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.
- See How We Can Help You Today!
- First Time Buyers
- Allentown, PA Real Estate Infographic
- Triple Net Leases
- How To Choose Your Real Estate Lawyer
- Here’s What a Commercial Property Lawyer Can Do for You
- Allenstown Real Estate Law Statistics
- Top 3 Reasons People Need a Real Estate Lawyer
- Call Hoegen & Associates, P.C. Today
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.
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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. Common issues that an Allentown, PA real estate lawyer sees disputes over include but are not limited to:
- Covenant Disputes
- Easement Usage Disputes
- Land Use Approval before Zoning or Planning Commissions
- Partition Matters
- Quiet Title Cases
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.
Allentown, PA Real Estate Infographic
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.
How To Choose Your Real Estate Lawyer
When looking for a real estate lawyer in Allentown, PA, it can be challenging to know where to begin. Unless you have real estate and legal experience yourself, you may not be clear about what skills you’ll need in a lawyer. Here are a few suggestions to help you choose the right legal professional for your situation.
Ask family, friends and colleagues if they have worked with a real estate lawyer that they were satisfied with. Be sure that the recommendations you receive are for a real estate lawyer specifically and not a general law counselor. Real estate law is complex and you’ll need someone who specializes in it.
If queries to close associates don’t produce any leads, you can also ask your real estate agent if they have recommendations. It is not uncommon for real estate professionals to interact with lawyers who specialize in property law. The lawyers at Hoegen & Associates, PC have formed strong working relationships with many professionals in the real estate industry.
Consult the Bar Association
As any real estate lawyer in Allentown, PA will have been required to pass the bar in order to practice law, your local bar association can be a useful first stop in your quest to find representation. The bar association will be able to guide you to a firm like Hoegen & Associates, PC who specializes in real estate law. This provides verification of the amount of experience the lawyer has in this area.
As you will be consulting with a local bar association, their recommendations will likely be for attorneys and firms in your area. Since real estate regulations and laws can differ widely from region to region, it can be helpful to engage representation that has experience with the locality in which you are doing business.
Once you have gotten several recommendations through close associates and your local bar association, it is time to get more specific. Contact the most highly recommended attornies on your list and schedule a consultation. At Hoegen & Associates, PC the initial client consultation is always free of charge.
Prepare a list of questions to take with you which should include questions about fees and experience. Don’t ignore the importance of how comfortable you felt with each attorney. You will be working closely with your real estate attorney in potentially stressful negotiations; feeling at ease with him or her is essential.
Here’s What a Commercial Property Lawyer Can Do for You
Commercial real estate transactions are complex and nuanced. Still, they carry immense opportunities for businesses and investors alike. In order to position yourself for success, you want a reliable real estate lawyer in Allentown, PA on your side. Hoegen & Associates, PC has a wonderful team of attorneys who can provide top notch legal aid to your development, managmenet, or investment firm. Consulting with experienced lawyers before your next venture is a tremendous advantage. Hoegen & Associates, PC is ready and available to assist you with all of your commercial property needs. While not an exhaustive list, these are some of the areas where thier services may be needed.
A real estate lawyer in Allentown, PA will guide you through each step of purchasing commercial real estate. Hoegen & Associates, PC can help you analyze the local marketplace, advise you on a reasonable offer, and aid you in finding a line of credit. Additionally, we can negotiate contracts on your behalf to achieve the most favorable terms possible. Buying a commercial property is a complex process, but our team is well equipped to help you reach your goals.
Whether you’re on the buying or selling side, Hoegen & Associates, PC is there to advise you of the pros and cons of a potential deal. Assessing the potential risks and details of a commercial property deal is an essential part of the process. With considerable sums of money on the line, it is imperative that you protect your investment. With guidance from a real estate attorney, you will be equipped with the knowledge and insight to make informed decisions about your transactions.
Once a property has been secured, a commercial lease agreement is the most important document in your arsenal. In order to protect your business, assets, and income, your lease agreement needs to be rock solid. Contracts of this sort are distinct from residential real estate lease agreements. Thus, an experienced lawyer is necessary to ensure that your contract is in good legal standing. Allowing Hoegen & Associates, PC to draft your commercial lease agreement will ensure that your document is up to industry standards. We’ll also be able to tailor it to your specific needs. Not only will this save you time and money, it will also give you peace of mind. Our team will help you to avoid costly problems in the future.
Allentown Real Estate Law Statistics
According to data from the National Association of Realtors, last year, approximately 35 percent of all people who purchased residential properties were first-time homebuyers. This was an increase of more than 30 percent from the year before. The average age of a first-time home buyer is 33 years old.
The process of purchasing a home can be overwhelming and having a skilled real estate lawyer representing you can help alleviate some of those worries and make sure your best interests are being watched out for.
Top 3 Reasons People Need a Real Estate Lawyer
The real estate market in America is legendary in its stability with homeownership, the American dream, among the most prolific and patriotic things a person can do. Owning real estate doesn’t come without complications, however, and issues with the state or other landowners could put a real crimp on things. Some people search for the help of a real estate lawyer in Allentown, PA, when they need professional legal assistance with buying, selling or leasing property. Below are a few popular reasons why a person would use the services of a real estate attorney in Pennsylvania.
1. Looking To Purchase or Sell Real Estate
There are some key advantages to hiring a real estate lawyer in Allentown, PA, during a purchase or closing process. An attorney such as one from Hoegen & Associates, PC might be able to assist with current tenants on the property, zoning restrictions, price negotiating and local code compliance. An attorney can help with making sure everything is done legally the first time and in proper accordance with the state laws.
2. Looking at Leasing Commercial Real Estate
Commercial properties take on a whole new set of rules and regulations as compared with residential properties. Issues such as parking, drainage and public easements can come into play. The lease agreement between tenant and landowner is a crucial document that needs to be reviewed by a real estate lawyer in Allentown, PA. If the tenant is required to maintain certain items in the contract, these things need to be reviewed and agreed upon by all parties. An exhaustive list of items needs to be included in an indemnity clause so tenants and owners are on the same page if something breaks or needs replacing.
3. Looking at Property Insurance
Depending on the type of business that might be inhabiting a commercial space, property insurance could be of great benefit or even a requirement to have in order to remain in state compliance. A real estate lawyer in Allentown, PA, such as one from Hoegen & Associates, PC may be able to offer some guidance in the process of choosing the correct insurance. Some common forms of insurance that come up in lease agreements are for coverage of liability, business interruption and adding the landowner as an additionally insured entity. Doing this properly at the start can help offset issues or disputes later down the road, especially if something unforeseen happens at a property that affects both the landlord and the tenant.
Can I create a handwritten will?
Yes. In Pennsylvania but not in every state around to check and ensure that in the state where you are living your will is legal, a holographic will which is a handwritten well is a valid will. A wilderness holographic still has to be witnessed and signed in the same manner as all of the other wills explained above.
Do I have to file my will with the court or in public records?
In Pennsylvania, there is nothing for you to follow your world with until your death. You can talk to a real estate lawyer in Allentown PA if you are worried about your will becoming public record because they may be able to suggest a trust that will keep your will and everything in your estate private.
Can I disinherit someone in Pennsylvania?
The answer is depending on who you wish to disinherit, because the answer is going to vary. In other states there is no requirement that you have to leave anything to your children and this is true in Pennsylvania as well, you may even disinherit any or all of your children as you wish. However in Pennsylvania unless you have a valid poster prenuptial agreement, your spouse is going to have a right to a portion of your estate unit if you have intentionally excluded the spouse in your will. You should reach out to a real estate lawyer in Allentown PA if you would like to continue to exclude your spouse from receiving anything in the event of your death, because they may be able to work something out most of the law just say that your spouse is entitled to collect an elective share of one third of your total estate regardless of whether or not you have a will in existence or not.
What happens to my will after I sign it?
After you have signed your will you should keep it safe and ensure that it is easily accessible. Oftentimes clients can store their original documents and are approved files where they cannot be destroyed or stolen, or they will give all extra copies to family members to keep safe and ensure that their will is accessible in the event of their death. If you have somebody who is representative of your state, you need to let them know where you have placed your will, in the event of your death so that they can get on with your estate.
When Do You Need a Real Estate Lawyer?
For the most part, the need for a real estate lawyer is going to depend on your locality, state laws, and the exact nature of the transaction. In some states, it is required to have a lawyer. If your state doesn’t require it and you may still want a real estate lawyer who can help in a few different points during the buying process and can provide help. Their assistance can include anything from drafting to finalizing purchase contracts, writing amendments to a standard contract, completing the title search, and conducting the closing.
Here are a few other reasons you might need a lawyer to be part of the buying process:
State or Lender Requirement
Every state has slightly different laws regarding real estate transactions. Often these regulations are meant to prevent real estate agents from acting in an illegal capacity that they trained or licensed for. An example of this is there are many areas only a licensed lawyer can put together legal documents related to the sale of the property.
Contractual Issues With The Purchase
If the property involves any out-of-the-ordinary elements that could hurt your purchase contract, then having a real estate lawyer on your side makes the most sense. They can make sure that all your contracts consider the complexity of your situation and help you with any contractual issues that may arise during the process.
Peace of Mind
Sometimes having a lawyer is going to give you some peace of mind. Be that having a feeling that something could go wrong or you just make sure all your bases are covered, having a talented lawyer on your team is often beneficial. When you have a good legal professional on your team can give you the confidence that you know something were to go awry, you have someone who’s looking out for your best interests and you can help you work through a tricky situation.
If you are looking to buy or sell a property having a good real estate lawyer in Allentown, PA is a great place to start to make sure all your ducks are in a row.
Determine Why You Want to Purchase Commercial Real Estate
Before you start searching for commercial real estate properties, you should figure out why you want to invest in the property in the first place. Perhaps you want to purchase an office building that you can lease to tenants. Or maybe you want to receive tax benefits from the real estate. If you know exactly why you want to purchase the property, you can make better investments.
It’s a good idea to secure financing in advance. Begin by checking both your business and personal credit scores to make sure everything is accurate. If everything is accurate, look at all the financing options you qualify for. Compare the interest rates, fees and repayment terms.
Hire a Real Estate Lawyer
Purchasing commercial real estate can involve many complexities, so it is important to have someone knowledgeable and experienced on your side. A real estate lawyer in Allentown, PA will protect your best interests, handle the negotiations and save you a lot of time. You’ll feel much better investing into commercial real estate with a skilled lawyer on your side.
Start Looking for Properties
If you have secured your financing and have an experienced real estate lawyer on your side, it’s time to start searching for commercial properties in your area. Make sure that the property meets all of your criteria before you agree to purchase it. For instance, you may need the property to have a certain amount of square footage.
Find Out Information About the Properties
It is important to know everything about a commercial property before you buy it. Don’t hesitate to ask many questions about it. For example, you may want to know what the property has been used for in the past and what the property taxes are. You may also want to find out if the property will require significant repairs and how much income it earns every year.
If you plan on purchasing commercial property in the near future, you should schedule a meeting with a skilled real estate lawyer in Allentown, PA soon.
Allentown Real Estate Laws
Whether you are a buyer or seller, an Allentown, PA real estate lawyer can tell you about the many types of laws that govern real estate. Real estate laws not only ensure transactions are conducted fairly and transparently, but they also provide protections for all parties involved. Let’s delve into some of the nuances of Pennsylvania’s real estate laws.
Pennsylvania Property Disclosure Law
One of the cornerstones of Pennsylvania’s real estate regulations is the Real Estate Seller Disclosure Law. It is a mandate that forces sellers to disclose information about a property’s condition. It serves to protect buyers by ensuring they are fully aware of any potential issues or defects with the property before completing the purchase. While the onus is on the seller to provide this information, the responsibility to understand, negotiate, and sometimes even remediate lies in the hands of the buyer, underlining the importance of having an Allentown real estate lawyer to guide the process.
Title Search And Insurance
An Allentown real estate lawyer can tell you that in Pennsylvania, a title search is required in Pennsylvania before a property transaction is completed. This process ensures that the property being sold has a clear title, free of liens or other encumbrances. Upon ensuring the clarity of the title, buyers usually obtain title insurance. This insurance protects buyers from potential claims against the property in the future. Given the technicalities involved, it’s wise for buyers and sellers in the Allentown area to consult a real estate lawyer familiar with the local land records and related intricacies.
Deed Transfer Tax
Another crucial aspect to consider in Pennsylvania real estate transactions is the Deed Transfer Tax. The state and municipalities might add this tax when the deed to a property goes from the seller to the buyer. While the standard state rate is 1% of the property’s sale price, local municipalities may charge an additional rate. It’s essential for both buyers and sellers to understand how this tax will impact their transaction costs, further emphasizing the role of knowledgeable legal guidance.
Pennsylvania follows judicial foreclosure proceedings, meaning that if a homeowner defaults on their mortgage payments, the lender must go through the courts to repossess the property. This allows homeowners to challenge foreclosures or conduct negotiations with the lender if they wish. Given the high stakes involved, having an Allentown real estate lawyer can be invaluable in navigating these proceedings, protecting homeowners’ rights, and exploring potential alternatives to foreclosure.
Partnering With Hickey & Turim, S.C.
Navigating Pennsylvania’s real estate laws can be a daunting task. While they are designed to protect, the complexities involved can lead to potential pitfalls. This is where the expertise of Hickey & Turim, S.C. comes into play. With a profound understanding of Pennsylvania’s real estate landscape, our team is poised to provide tailored guidance every step of the way. From initial property searches to finalizing transactions, our dedication ensures a seamless experience. If you or someone you know is looking to delve into Pennsylvania’s real estate world, don’t embark on the journey alone. Allow an experienced legal team to guide you and contact a trusted Allentown real estate lawyer now if you need help.
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.
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