The Law Office of Andrew J. Mertzenich
A Limited Liability Company
Real Estate Services
Our passionate attorneys know that no transaction is exactly like another. Today, we are overwhelmed with a confusing array of regulations, rules, and requirements, even for something as simple as selling a home. We are happy to help whenever possible.
Residential Real Estate Purchases
Congratulations on deciding to buy a home! The real estate purchase process generally involves several steps, including:
Determining your budget: The first step in the real estate purchase process is to determine your budget. This will help you determine what type of property you can afford. It will also help you decide your priorities and the type of property that's right for you. Do you need a move-in ready property? Or, do you want to take on a fixer-upper? The budget is the first step to success.
Finding a real estate agent: Once you have determined your budget, a real estate agent can be extremely helpful in finding a property that meets your needs. A good agent will have access to a variety of listings and can help guide you through the purchase process.
Viewing properties: The fun part begins here with you viewing properties that fit your budget and needs. There are several ways to view listings including attending open houses or scheduling private showings.
Making an offer: Once you have found a property that you are interested in, your next step is to contact the seller and to make an offer. Your real estate agent can help you determine an appropriate offer based on the local market conditions and the condition of the property.
Negotiating the sale: Once you have made an offer, the seller can also counter with a different price or contract terms. Everything is negotiable, and your lawyer or real estate agent should have your back and provide careful guidance.
Get pre-approved for a mortgage: Before you can close on the property, unless you are paying cash, you will need to obtain a mortgage. This will involve getting pre-approved by a lender, which requires providing financial information and completing an underwriting process.
Completing a home inspection: Unless you are very familiar with the property you are purchasing outside of the transaction, you will need to have a home inspection completed. This will identify any issues with the property that may need to be addressed before the sale can be finalized. Make sure to use a licensed, reputable home inspector or company. If the home inspection reveals any defects in the property, it might be that you will need to demand repairs, renegotiate the purchase price, or reconfigure other points in the contract to make it to closing.
Closing on the property: Once the home inspection is complete and any necessary repairs have been made, you can proceed to closing. This involves signing the necessary paperwork such as mortgage documents, declarations, affidavits, and other papers. Following closing, the sellers will officially have transferred ownership of the property to you.
Moving in: Once you have closed on the property, you can move in and start enjoying your new home!
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Though we cannot help you with unloading the moving truck (our liability insurance doesn't cover it) we will be there to help you through every step of the purchase process.
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When you buy a house, a lawyer can play a vital role in the process. Here are some of the tasks we commonly assist our clients with:
Reviewing the purchase agreement: We can review the purchase agreement to ensure that it is fair and protects your interests. We can also explain any legal terms or clauses in the agreement that you may not understand.
Conducting a title search: in many cases, we assist clients ensure they are receiving clear title to a property by conducting a title search to ensure that there are no liens or other encumbrances on the property that could affect your ownership rights.
Preparing and reviewing legal documents: We can help prepare and review legal documents related to the purchase, such as the deed and mortgage agreement(s).
Attending the closing: We make sure to help you from the moment you hire us through to shaking hands at the closing table. We ensure that all legal documents are properly executed and that the transfer of ownership is completed correctly and efficiently.
Providing legal advice: We will explain your rights and obligations as a new homeowner and advise you on any legal issues that may arise out of the transaction.
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As you can see, having a lawyer involved in your home buying process can help ensure that your rights are protected and that the transaction is completed smoothly.
Residential Real Estate Sales
The real estate sale process generally involves several steps. We will be there to help you every step of the way.
Negotiating offers: Once you receive an offer from a potential buyer, we can help you understand and negotiate the terms of the sale. This may involve submitting counteroffers or completing multiple rounds of negotiations until both parties come to an agreement.
Conducting a title search: We will ensure that you are transferring clear title to the property. We will check to ensure there are no hidden liens on the property, and we will also assist in clearing liens and mortgages that may come up.
Preparing the transfer documents: There are so many documents needed to transfer title to a property. Just a few include the Deed, the Bill of Sale, the Affidavit of Title, and others. We will prepare these, and help you execute them.
Closing the sale: Many times, you won't even need to go to the closing. When possible, we are happy to attend on your behalf and make sure that the last-second details are taken care of.
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Overall, the real estate sale process is complex and time-consuming, but having us behind you to guide you through the process helps ensure a successful sale.
Commercial Real Estate Transactions
Buying and selling commercial real estate is a complex process that involves a number of factors that are not typically present in residential real estate transactions. Here are some of the key differences and considerations for buying and selling commercial real estate:
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Buying Commercial Real Estate:
Identify your needs: When buying commercial real estate, you must identify what you need to get out of the property, such as its distance and accessibility, size, presentment, and other features of the property that are necessary for your business.
Due diligence: You should conduct due diligence, including reviewing the property’s financial and operating history, environmental reports, zoning regulations, and other legal issues that may affect the property. An experienced attorney is extremely helpful in this part of the transaction.
Financing: Financing commercial real estate can be more complicated than residential real estate. Typically, there are more stringent requirements, and you may need to obtain a commercial loan or other financing options, such as a small business administration loan or bridge loan.
Negotiation: The negotiation process for commercial real estate can also be more complex than residential real estate, involving multiple parties and more extensive legal and financial considerations. Not to mention if a property has been vacant or neglected, there are far more points to consider.
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Likewise, selling commercial real estate has nuanced differences from its residential counterpart. For instance:
Determining the value of commercial real estate requires a more detailed analysis of the property’s income and expenses, its history and condition, as well as market conditions and other factors that affect the value.
Marketing commercial real estate requires a more targeted approach than residential real estate, involving outreach to potential buyers in the industry, such as commercial brokers or investors.
Likewise, showing a commercial property requires a more organized and professional approach than residential real estate, including providing detailed information about the property and scheduling tours for potential buyers.
Looking at the legal side, selling commercial real estate involves more extensive legal considerations than residential real estate, such as drafting contracts and lease agreements, complying with zoning and environmental regulations, working with municipalities on special or permitted use, and addressing any liens or encumbrances on the property.
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Overall, buying and selling commercial real estate is a complex process that requires a deeper understanding of the industry, financial and legal considerations, and strategic marketing and negotiation skills. We are pleased to offer you customized legal counsel help you to navigate the process successfully.