What is Real Estate Law?
Real estate can be a rewarding and challenging subset of law and making sure you understand it is essential if you are starting a business and are considering a brick and mortar storefront. Though most people do not fully understand real estate law on their own, with the help of a great real.estate attorney, you can get the basics of the trade and learn what you need to know.
Real estate law pertains to any sale or purchase of real estate property whether it has a house or other structure on it or not. Real estate law deals with the laws, regulations, paperwork, and the overall purchase or sale process as it pertains to where you are buying or selling the property. Chicago IL, for example, might not have the same real estate laws as other places, and having a Chicago real estate lawyer to help you with all your Chicago real estate needs can truly help.
Understanding Real Estate Law
There is a range of different bankruptcy types and there is a big difference in the types of debts that are discharged under each type. When a business files for bankruptcy they are going to be dealing mainly with the expenses directly associated with the business. This means that the student loan you took out to go back to cosmetology school is not going to be something that can be discharged when a business files for bankruptcy.
When filing for this type of proceeding you’re able to discharge a great deal of debt as an individual if you are filing for yourself and as a business for those that are filing on behalf of a business that they own. For individuals, you can discharge credit card debt, personal loans, car loans (while returning the car of course), mortgages, and other personal consumer debt that you have racked up.
When it comes to a business, in most cases you are required to sell off as much as possible to help settle the debt before the rest can be forgiven. There are certain types of debt that cannot be discharged for anyone under any circumstances. You cannot discharge student loans, recent taxes both local and federal, debts for personal injury caused while the debtor is intoxicated and driving a motor vehicle, debt incurred through frauds, criminal restitution, child support, alimony, parking tickets, and fines.
On top of those that are listed above, you are also not able to discharge on those loans and debts that are not listed in the proceeding. This is why legal services and a great bankruptcy attorney are so important when it comes to your bankruptcy proceedings and making sure that all the right boxes are checked. Making sure that your debts are all clearly outlined, that they are clearly listed and that your bankruptcy is thorough and to the point.
What Is A Real Estate Transaction?
A Real Estate transaction is the sale, grant, conveyance, mortgage, or transfer of an interest in real property. A real estate transaction does come with some specific laws that are going to make understanding this type of contract on your own a bit harder. Real estate contracts can be complex, they can be long, and they can be confusing. With the help of a real estate lawyer you can get the help you need to understand the contract and make sure that you are getting the best deal possible.
Real estate transactions as they pertain to businesses and buying properties for your business might also include taking local taxes into consideration, you may need to outline terms and adjust them as needed, and you may also need to learn the terminology so that you can be certain that you are getting the contract that you want and need for your particular real estate transaction. Real estate transactions can be difficult to traverse on your own.
What Does a Real Estate Lawyer Do?
Real estate attorneys complete a range of different tasks as they pertain to the buying and selling of properties. A real estate law firm may help to write the contract for a purchase or a sale, they may help to negotiate the contract, and they may also help to resolve issues between people in a business as it pertains to a real estate transaction.
A real estate attorney will handle issues with your real estate contracts, they can help to negotiate, and they can also work with clients in regards to problems with purchases or with sales of real estate. Real estate attorneys are a crucial part of the buying and selling process and the right realtor estate attorney can help to make the transaction smooth and simple. Real estate lawyers are able to help with creating and enforcing your contracts to help make sure your sale or purchase goes well and that it is going to work for you and your particular business.
The right lawyers and the right law firm can guide you through the process of both reading and understanding your contracts and making sure that all the contracts are legal and binding. This type of lawyer may also help to fight for you in court in cases that involve your real estate such as improper use of a property, any damages to the property, and any other problems that you may have with the law in terms of real estate.
A great lawyer can help you to understand what is going on, what your company or business needs to do, and how to go about purchasing and selling property no matter what reason you may have. Law can be a very difficult thing to understand but with a great team on your side, anything is possible.
How Does Real Estate Law Relate to Starting a Business?
When it comes to purchasing or selling a property that has been or is currently associated with your business there are special considerations to make. Your property may be considered an investment property, or you may also need to change the way that the property is used. may run into issues with estate planning, what to do if the business folds, who is on the title for the property, who is on the mortgage for the property, you may have multiple owners, you may have to look at different types of deeds, different survey issues, and deal with different titles.
When buying a property, your bank may require more strenuous inspection requirements as well. In terms of the property that is not already developed for commercial or business use, you may have to have the property rezoned or you may be limited in what you can do with the property after purchase. Our attorneys will work with you to learn the legal terms, the legal issues, and help you to learn what you need to know to make sure your contracts are legal and binding.
What is the Purpose of Real Estate Law?
Real estate law was created to help make sure that all contracts include all terms and conditions of the transaction, that they are binding and that they are well thought out. Real estate attorneys are well versed in the legal terms and concepts that are continually changing to fit the ever-evolving needs of the real estate industry
Our law firm works to make sure that each client knows what they are getting and we also work to make sure that we explain what is going on, what you need to know, and that we are making sure to create contracts that are going to be legal and binding. Real estate law has a two-fold purpose, it works to protect those that are directly involved in the process, and in the contract and exchange itself, it also works to protect the general public.
If you are buying a property that is meant for residential use, for instance, you are not going to be able to buy a home for very little, knock it down then rebuild a store in its place. This type of law is meant to help govern the use of land and properties, and also to help make sure that contracts protect the buyer and the seller.
Our firm works with clients to make certain that their contracts fill all the needs of their purchase and transfer so that they can be certain that their property purchase or sale is going to work. For those in the Chicago area or that are looking for Chicago real estate, contact us today for a free consultation to find out how we can help you to fill all your real estate law needs.
We can meet all your needs and can help you better understand the big wide world of real estate and how it may impact your business and your overall life. Contact us today to find out more about our Real Estate Practice.