Archive for the ‘Buying a Property’ Category
Friday, December 23rd, 2011
One of the most persistent problems in commercial real estate contracts is the tendency of the parties to “agree to agree” on some aspect of a contract at some future time. The problem is twofold: an agreement to agree is not generally enforceable, but both parties to an agreement have the obligation to act in good faith so as not to deny the benefits of the agreement to the other party. If one party detrimentally relies on an “agreement to agree,” and the other party then fails to negotiate in good faith, the result may be that a court makes the “agreement to agree” enforceable on whatever terms it decides would be fair. (more…)
Posted in Business Disputes & Lawsuits, Business Real Estate, Buying a Property, Real Estate
Friday, October 28th, 2011
Many San Diego real estate owners learn too late how issues with zoning and zoning variances (special use permits) can stall their plans to build or develop real estate, or jeopardize deals to buy or sell real estate. To keep your goals or project on track, you should find out before you sell or buy property exactly what it is zoned for. If you inherit property, its zoning should be one of the first things you find out before you make any use of the property or put it up for sale. (more…)
Posted in Business Real Estate, Buying a Home, Buying a Property, Real Estate, Zoning
Friday, April 1st, 2011
A home is one of the most valuable items most people will ever buy or sell. But buying or selling a home can be complicated by real estate disclosure laws that affect all persons who are parties to the sale.
Real estate disclosure laws require sellers to tell potential buyers in writing about defects related to the home, including some defects in the surrounding neighborhood that may make the home less desirable or enjoyable. In most states, home sellers only have to disclose problems they are aware of, but the list of things considered “problems” is enormous. For example, as a recent article in the ABA Journal called “Bedbug Disclosure Becomes Part of NY Real Estate Deals” explained, New York home sellers must report whether the home has ever been infested with bedbugs. This was already the law in California, which requires buyers to disclose past or present treatment of “pests.” (more…)
Posted in Business Real Estate, Buying a Home, Buying a Property, Selling a Home, Selling a Property
Friday, January 28th, 2011
As a commercial real estate insider recently reported, Google was among several parties interested in purchasing a 2.9 million square foot office building at 111 Eighth Avenue in New York City. The price of the building was estimated to be nearly $2 billion, or $690 per square foot. The owner of the commercial property, who purchased the property in 1998, will likely make a huge return on their investment when the building in sold.
Buying and selling commercial real estate can be complicated, whether the property is worth $200,000 or $2 billion. An experienced commercial real estate attorney can ensure the process goes as smoothly as possible and that you get the best deal. Your attorney can also handle any potential problems with property lines, liens, and other persons’ rights to come onto your new property – for example, to use a road on your property to reach their own property. If you are purchasing equipment along with your commercial real estate, your attorney can make sure you acquire good title to this equipment.
Contracts for commercial real estate differ in many important ways from those for residential real estate. It’s important that the person representing you in the purchase or sale be familiar with commercial real estate law. The attorneys at San Diego law firm are experienced in handling complex commercial real estate transactions. We have the expertise needed to draft and review purchase contracts, effectively negotiate on your behalf, and avoid any complications. If you are considering buying or selling commercial real estate, contact San Diego Law Firm to find out how we can help protect your interests as a buyer or seller.
Posted in Business Real Estate, Buying a Property
Wednesday, November 24th, 2010
The current real estate market is ripe with opportunity. If you are thinking of selling one commercial property and buying another, or of trading up from an inherited investment property, you might want to consider how a 1031 exchange can lower your income taxes and build your estate.
What is a 1031 Exchange?
Internal Revenue Code Section 1031 allows an owner of investment property to sell it and reinvest the sale proceeds in a replacement property of “like kind” without paying tax on the profits from the first property until the replacement property is sold at a later date.
The benefits of this transaction are immediate: the seller can take the money that would have been used to pay capital gains tax and depreciation recapture tax on the first property, and apply it instead to the purchase of the replacement property. However, there are technical details to be followed to obtain these tax benefits. It is advisable to seek the advice of a seasoned real estate attorney who understands the strict timelines and requirements for a valid 1031 exchange. (more…)
Posted in Business Real Estate, Buying a Property, Home Ownership
Friday, May 14th, 2010
Any buyer or seller of San Diego real estate should look into what a real estate attorney can do to protect you when you decide to buy or sell your home or other property.
Unlike your real estate agent—whose goal is to complete the sale and earn a commission—your real estate lawyer doesn’t work on a commission. What’s more, sometimes a real estate agent represents both the seller and buyer. In these situations, there’s bound to be conflict in representing both sides. After all, sellers want to get the highest price possible, the buyer the lowest, and the real estate agent’s commission is usually greater if the sale price is higher. (more…)
Posted in Business Real Estate, Buying a Home, Buying a Property, Deed Problems, Real Estate, Selling a Property, Views, Zoning
Friday, March 12th, 2010
For those of you who will be taking advantage of the government’s tax credit for first-time homebuyers, Southern California real estate agent and realtor Carol and Jim Chamberlain recently blogged about “How to Claim Your Home Buyers Tax Credit.”
As prices go up in San Diego, more homeowners will likely put their real estate on the market. San Diego’s North County Times reports that median home prices in our county climbed 8.9 percent in January. If you’re a potential real estate seller or buyer, your focus is probably on the sale/purchase price and financing. These are no doubt essential terms to the property’s sale and purchase. For the long run, also think about what type of deed will be given. If you don’t, you may regret it later. (more…)
Posted in Buying a Property, Deed Problems, Real Estate, Selling a Property
Wednesday, December 9th, 2009
“Let the buyer beware” – before California and other states set up certain homebuyer protections, these words haunted many purchasers who discovered major defects with their home after moving in, and were left without recourse against the seller. Under the harsh legal principle of buyer beware, a seller has no legal obligation to disclose defects to the buyer. That’s not to say that sellers are protected when they actively cover up hidden defects or make false representations, but if, for example, the seller simply failed to mention that the home is prone to flooding or landslides, then the burden is on the buyer to discover defects. While this is still the law in some jurisdictions, California and many others have abandoned this principle and now impose legal obligations on the seller in order to protect homebuyers. (more…)
Posted in Business Real Estate, Buying a Home, Buying a Property, Home Ownership, Real Estate, Selling a Property
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