Real Estate Lawyer Bozeman, MT
People in Montana who are looking to purchase or sell real estate may meet with a real estate lawyer Bozeman, MT residents depend on at Silverman Law Office, PLLC for guidance. You may have heard from others that you should hire a reputable real estate lawyer to oversee the property transaction. There is truth to this statement because a lawyer is someone who can see to it your best interests are protected. Not every real estate deal is a complex transaction, however, the last thing you want is for something to go awry and then seek out legal help after an issue has already unfolded. Being proactive is ideal.
At Silverman Law Office, PLLC, our clients matter most. We are always happy to answer questions and address concerns if you choose to recruit services from our practice. Here are a few questions that many prospective clients have for us, so we thought we would share this with you virtually:
What does a real estate lawyer do?
The role of a real estate lawyer is to help with tasks such as paperwork, negotiation, and the transaction itself. A real estate lawyer takes over once the selling price and contract terms have been created by the designated real estate agent(s). At this point, a lawyer would review the contract, have a home inspection performed, search the title, and then make suggestions for how the terms of the deal should be changed to ensure it is fair and reasonable.
What are some of the benefits of having a lawyer help me through a real estate transaction?
In general, people may hire a lawyer whether their real estate deal is an easy or more complicated transaction. Those who do have a lawyer working with them tend to feel more at ease since they have someone who is only focused on their best interest from start to finish. Here are reasons why a buyer or seller may hire a Montana real estate lawyer in Bozeman from Silverman Law Office, PLLC:
- You are purchasing a property in an area that is problematic (such as toxicity levels, tornado or earthquake-prone, radon, etc.)
- You are purchasing a property that may have structural issues
- You are purchasing a property that is commercial
- You are purchasing a property that is owned by the bank or a short sale
- You are buying property and live out-of-town
- You became the executor or heir of a property after the owner passed away and are looking to sell
- You are selling a property and your partner is being uncooperative
Common Issues of Residential Real Estate
- Concerns about buying a home
- Concerns about the title
- The manner in which the title is taken
- The manner in which the title was held
- Different forms of deeds
- Survey issues
- Easement issues
- Escrow issues
- Zoning issues
Common Issues of Commercial Real Estate
- Commercial Financing
- Action codes
- Differences in mortgage and deed of trust
- And much more
Speak with Our Real Estate Lawyer!
When you are buying or selling real estate, working with a real estate lawyer is in your best interest. Many people may think that since buying and selling real estate is so common that the process is fairly simple and they would not need the legal advice of an attorney. However, a real estate lawyer can look out for your legal needs even when you are not sure what those needs are. Because many people do not have a background in law or in real estate, they may not know what to look for to make sure they are getting a good or fair deal with real estate. This is how a Bozeman, Montana real estate lawyer can help you. Want to learn more? Contact our office now.
When You Should Hire a Real Estate Attorney
When You Want to Purchase Commercial Property
Commercial real estate investments are typically more complicated than residential investments because they have greater risks and liabilities. These properties are much larger and are used to house or employ many more individuals than a single-family home. Therefore, commercial properties have specific laws that need to be followed, including what purpose each property can be used for.
Your real estate lawyer in Bozeman, MT can guide you on the best properties to purchase. These professionals understand zoning laws and how each property can be used based on the law. They can also help you identify safety and security risks.
When You Want to Purchase Real Estate in a Different State
Each state and locality has different real estate regulations. Therefore, your state’s laws may differ significantly from the laws in another state. For example, some states require that your building be a specific distance from the property line while others may require you to have a backup battery for your garage door opener.
The Silverman Law Office can help you navigate Montana- or Bozeman-specific real estate laws. Your real estate lawyer in Bozeman, MT can also help you write your purchasing contract in a way that meets local regulatory requirements.
When You Seek a Smooth Transaction
Who doesn’t want a smooth real estate purchasing process? A real estate attorney can help you conduct title and lien searches. They can also investigate local zoning and other laws that may affect your purchase or the use of a piece of property. These professionals can also negotiate your contract and handle any disputes that may arise. Although they cannot ensure a specific outcome, they act as your advocate and should get you the best outcome possible.
Mistakes That Homebuyers Make When “Shopping” For Their Home
Some of the more frequent mistakes that homebuyers make when “shopping” for their home include the following:
Searching for a new home before you are ready to purchase:
Many potential home buyers, especially those who are paying rent and not building any of their own equity, are often anxious to move into their home. But there are a lot of factors involved when you decide to buy a home, especially if you are considering moving to a different area. It is important to know exactly the geo area you want to settle down in before expending the energy of looking. If you currently own your own home and are looking to purchase a new one, you need to be sure that you will be able to sell or rent your house before you move into your new residence.
Not sticking to your budget:
Before you begin looking for your home, it is important to determine what your budget is. This includes how much you have to put down as a down payment, how much the overall price you can spend, and how much you can afford each month for your mortgage payment. Many people who are shopping for a home are often tempted to ignore that budget if they find a home that they fall in love with. While the extra thousands may not seem like it’s a lot, you have to consider what the long-term costs of the extra price may actually be. Will your mortgage payment still be affordable, especially when you factor in the ever-increasing costs of property taxes, utility bills, and more? A Bozeman, MT real estate lawyer knows that ideally, a homebuyer should have a down payment of at least 20 percent of the final cost of the home. Failure to have at least that much will also likely mean the added expense of private mortgage insurance (PMI).
Trusting the seller verbally without proper documentation:
The best advice for any homebuyer is “Get it in writing.” Just because the seller tells you something does not mean they will actually follow through. This is why any agreements or disclosures should always have some documentation backing them up. It is not uncommon for conflicts or misunderstandings to arise about items that are currently in the home. Are they included in the purchase price or is the seller taking them with them? This often applies to appliances, light fixtures, window drapes, bathroom fixtures, and ceiling fans. A real estate lawyer in Bozeman, MT can make sure that any items that are supposed to be included in the purchase price are included in the contract between buyer and seller.
If you are in need of assistance when buying or selling a home, call Silverman Law Office, PLLC to schedule your free initial consultation with a real estate lawyer in Bozeman, MT.
Rental Properties
There are many benefits to owning and renting out commercial or residential real estate in Montana, but there is also the potential for having to die with a tenant to does not pay their rent on time. While the occasional event where a tenant has run into an issue and maybe a couple of days later with their rent is usually easily handled, having a tenant who is chronically late or doesn’t pay can wreak havoc on your own finances and needs to be dealt with in the most stringent legal way as possible in order to protect your rights as the property owner. If you are considering eviction proceedings, contact a real estate lawyer in Bozeman, MT clients recommend finding out what is required before you can take this action.
In Montana, a landlord is allowed to evict a tenant for failing to pay the rent on time. Under state law, rent is considered late even if only one day has gone past the due date. For example, if rent is due on the first of the month, it is considered late on the second day if the tenant has not paid. It is up to the landlord whether or not there should be a grace period. That grace period needs to be stated in the lease.
If a tenant is late with their rent, then the landlord may want to communicate with the tenant before taking any action at all to see if there is an issue. For example, maybe the prior month was a short month, and they didn’t realize it was already the first of the month. Maybe they have been sick with the flu for a few days and didn’t realize the first of the month had arrived. If you have a good relationship with your tenant, then communication may be the only thing needed to resolve the issue.
If a tenant is consistently late with the rent or ignores your attempt at communicating, then it may be necessary to take other steps recommended by a Bozeman, MT real estate lawyer.
Once the rent is late, then the landlord must give the tenant a three-day notice to pay before any eviction action can be taken. This means the tenant has three days to pay the rent. If after three days the rent is still not paid, then the landlord can begin the eviction process. It is up to the landlord whether or not they want to accept partial payments or work something out with the tenant. Again, this usually depends on the relationship the landlord and tenant have, as well as the tenant’s rent history.
Common Myths About Real Estate Lawyers
If you plan on buying a property soon, it’s essential to work with an experienced real estate lawyer in Bozeman, Mt. However, you may have heard some untruths about these lawyers that are making you reluctant to hire one. Here are some common myths about real estate lawyers that you shouldn’t believe.
- Real estate agents and real estate lawyers are the same. It’s true that real estate agents can perform many of the tasks that real estate lawyers do, but they still play very different roles. The main difference is that real estate agents can’t provide legal advice like real estate lawyers can. If a legal issue arises at any time during the purchasing process, a lawyer will be able to give you expert legal advice.
- Real estate lawyers charge a lot of money for minimal work. This is one of the most common myths about real estate lawyers. The truth is that real estate lawyers charge relatively low fees compared to other types of lawyers. There’s also a lot involved in closing a real estate deal, so real estate lawyers do their fair share of work.
- Real estate lawyers can’t simplify the closing process. From contract disputes to tax problems, there are several legal issues that can arise during the closing process. This can make the process much more stressful and may even prevent you from closing on a home. Real estate lawyers in fact have the legal knowledge and skills to minimize legal issues and simplify the closing process.
- It’s not necessary to hire a real estate lawyer to buy a home. Some people mistakenly assume that a real estate transaction will be easy and no complications will arise. While it’s possible that the transaction will go smoothly, there is no guarantee. That’s why it pays to have a skilled real estate lawyer on your side. He or she can simplify your real estate transaction and potentially save you money down the line.
- Real estate lawyers are all the same. This is another big misconception about real estate lawyers. The reality is that real estate lawyers have varying skills, experience, and personalities. That’s why you should never just settle on the first real estate lawyer you come across in a Google search. Schedule consultations with several different real estate lawyers and then determine who fits your needs the most.
Bozeman Real Estate Law Infographic
Bozeman Real Estate Law FAQs
I want to purchase a piece of property. What should happen before making a purchase?
You may be surprised to learn that there could be liens or claims against the property you are interested in. You should speak with your attorney about any property you are interested in so that they can do this research for you.
I’ve never sold a property before. What should I make sure I do before I sell it?
Congratulations on wanting to make your first sale! We understand that this can be very exciting for you and you want to make sure you do it right. Your attorney can help make sure that there or no liens or claims against your property and you should determine what the lowest price is that you are willing to accept.
There are some problems with the property I am selling. Am I legally obligated to tell people who are interested in my property?
Yes. You have a legal obligation to disclose defects or problems with your property. If you sell a property without disclosing the defects and the person who purchased your property finds these defects, it is possible they could bring a lawsuit against you. Speak with your attorney about potential defects your property has.
There are problems with my property but I’m selling it “as-is.” Am I still obligated to fix problems?
It is still good to speak with an attorney when you are selling your home and when your property has defects. That said if you sell the property as-is, the person who purchases the property will be responsible for fixing defects and making repairs.
Do any states require that I hire a real estate lawyer?
Yes, many states across the US have laws that require having a real estate lawyer involved in a real estate transaction, including West Virginia, Rhode Island, Pennsylvania, North Dakota, New York, New Hampshire, New Jersey, Massachusetts, Mississippi, Maine, Maryland, Kentucky, Georgia, Kansas, Florida, Delaware, District of Columbia, Connecticut, and Alabama. States that do not have these laws permit the buyer and seller to choose if they want legal representation.
Anyone who has purchased a new home can attest to how exciting – and overwhelming – the whole process can be. Pouring through all the Montana real estate listings, researching the communities, and thinking of all the different decorating ideas you want to incorporate in your new home is exciting, but dealing with all the financial and legal requirements can be overwhelming. This is why it is always recommended that anyone in the process of purchasing a home should consult with a real estate lawyer Bozeman, MT clients recommend.
When you are dealing with real estate lawyers in Bozeman MT such as the ones available at Silverman Law Office, PLLC, you may have a lot of questions about what real estate issues your lawyer can help you with, and you may have concerns with buying a home, with receiving the title to the home, and more. So we are happy to sit here and help you work through any questions that you have.
What is commercial financing?
Commercial financing is considered to be the standard property method, whereupon businesses or individuals are able to purchase residential and commercial real estate without paying full price cash upfront. Financing for nonresidential real estate is going to be obtained from a bank, insurance company or another lender that is going to lend you money for the acquisition, development, and operation of this venture. Commercial financing loans are most often secured by real estate-related assets owned by the debtor, meaning you put your stuff down as collateral. These assets are used for collateral and can include fixtures, equipment, banker trade accounts, and much more.
What is exchange code section 1031?
This is considered to be a real estate transaction where the taxpayer is selling real estate that has been used for trade or business. The money from an exchange code section 1031 cell is going to be used to acquire a replacement property, and the code that you are using for your transaction is governed by IRS regulations and rulings. Section 1031 says that no gain or loss can be recognized when the property that is in use for trade or business is being exchanged. solely for property of similar nature. You can ask your real estate lawyer in Bozeman MT for more information about how to use section code 1031.
What types of notes are used most in commercial financing?
A cognovit note is a note that authorizes the creditor in the event of default or even breach of contract to confess the debtor’s default to the court. The specific note allows the court to immediately issue a judgment against the person that has defaulted or breach the contract. The cognovit note is also authorized in the injury of an adverse judgment, however, it also says that the debtor agrees to jurisdiction in certain courts, is going to waive the notice requirements, and does know is upheld by the Supreme Court even though most states have outlawed or restricted the use of them. Talk to your real estate lawyer in Bozeman MT about cognovit notes and see if they’re applicable to your situation.
Why Would You Need the Assistance of a Real Estate Lawyer?
There are many instances in which you may need to enlist the assistance of a real estate lawyer in Bozeman, MT, like the ones from Silverman Law Office. If you are doing any kind of real estate transaction, a lawyer could be helpful. Here are some of the most common instances someone might seek out the assistance of a real estate lawyer, though.
Hire a Real Estate Lawyer for a Breach of Contract
Contracts should not have loopholes. They are meant to be adhered to and when someone signs a contract, it is typically legally binding. It is great if you have a real estate lawyer in Bozeman, Montana from Silverman Law Office from the very beginning of a transaction to try to prevent this from being able to happen, but even if you are in the middle of a transaction and believe the other party is not following through with the contract, you can contact a real estate lawyer to assist you.
Hire a Real Estate Lawyer When You Are Buying Property
Some real estate transactions are incredibly simple and can be done with only a real estate agent. There are times, however, when it could be detrimental to not have a real estate lawyer on your side while making a purchase. Some of these instances include:
- If you are buying a building for commercial use
- If you are buying property in another state
- If you are buying property in a place that may have additional issues, such as structural issues, or asbestos, or that is in a high hurricane or tornado area
No matter what, you should not hesitate to reach out to a real estate lawyer in Montana from Silverman Law Office as soon as you realize you may need assistance. He or she can set up a consultation with you to determine if it is important to have a lawyer on your side for your transaction.
Hire a Real Estate Lawyer When You Are Selling Property with Someone Else
You should always have a lawyer on your side when you are selling property to another person. This may be after you inherit a property from someone’s estate or if you are selling a business with your partner. No matter what the case, it is crucial to have a lawyer who is only on your side and will have your best interest at heart throughout the process. You should be able to do this in a civil manner, and should not be shy to have an experienced real estate lawyer to protect your best interest while selling.
Get in touch with Silverman Law Office, PLLC today.
Whatever the reason, it’s always better to have an experienced and knowledgeable legal resource in your corner. Real estate takes a lot of work, and at Silverman Law Office, PLLC, we understand that there are many different stressors that could be making your property management much more difficult than it should be. Instead of struggling through legal red tape, reach out to the professionals.
Real estate isn’t a free money machine. It takes a lot of work, a lot of organization, and a lot of legal know-how. Don’t hesitate to reach out to a real estate lawyer in Bozeman, MT today, and see what Silverman Law Office, PLLC can build for you tomorrow.
