The process of real estate investing is slightly different from purchase of a primary home or second home for personal use. These properties tend to be flipped quickly for a profit, and investors need some serious legal groundwork to ensure the paperwork for each property they buy is in order and then to draw up rock solid contracts to provide them with a clear title and deeds to the property. There are mortgage, rental, property tax and other legal matters that need to be taken care of.
Do you have additional questions regarding investing? Our real estate attorneys are here to assist you throughout the process and answer any questions you may have. Contact a real estate lawyer near you today.
A full list of all legal issues faced by real estate investors is provided below:
The first step to investing in real estate is to know how to check the deeds for clear title and liens. Have the property inspected for construction defects and any possible land usage or zoning violations. There may be unpaid property taxes, and a mortgage may be in default. Drawing up sale and purchase contracts and getting insurance to protect assets from damage and liability is another essential legal aspect of real estate investing.
From a tax point of view, investors also need to know how to deal with income from property that will be taxed. Reducing tax liability on income earned from rentals and real estate capital gains is another topic altogether, but the short answer is that there are many ways to do it.
Do you or does someone you know need legal information regarding investing? Our real estate lawyers are here to help. Contact a real estate attorney in your area today for more information.
Did you know?