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21 February 2019
After finding the ideal property to purchase, what are the next steps? Engage an attorney. A well-chosen attorney will help real estate buyers to navigate the entire process, not just the legal issues.
Attorneys can help to connect real estate buyers with key service providers in order to arrange:
For a smooth and timely transaction, the buyer's attorney should have a good working relationship with:
The buyer's attorney should help to pull all of the pieces together and keep everyone who is involved on track.
Ideally, an attorney should vet the following documents on behalf of the buyer before they are signed:
It is important that the buyer's attorney knows and understands the real estate buyer's goals and objectives. Involving the attorney early makes it easier to identify any potential issues at the outset of the transaction before a binding agreement is entered into.
Where financing is required, the buyer's attorney should have a clear and full understanding of the proposed transaction and how this may affect the structuring of the loan. This is especially true where land is being acquired in conjunction with a separate construction agreement for improvements to be built thereon. There are special factors to consider in construction financing. For example, the attorney should review the proposed credit facility letter to ensure that the loan is structured to fit the specific needs of the property that is under construction. If the credit facility letter is agreed without the benefit of legal advice and, issues are identified after the fact, this may lead to delays as certain terms will have to be readdressed with the lender and may even result in amendments to the credit facility letter.
Therefore, it is best to engage an attorney:
A well-chosen attorney will:
Engaging an attorney will make the difference between a smooth transaction that meets the expectations of the buyer versus one that is fraught with issues, unrealistic expectations and other obstacles which could have been avoided with the benefit of early advice and proper planning.
For further information on this topic please contact Chelon Carr-Newbold at Lennox Paton by telephone (+1 242 502 5000) or email (email@example.com). The Lennox Paton website can be accessed at www.lennoxpaton.com.
The materials contained on this website are for general information purposes only and are subject to the disclaimer.
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