Commercial real estate sellers, as well as buyers, should involve their own lawyer in the process early to ensure that their best interests are protected throughout a real estate transaction. Short Sales NegotiationsIn today`s economy, many homeowners find themselves in a difficult economic situation that could prevent them from continuing to pay their mortgages. An alternative to enforcement is a short sale, in which the lender agrees to take care of less than the remaining amount of the mortgage if the sale to an independent third party is authorized by the lender. This is a very complex area, with many issues that owners must consider, including secondary pawning rights, default judgments, tax consequences and the impact on the credit score. North Carolina law prohibits brokers from negotiating with the lender anything but the price and recommends that the owner get a lawyer to solve other problems. Our firm has lawyers who can assist in this negotiation process for an owner in a short selling situation. Seller representationWhen the seller is concluded, the final lawyer represents the buyers and not the sellers. Sellers need assistance in establishing the necessary documents for the conclusion, such as the deed, an owner`s affidavit and various tax forms. You may also need advice from a lawyer for the trial of many questions about the sales contract as well as other issues that may come during the conclusion process. In general, it is advisable that sellers do not rely on the final lawyer for advice and assistance, since the final lawyer represents the buyers. Our firm has lawyers who help sellers establish the necessary sales documents and advise sellers throughout the process.
Complex financing agreementsIn cases where financing is required for large works and/or purchases, the legal process is much more complex than in a regular trade agreement, especially where the loan includes a state program such as the Small Business Administration, etc. In addition to all of the activities required above, a complex financing agreement may include the creation of one or more new units, assistance in obtaining an ALTA survey that meets the lender`s strict requirements, assistance in obtaining an environmental study, work on shingles issues, and a considerable amount of other due diligence. Working with an experienced real estate lawyer can help streamline the process and protect your interests. Our firm can provide all the legal assistance necessary to complete such a transaction in a timely, effective and accurate manner. Each contract should be developed and follow the property law statutes, which differ from state to state. Some of the most common real estate contracts include leases and sales contracts.