Property Law Attorneys Counseling Connecticut Residents and Businesses
The purchase of a commercial property or a residential home involves a variety of financial and legal considerations. At Owens, Schine, & Nicola, P.C., we have a thorough understanding of real estate matters and can explain your various options on issues such as how to hold title, including whether you should take title in a trust, financing options and what you are required to do to ensure a closing of title occurs. With three office locations throughout the state, our Connecticut real estate lawyers can represent businesses and developers in all aspects of commercial property transactions, as well as advising individuals engaged in the home buying or selling process.
Legal Representation in Commercial Real Estate Transactions
Commercial real estate transactions include a broad range of activities involving the transfer, development, and use of property that is owned for income-producing purposes. These transactions typically involve sophisticated contracts that dictate the obligations and liabilities of the parties. The Purchase and Sale Agreement for a commercial real estate property may be especially complicated, since it specifies all of the terms of the transaction possibly including zoning and wetland applications, financing contingencies, and default liabilities.
Generally, commercial real estate buyers are not afforded the same consumer protections that are extended to residential buyers and sellers. When engaging in a commercial real estate transaction, the parties should enlist the services of an attorney. A real estate attorney in Connecticut can represent corporations and other entities in the acquisition, sale, or lease of a commercial property, perform and coordinate due diligence, negotiate the terms of the transaction, draft and prepare conveyance documents, help secure financing or restructure a loan, provide advice regarding tax-deferred or tax-advantaged transactions, pursue appropriate building permits, and ensure compliance with local zoning and land use regulations.
Guidance in Residential Real Estate Matters
Whether you are a purchaser or a seller of residential property in Connecticut, these transactions typically require executing a number of legal documents and written disclosures. In most cases, the parties will initially sign a binder, which is a document that outlines the basic terms of their agreement, such as the purchase price, any contingencies, and the closing date. That agreement is normally formalized through a valid and enforceable contract containing the necessary terms and conditions of the sale, known as the Purchase and Sale Agreement.
The Purchase and Sale Agreement is the primary document governing the parties’ rights and obligations. It will include a description of the property, the purchase price, financing requirements, any personal property included in the sale, inspection conditions, and the closing date. An experienced real estate lawyer can negotiate the terms of the contract on the client’s behalf as well as explain important provisions regarding the client’s liability under the Purchase and Sale Agreement before signing it. When signing a binder as a Buyer, make sure it is subject to a formal Purchase and Sale Agreement so that you do not commit yourself without the advice of counsel.
A real estate attorney will also assist a home buyer in securing title insurance which lender require today to verify clear title from the seller, that there are no outstanding liens on the property, identify any easements, restrictions, or encumbrances, and otherwise ensure that the title is not encumbered. When representing a seller, on the other hand, an attorney can work to clear any title issues or property restrictions, review legal documents like the purchase and sale agreement, and generally protect the seller’s interests in the transaction.
Explore Your Options with an Experienced Real Estate Lawyer in Connecticut
At Owens, Schine, & Nicola, P.C., our Connecticut real estate attorneys can facilitate property transactions and offer tailored solutions to further your specific goals. We handle a diverse range of legal matters using a collaborative approach to provide our clients with comprehensive and innovative strategies. To arrange a consultation with a real estate lawyer, call us at 203-375-0600 or contact us online.