States have many laws about real property transactions. Some of these laws are difficult for even seasoned real estate professionals to comprehend. If you have a real estate matter, even one that may seem straightforward, it is essential to have an experienced and knowledgeable real estate attorney by your side who can help you understand your options and who will protect your interests every step of the way. The skilled legal team at Sewell Sewell Beard LLC is here to help you address the real estate matter you are currently facing. Our real estate lawyers in Alabama and Texas will provide you with trusted recommendations that will help you avoid the risks associated with your costly investments and guide you through successful negotiations. Contact us today to get started.
If you are in the process of negotiating for the sale of commercial real property, you likely know that there are numerous and lengthy documents involved in any real estate transaction. While you may be tempted to speed through these documents on your own in order to move the process along, these documents demand a careful and thorough review by a seasoned real estate law professional. Whether you are the seller or the buyer, we will help you understand each provision and detail in the documents and ensure that your interests and investments are sufficiently protected. Reach out today to learn more about how we can help you successfully complete your real estate transaction.
Our firm understands that many disputes arise from real estate and land use matters. We are well-equipped to handle all sorts of real estate disputes, including issues relating to commercial contracts, leases, easements, land use, zoning, and more. Our knowledgeable real estate lawyers in Alabama and Texas have represented developers, landlords, contractors, banks, sellers, buyers, and homeowner’s associations over the years, and we always strive to achieve a favorable outcome for our clients. If you are involved in a real estate dispute, call us today to get the high-quality legal representation you need and deserve.
Condemnation refers to the legal process by which a government entity can exercise its eminent domain authority to seize private property for public use. Condemnation proceedings follow a series of distinct steps, from providing the landowner with written notice of the eminent domain action to negotiating compensation for the taking of the privately owned property.
The party wishing to invoke its eminent domain power initiates the condemnation process. For instance, the Department of Transportation can initiate condemnation proceedings against a private property owner in order to take the land and use it to construct a new highway (which meets the public use requirement). Condemnation proceedings usually begin after negotiations with the property owner have failed.
In order for a government entity to exercise its eminent domain power, the proposed project must benefit the public in some way. Common examples of projects that can fulfill the public use requirement include the construction of new roadways, public transit lines, state parks, public schools and libraries, and other proposals that will benefit the community.
Yes, private property owners have many rights during the condemnation process. Most condemning authorities will provide an initial offer that does not take into account the full value of your property. It’s essential to recognize that you have the right to negotiate a fairer and more just amount of compensation in exchange for your land. If these negotiations are not successful, the matter can move to court, where you will have the chance to present your arguments to a jury.
If the matter moves to probate court and you are not satisfied with the judge’s determination, you can still appeal your case to a trial court. This allows you to make your case before a jury, who will then decide the amount of compensation you should receive. Whether you have just received a condemnation letter or you are preparing to appear in probate court, partnering with a highly experienced and caring condemnation attorney will give you the confidence and firepower you need as you move forward.
Commercial real estate refers to property that the buyer intends to use for commercial purposes. For instance, the commercial property owner may use the real estate for retail businesses, industrial purposes, office space, or agricultural endeavors. It’s worth noting that since the purpose of these properties is for commercial use, the land needs to be zoned to accommodate commercial uses.
The purchase and sale agreement is a legally binding contract that guides the commercial real estate transaction. These documents are often customized to address the specific considerations of the transaction, but they generally include a few key elements: The purchase price, the scope and timeline of the due diligence period, the payment terms, the conditions that govern how and when the parties may exit the contract, warranties provided by the seller regarding the property, and the handling of closing costs.
Due diligence refers to the period during a commercial real estate transaction where the buyer has the opportunity to fully examine the property’s physical, legal, financial, and environmental status to ensure that the property remains a sound investment. The due diligence period usually lasts between 30 and 90 days, beginning from the signing of the purchase agreement. If you have questions about what to look for during the due diligence period, give us a call to learn more.
In most cases, both the buyer and seller cover a portion of the closing costs. The buyer usually covers closing costs associated with due diligence fees, financing costs, title insurance, and recording fees. The seller’s closing costs often include brokerage commissions, transfer taxes, and any costs associated with clearing the title (i.e., clearing existing liens, paying off mortgages, or handling retroactive property taxes).
Although you are not legally required to hire a commercial real estate lawyer to buy or sell property, doing so is highly recommended. Commercial real estate transactions usually involve significant investments and a fair amount of risk, so many people feel more confident with an experienced legal advocate by their side. At Sewell Sewell Beard LLC, our team of skilled and knowledgeable commercial real estate attorneys is ready to provide you with the exceptional guidance you need to make informed decisions while eliminating mistakes and risks.
Contact us today if you have a potential Real Estate case.
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