, accounting for cleanup during or after the sale or purchase of the property, and allocating responsibility for environmental issues in the future. Additionally, the COVID-19 pandemic provided for new regulations that affect the existing landlord-tenant regulations, which must be followed during the sale of a property.
A real estate attorney can form an entity such as an LLC for the purchase of real estate. The attorney will work with the title company on a property title search, identity and resolve any title issues, consult with other specialists such as an estate planning lawyer as needed, address zoning and development concerns, and work with local government agencies.
They’ll make sure all due diligence deadlines and critical dates are met, address due diligence items, review leases, meet all notice requirements, advise on any transfer tax, review all closing costs, and work with the title company to close the deal.
For your peace of mind, it is a good idea to hire an experienced real estate lawyer when selling or buying real estate. This is true for both buyers and sellers. At HLG, we focus our efforts on the practices of commercial real estate and land use and environmental permitting, both of which can include more specific aspects of real estate law.
Different Types of Real Estate Law
Commercial Real Estate Purchase, Sale Transactions, and Exchanges
The preparation of documents, financial overviews, easement understanding, and additional paperwork that must be addressed.
Commercial Real Estate Leases
Preparation of lease and other related documents for both parties including office, retail, industrial, and ground leases.
Real Estate Financing
This can cover borrowers, banks, credit unions, private lenders, and other institutions as it pertains to real estate finance.
Real Estate Limited Liability Companies, Partnerships, and Joint Ventures
In addition to helping you secure property or land, how that land will be “owned” is an essential aspect of real estate law. Choosing between an LLC, limited partnership, joint venture, and more will help position your company.
Real Estate Development
Understanding land-use permits, zoning, and more will make sure all codes are being followed, even when it comes to the structure’s footprint. The height of the building, its proximity to other parcels, wetland mitigation, and more must all be considered when positioning office buildings, shopping centers, industrial parks, and multi-family developments.
Horenstein Law Group Real Estate Law
Horenstein Law Group offers a suite of real estate attorney services in Portland and Vancouver — everything from commercial real estate transactions and finance to land use and environmental law. Our experienced attorneys approach these real estate law practices as we do everything else: with an eye on the big picture and a personalized approach with our clients.
Many of our neighbors here in the Pacific Northwest work in the real estate industry or in one of the hundreds of ancillary trades that support the real estate market. Many of them turn to us when they need a real estate attorney. Why? Because Horenstein Law Group works hard to stay at the forefront of the real estate industry.
Not only do we have several experienced real estate attorneys, the founder and namesake of the firm, Steve Horenstein, got his start as a business and real estate attorney and has advised clients on real estate matters for more than 40 years. Steve Horenstein and the other attorneys in our practice collectively have more than 100 years of experience.
In addition to that experience, Horenstein Law Group offers a modern, value-based billing model to meet our clients’ needs. The modern world requires attorneys who can provide cost-effective and collaborative legal services utilizing the latest technology and harnessing the broad power of collective knowledge.
That is exactly what we provide at HLG. If you are in the market for a real estate attorney in Vancouver or Portland, then please do not hesitate to contact us with any questions or concerns. If you are looking to buy or sell real estate, you are dealing with a title company, lender, or a real estate agent, or you need a real estate purchase agreement, getting legal representation will allow you to go through the buying or selling process with peace of mind. Work with a real estate attorney to make sure your interests are protected. Contact Horenstein Law Group today!