For many people, it’s abundantly clear that you need to contact a lawyer in several of life’s situations. It may be that you are going through a particularly heated divorce, are being sued by the passengers of a vehicle you got into an accident with, or you are planning on filing for bankruptcy. However, some fail to see the importance of hiring a real estate lawyer, or are unsure when an attorney of this particular focus could be a viable and necessary asset.
According to Spiro Komninos, a real estate lawyer in Tampa, Florida with the Komninos Law Group, there are a number of different situations in which hiring an experienced and reputable real estate attorney would be highly beneficial.
Purchasing Commercial Real Estate: Whenever you are planning to buy a building or office space that will benefit your business, you should consult with a real estate attorney who can carefully review and negotiate the terms of your loan and all of the documents associated with the purchase of the property to ensure that the sale is in your best interest.
Selling Commercial Real Estate: Similarly, if you are selling commercial real estate property, you can also benefit from having an experienced lawyer who can assist you in negotiating with possible buyers to ensure that, even in this poor economy, you are still benefiting from the sale.
Landlord/Tenant Issues: A real estate lawyer can also help prepare a lease agreement for renters of both residential and commercial properties. In addition, your attorney can also mediate and settle any issues that may arise between a landlord and his tenants.
Short Sale: If you can no longer afford your mortgage and are currently facing foreclosure, a real estate attorney can assist you in completing a short sale, which means that your lawyer can negotiate with the lender to allow you to sell the home for a fraction of the amount that you still owe because of personal or economic hardships. Successfully completing a short sale keeps the home from succumbing to foreclosure.
Loan Modification: If you have recently found yourself consumed by mounting debts, then a real estate lawyer may be able to alleviate some of the stress by negotiating a loan modification with your lender. In a loan modification, the terms of your agreement are altered to lower your monthly payments to a more manageable level. This can help decrease the amount of debt you have and possibly keep you from having to file for bankruptcy. Additionally, says Mr. Komninos, it is important to keep in mind that as of 2008, in Florida, you cannot engage the services of a person who previously worked as a mortgage broker to negotiate your loan modifications. This is a matter that can only be handled by an attorney.
HOA and Condo Association Disputes: Some of the most common situations that Mr. Komninos has dealt with as a real estate lawyer in Tampa have been related to Home Owner Associations (HOA) and Condo Association disputes. In some instances, a group of residents may hire the service of a real estate attorney if it feels that it is being mistreated or misrepresented by the appointed associations. Other times, he adds, it may be the association itself that hires a real estate lawyer to represent the organization or assist in the legal aspects of a dissolution of the group as a whole.
Many times, Mr. Komninos explains, consulting with a real estate lawyer can be an excellent first step if you have lengthy legal documents you need to have reviewed, would like assistance in negations, or are looking to resolve a complicated real estate matter before it enters litigation.
This article is for informational purposes only. You should not rely on this article as a legal opinion on any specific facts or circumstances, and you should not act upon this information without seeking professional counsel. Publication of this article and your receipt of this article does not create an attorney-client relationship.
