FAQ: Real Estate
Residential Real Estate
Q: I have a realtor do I need an attorney too?
A: The simple answer is: You decide. An attorney usually reviews the offer (if already drafted and/or accepted) and can advise you on:
- Potential solutions and your rights and responsibilities if there are issues resulting from a contingency failure (inspection, financing, testing).
- Review of the title insurance commitment and removal of various exceptions so you have good title.
- Review the closing statement to be sure that all credits and charges are properly shown.
Commercial Real Estate
Q: If I’m buying a parcel of commercial real estate are there any special contingencies I should consider?
A: With commercial real estate you may want to have contingencies to do soil testing (environmental issues), confirm zoning for the intended use, allow for subdivision of the parcel or conditional use. Having your lawyer assist you with the offer or review the offer before it is submitted to the seller will ensure that you have the right contingencies to help you through the purchase.