When investing in a new real estate deal, whether commercial or residential, it’s in your best interest to do everything possible to avoid any legal issues. Not only can this help save you time and money in the long run, but you likely have enough important decisions to make regarding the property that legal issues can be enough to derail your project. The following blog explores the steps you can take to help avoid the most common real estate transactions with the assistance of Montgomery County, PA real estate attorneys.
What are the most common issues surrounding real estate transactions?
One of the most pressing matters that can cause a real estate distraction dispute is issues surrounding boundary lines. When properties are exchanged, property lines can become blurred. What you may have been told is part of the property you are buying, could belong to another person. You may only find out once you start using that part of the land, only to have your disgruntled neighbor inform you otherwise.
Another common issue during a real estate transaction revolves around land use. If you want to change the property from commercial to residential or vice versa, for example, you’ll need to have this approved by the zone planning board. This can create several legal issues, as neighbors may contest the change to preserve their neighborhoods.
Finally, in many rental agreements, there are uncertain terms revolving around who is responsible for repairs and maintenance to the property. The landlord or management company responsible for overseeing the property may tell you they will handle maintenance issues that arise, but once you sign the lease, you may find that the fine print relinquishes this responsibility to you, which can create significant problems if something needs repair or maintenance.
What steps can I take to avoid problems?
If you are about to enter a real estate transaction, one of the most important things you must do is ensure that everything is in writing. Unfortunately, many rely on verbal confirmation or oral agreements when entering legally binding contracts. Though enforceable, these can be hard to prove as they are often a “he said, she said” situation. As such, you should ensure everything is in writing before signing a legally binding contract.
Another thing you can do to ensure the integrity of your transaction is to conduct due diligence on the property before investing. This can help alert you to any structural issues that could hurt you later, such as unclear property lines, property liens, lawsuits, or structural problems that need to be handled.
At Friedman Schuman Layser , we understand how complex these matters can be, which is why our dedicated team is here to help. Connect with us today to learn how we can guide you through these real estate transactions to help you receive a favorable outcome and peace of mind.
