Real Estate Lawyer Allentown, PA
At Hoegen & Associates, P.C., a real estate lawyer Allentown, PA business trust strongly recommends not buying or selling commercial real estate in Pennsylvania without legal guidance from a professional. For most people, buying a commercial property for the first time will be the biggest financial investment they will ever make. For others, selling their business or business’s property means figuring out a fair price and drawing in potential buyers. Going through the buying process right the first time can prevent you from making major mistakes that can affect you in the long run. So whether you are purchasing or selling real estate, having a real estate lawyer on your side can help protect you against unexpected events, and help smoothen out the process of closing.
A real estate lawyer in Allentown is ready to answer any questions you have about preparing your property for selling or finding the right new commercial location. We understand that buying or selling a property can be a stressful experience. With our help, you can have confidence that you have the guidance to make the most informed decisions. Real estate transactions involve many different factors, but we can make the experience simpler and easier to understand. Don’t hesitate to call Hoegen & Associates, P.C. for help right away.
Finding the best lawyer to assist you with your case can be a daunting task. It can be hard to know where to start. When you are finding a lawyer to work with, you need to be able to know the indicators of Here are just a few reasons why many people in the Pennsylvania area turn to our team for real estate assistance:
We Focus On You
We do not have a personal interest in the outcome of a real estate transaction, other than ensuring that you are taken care of and protected. When you come to our team for legal assistance, you can expect to receive the highest quality legal services. We have your best interests at heart and we will work to achieve the best results for you. Reach out to us and learn about all the legal services that we have to offer.
There are often other parties involved in a real estate transaction that are driven by their own financial gain and do not view you as the priority. Other firms may operate on their own agenda and put your interests and values second to theirs. They may even dismiss your interests so that they can pursue their own. Unlike other firms, we will keep our focus on helping you obtain the results you want to see. We will listen to your concerns and what you want to gain for your case outcome. Clients should be the top priority, and a trusted legal team should be committed to working for their clients so they can get the results they are looking for, and nothing less. Through our excellent customer service and personalized legal support, we have established ourselves as a reputable and trusted firm. A PA real estate lawyer can steer you away from people who do not have your best interest in mind and let you know whether a deal is fair or not.
We Can Handle Real Estate Issues
A real estate lawyer in Allentown, Pennsylvania has the experience needed to handle real estate issues and road bumps that may arise. When you are dealing with real estate transactions, you may face a number of obstacles of varying complexity. For some issues, you may be at a loss at how to approach the problem and make the right choice. With our support, you don’t have to learn how to solve your problem alone. Get counsel from a top lawyer so that you can resolve your real estate issues with confidence and get the assurance you need.
Our firm is experienced with handling a wide range of real estate cases. We have been trained in reviewing contracts and have a thorough understanding of real estate law, so we can help you prevent problems or quickly adjust to unforeseen situations. No matter what changes occur during your case, you can count on a real estate lawyer to come up with a solution that works for you.
An important area that lawyers can help you with is making sense of legal documents. When you are working on a legal issue, you likely have to read and fill out many complex legal forms that are highly detailed. It’s important that you understand the full document before you add your signature or give your approval. They can also review and explain the language in documents like contracts and agreements that are unclear to you. Real estate contracts can be lengthy and entail confusing legal jargon that the average person does not know how to interpret. There may be certain details that are described in vague language which can be tough to understand. As seasoned real estate lawyers, we will examine every aspect of the contract and explain it to you in clear and straightforward terms. Whenever you are dealing with real estate, you must be sure that you understand every part of the contract you are signing. If you have any questions about any part of a real estate sale or purchase, we can help. We can answer questions and provide clarification.
Know Exactly What You Are Purchasing
Unfortunately, there are many instances in which a purchaser gets taken advantage of because they did not have proper legal representation throughout the process. This means that a buyer may end up getting stuck with termites, asbestos, hazardous conditions, or an illegal structure without realizing it. They may have failed to review the full details of a property they purchased, such as inspection reports. The last thing you want to find out after purchasing a property is that there are additional expenses because of undisclosed issues or hidden damage. To avoid this, it’s best to hire a real estate lawyer before you sign a contract to buy a home. They know what questions to ask to approve a transaction and ensure that a property can be safely purchased. Real estate companies will not always be clear or honest about a property’s history or current condition, so you cannot rely on them to give you the truth about a property. The best way to protect yourself from this scenario is to obtain a professional opinion from a third party. A Pennsylvania real estate lawyer can hire an unbiased professional to perform an inspection of the home before buying, so you know exactly what you are purchasing before signing on the dotted line. They can inform you of red flags and go through a checklist of everything that needs to be done before you proceed with your purchase.
See How We Can Help You Today!
When you are entering into a real estate transaction, we understand you want to be protected. Whether you are selling or buying, there are opportunities for the other party to take more from you than they should or to be dishonest about an issue. For example, if you do not ask the right questions or probe for certain details, real estate agents may just choose not to mention specific problematic information about a property. At Hoegen & Associates, P.C., we understand that buying or selling a property can be very exciting, whether you are finally moving on from an old building or moving on to new beginnings. While this can be a stressful time, we are here to help make some of your decisions easier and make sure you are aware of the deal you are getting. We want to help you and make sure that you are not a victim of predatory practices. Our trusted legal team will fiercely work to protect your rights and ensure that you smoothly and efficiently complete your real estate transaction.
Why hire an attorney during this process?
Many people do not think of the property buying process to be a time when you would need to hire an attorney. In fact, you have a real estate agent for this, don’t you? It’s true that your real estate agent should be there to help you navigate buying or selling a property. However, they are not trained in the legal side of real estate and are not able to give you legal advice. Buying or selling real estate is a legal transaction that includes legal documents, so why not get the help of someone in the field? It is only sensible to hire a lawyer who specializes in this particular area of law and has the authority to provide you with legal advice, especially with a major transaction like a home.
Do you just help someone buying a piece of property?
Real estate lawyers do not only help clients who are purchasing a piece of property. They can provide assistance no matter what kind of transaction you are making, and whether or not you own a home. They can give you legal guidance on a variety of different topics pertaining to real estate. Instead, they can also help:
- Those who buy and sell land
What kinds of problems will a real estate attorney help me with?
A real estate attorney can assist clients experiencing a range of scenarios. Regardless of how complex an issue may be, a real estate lawyer can provide you with helpful legal advice. They will do a thorough evaluation of your case and suggest steps for your action plan. They can also inform you of key mistakes to avoid. A real estate attorney can assist you with many different issues. Our Pennsylvania real estate lawyer can help you when you are in the middle of different problems, including:
- Helping to negotiate a fair agreement
- Review any sales contracts for buyer or seller
- Go over problems with zoning or permits
- Help you if you are being illegally evicted
If there is a serious legal problem will I need to go to court?
When a real estate issue comes up and you work with an attorney, it is good to be prepared if you need to go to court. It may not be necessary for you to go to court, but you should prepare as if you are. That way, you do not have to make a plan at the last minute. When you are dealing with a case, you want to anticipate a range of scenarios and be ready to have a solution that addresses them. When you work with us, you know you are getting someone who will work hard to settle a problem outside of court if possible but who will be aggressive when it comes to going to court. We will make sure we are protecting your best interests.
First Time Buyers
While each Allentown, PA real estate lawyer at our firm handles a wide variety of real estate transactions and other issues, one of the most rewarding types of cases we handle is helping first-time property buyers with their purchases. Owning your first property can be both exciting and overwhelming at times. And if you have never gone through the process, it can be complex. That’s why it’s important to consult with a real estate lawyer before signing any documents. The following are some tips for first-time buyers or anyone who is in the market to purchase property to avoid.
Do not look for properties before you are ready to purchase: This is especially true if you are not sure about the location of your purchase. While no one likes handing over monthly rent and helping someone else build equity in their property, if you purchase a property before you have concrete plans, you may not be able to resell it or find good tenants when you do decide to let the property go.
Do not ignore your budget: Before you begin looking at properties, it is important to know exactly how much you can afford. You should know how much money you have for a down payment, how much you can afford for your monthly mortgage payment (including property taxes, insurance, etc.), and what price range of buildings or lots you can actually afford. While it may be tempting to go over your budget as you are location hunting, remember that even a small increase in price can end up skewing your monthly budget, especially if something should happen, such as an illness or job loss.
As an Allentown, PA real estate lawyer can explain, ideally, you should have at least 20 percent of the total purchase price as a down payment and be preapproved for your mortgage before you even begin looking at properties.
Do not forget to include all operating costs when calculating your budget: Many first-time buyers are unaware of all the expenses that you can incur when owning a property. In addition to the mortgage, property taxes, and insurance, there is also utility bills that you may not have been aware of, such as water and sewer bills. There are also maintenance costs and repair expenses. All of these should be included in your monthly budget calculation.
Do not forget to get it in writing: It doesn’t matter how nice the seller is or the real estate agents involved in the transaction are, always get everything in writing. If you are told that an appliance or item is included in the sale of the property, make sure that is written down. Some of the more common items that an Allentown, PA real estate lawyer sees disputes over are:
- Refrigerators, stoves, and other appliances
- Bathroom fixtures
- Ceiling fans
- Light fixtures
- Window drapes and treatments
Are You Protected by the Terms of Your Commercial Lease Agreement?
If you are a small business owner who is planning on leasing a space, you need to be certain that you review your potential lease very carefully. Often, commercial tenants are so focused on the terms related to the amount of rent that will be paid that they forget to focus on other important aspects of the lease. However, it is important to be aware of a number of factors, such as whether the landlord or the tenant will be responsible for maintaining common areas and landscaping or taking care of other work that needs to be performed.
Another critical issue that needs to be addressed is liability. Every commercial lease should contain an indemnity clause that outlines the landlord’s and tenant’s responsibilities for any third-party claims that occur. It should also address what types of coverage are required. Having a real estate lawyer in Allentown, PA examine the terms of your lease can avoid any surprises later on.
What Types of Insurance May Be Required?
The types of insurance that may be required in a commercial lease will likely vary depending on the nature of the business that will be renting the space. The greater the risk is for potential third-party claims or contamination or damage to the space, the higher the limits for the insurance coverage will likely be. The most common required forms of insurance in a commercial lease agreement include, but may not be limited to, the following:
· Property – This will provide coverage for any damage that is done to the property. In some cases, the landlord may cover this type of insurance, especially if the building is a multi-tenant property. It is important for the landlord and tenant to discuss who will have the responsibility to rebuild the property if it is ever destroyed. In most cases, the landlord will have at least some responsibility for the property, and the tenant will have responsibility for at least the damage that they caused to their space.
· Liability – This type of insurance will protect the parties from any claims made by a third party, such as a customer that is injured while on the leased premises. An Allentown, PA real estate lawyer can explain the types of situations where this insurance could be very important.
· Business interruption – Many business owners will choose to carry this type of insurance because it will replace their income that is lost while the property was untenantable and when the business could not operate. Most commercial leases do not require this type of insurance, but many business owners will carry it for their own protection.
· Additional insured – Most commercial leases will require the landlord to be listed as an additional insured on the liability and property insurance policies of the tenant. This means that any loss that the landlord sustains on the rented premises will be treated the same as a loss for the tenant. An Allentown, PA real estate lawyer knows that this type of provision is very important to ensure that the insurance company will pay claims quickly. Without this type of clause, valuable time could be lost while the insurance company attempts to sort out which party suffered the loss and which loss will be covered by the policy. This issue becomes even more of a problem if the landlord and tenant each have their own policy with their own insurance company.
Triple Net Leases
Many investors who consider triple net lease properties are often looking for sound investments that will provide a guaranteed income with no management responsibilities. At Hoegen & Associates, P.C., a lot of the investors that we work with are often looking for this type of investment for their 1031 exchange. After years of owning a standard commercial property where they had to deal with multiple tenants, rising operating costs, and repair headaches, a triple net lease is a much-welcomed change of an investment that generates income with none of the usual responsibilities.
There are some stark differences between a standard lease property and a triple net lease property. First of all, investors should be focused on the lease and not on the property itself since it is the lease you are “purchasing.”
When an investor is considering a potential commercial property, they should have a good look at the current net lease on the property. There are three different types of leases:
- Single net lease: Tenant pays base rent and property taxes. Landlord is responsible for all other operating costs. Utilities are negotiable.
- Double net lease: Tenant pays base rent, property taxes, and property insurance. Landlord pays all other operating costs. Utilities are negotiable.
- Triple net lease: Tenant pays base rent, property taxes, property insurance, and maintenance issues. Utilities are negotiable.
Another factor to consider when considering purchasing a triple net lease property is how strong is the tenant’s credit. The tenant should be able to meet the lease terms by as much as the property is worth. The tenant’s capitalization rate could indicate any potential risks for the investor. The higher the cap rate, the lower the risk of the tenant being unable to keep to the terms of the lease.
Investors also need to look at the type of business the tenant has. If the improvements the tenants make to the property are general, then it will be much easier for the property to be attractive to another tenant in the future. If the tenant’s improvements are specific for their industry (such as a drive through for a fast food restaurant), it may be more difficult to find a new tenant in the future.
What About a Buyer’s Agent?
Because of the nuances involved in triple net lease commercial property, even the most experienced investors find that retaining the services of a buyer’s agent to be beneficial. A skilled buyer’s agent has extensive knowledge of the commercial real estate market and works diligently to ensure that the investor’s interests are fully protected. Since a buyer’s agent represents only the investor’s interest, you can be assured that we will negotiate the best deal possible for you.
Real estate law is a vast area of law and is incredibly complex. Handling any legal matters should be done with the help of a lawyer. If you are seeking legal assistance regarding industrial development, finalizing major transactions, business development and other areas of real estate law, schedule a confidential consultation with a seasoned lawyer. They will be able to answer any of your questions and determine your next steps. Learn about your rights and how you can advance your real estate development goals. To learn more, contact us today to meet with one of our seasoned buyer’s agents and find out how a triple net lease can work best for you.
Call Hoegen & Associates, P.C. Today
We understand that a real estate transaction can be a very big deal, and the last thing you want is to either sell for an amount that is less than what you deserve or to feel tricked into buying a property that has problems you were not informed about. If you are considering purchasing or selling a property in the near future, then please contact us, Hoegen & Associates, P.C., today to speak with a qualified Allentown real estate lawyer in PA.