Real Estate Attorney
If you’re buying or selling a home or other real estate, an attorney who focuses on real estate transactions can assist you throughout the process. We perform a variety of legal tasks for our real estate clients, but our mission is simple: ensuring that your interests and rights are preserved.
How We Assist Real Estate Clients
We work with clients purchasing and selling both residential and commercial properties by preparing and reviewing documents from the initial purchase agreement through the closing package. We also can assist the clients we represent in negotiations to obtain the most favorable pricing. In addition, Mr. Gold is a licensed real estate agent and can help clients buy and sell properties through Nu Vision Realty. We charge less commission than any other real estate company and never charge attorney fees if we are also acting as the real estate agent in the transaction.
In every phase of real estate projects, we work to protect our clients’ interests:
- Reviewing contracts – We analyze all terms in contracts and evaluate risks for our clients in all transactions.
- Negotiating – We work to procure the most favorable terms possible for our clients regarding price, closing dates, exclusions and other issues.
- Reviewing title insurance – We secure and review title insurance policies for our clients to ensure there are no claims on properties at closing.
- Reviewing and resolving any usage restrictions on the property, including easements.
- Resolving liens and other title issues – When problems arise with the ownership of a property, we resolve outstanding liens and handle any other issues related to the title.
- Handling closing – We complete all tasks related to finalizing sales, including physically attending closings and reviewing all documents.
Complex Transactions and Oversight
If you’re buying a home, you may find that the many required legal transactions quickly become complex and that you need assistance from an experienced attorney. We can assist in a variety of situations throughout the process.
For example, if the property you’re buying includes a guest house that you would like to rent out, we can assist with reviewing state and local laws and advise you on a proper course of action. You may want to add on to the home and need to ensure that zoning laws will allow the expansion, or you may need assistance with reviewing neighborhood covenants for a home in a planned subdivision.
If you’re purchasing a home jointly with other people, we can assist in developing a co-buyer agreement and help you determine how the title should be held. We also can help if issues arise after the sale; for instance, if physical problems manifest that were not mentioned in a seller’s required disclosure. If a seller misrepresents problems, you may be entitled to compensation for repairing the issues.
Real estate transactions also can involve a wide variety of complex statutes at both the state and federal level. Transactions can include many features of properties, including adjacent lands, immovable structures like trees and buildings, and minerals and other valuable natural resources. We assist clients with understanding any rights and benefits attached to properties, including the right to live on properties for specific times, the right to drill and others.
Tax Consequences Related to Real Estate
Mr. Gold’s background in tax law also allows him to advise clients on the tax consequences of real estate transactions. For example, the IRS views investment profits from the sale of real estate as capital gain and imposes taxes at two levels, with rates dependent on the length of ownership.
If you keep ownership of real estate for less than a year, you may be subject to short-term gains that are taxed at typical income-tax rates. If you hold investment property longer, you’re rewarded under the federal tax code; by holding property for more than a year, you’re likely to instead pay longer-term capital gains rates that are lower.
In addition, owners of investment properties must use caution to avoid having transactions viewed as a business or trade rather than an investment; classification as business or trade activity also can mean higher tax rates.
Work with Experienced Real Estate Attorneys
Buying and selling real properties are complex transactions with many important legal considerations. To ensure that your rights are protected, work with an experienced real estate attorney. Contact Gold & Associates, P.C., to schedule a free consultation.