Cheap Real Estate Lawyer North York
Are you searching for cheap real estate lawyer north York based? Making investments that involves millions of dollars requires that you are protected. Buying or selling a house is probably one of the most expensive investments one can make in a lifetime.
Cheap Real Estate Lawyer North York: What is real estate?
Real estate simply refers to land and whatever structure is on it. It is sometimes called real property. Real estate may be commercial or residential. It can be owned by another but used by another through lease agreements.
What Are The Types of Real Estate Investments One Can Make?
Real estate investment is one of the many ways you can invest money. Actually, it is an investment venture that yields lots of interest if done right. However, little a mistake with your real estate transaction is all it takes to see all your investments going down the drain. There are various aspects of investing in real estate. Knowing the various types of real estate investments will help you make an informed decision. The main types include
Commercial real estate
Commercial real estate is basically referring to buildings that are used to generate inflow of cash. These buildings are basically used to conduct businesses and could be in the form of;
- A parcel of land acquired to develop buildings for businesses
- A building bought for conducting your own business
- A building an investor purchases from the property owner to create leasing income for another person’s use.
Examples of commercial real estates include; community centers, regional malls, stand alone, strip centers etc.
Industrial Real Estate
These include facilities designed purposely for major production of products. These type of buildings are equipped with specialized welding equipment, chemical processing, cranes and painting areas. They are heavily equipped and customized for individual use only.
These particular facilities do not make products but rather puts the products together and packages them for storage purposes. Usually zoning for light assembly is not so restrictive. Light assembly can be found in broader areas of a city.
These are buildings purposely used for storage of packaged products. They consist of shipping docs for truck access, concrete floors, high ceilings and mostly consist of open space. They may consist of refrigeration for cold storage as well.
Residential Real Estate
Single family rentals
This type of real estate investment could be town homes, single family detached homes, or even condominiums. Usually single-family rental homes are the most common types of real estate investments. They can sometimes be self-managed or managed professionally by property management companies. The lease terms are mostly a minimum of 12 months.
Section 8 rentals
This type of real estate investment is typical to single family rentals however in this case the property may have applied for and received a special designation as a section 8 home and duly approved.
This can be in any form whether as a single-family home but furnished fully. It is usually rented out in short terms. This type of project works best in high desiring areas like closer to lakes, beaches, or a major entertainment district. More often this type of investment is best handled by professional property management companies.
Cheap Real Estate Lawyer North York: Who is a real estate lawyer?
Real estate can be purchased or sold and due to the high value placed on it, there are laws that govern transactions involving real estate. Real estate lawyers North York based are lawyers that have specific training in guiding people through the legal aspects of buying or selling a real property.
In some countries like Maryland, New York, Pennsylvania and some others the presence of a real estate lawyer is required at a closing. Some other countries leave the decision to hire a real estate lawyer to the real property investor to make.
As a seller
However, as a seller you might need the services of a real estate lawyer if:
- You are in the midst of foreclosure or short sale
- The property has structural issues
- You are selling a real property of a deceased relative
- You are negotiating a divorce and need to split your assets
- You have a history of property liens (due to debts owed people)
As a buyer
As a buyer of a real property, your real estate lawyer ensures that the transaction goes smoothly and risks are mitigated. At very cheap prices north nork real estate lawyers give you advice on the best real property to buy and help you deal with the brokers. They also help their clients draft and review the purchase agreement, buy a mortgage, execute contract of sale and go for the closing of the deal to name a few.
While some basic transactions in most countries do not require a real estate lawyer, there are other situations which requires the help of a real estate lawyer. When purchasing or renting a home, you may have to hire a real estate lawyer if;
- You need to evict tenant
- There are physical damages on the property
- You are from a different town
- There is an illegal dwelling on the property like an in-law unit
- The land is owned by the bank
- The area is subject to adverse weather like tornados, flood, hurricanes etc.
- You need to back out of a contract and so on
Cheap Real Estate Lawyer North York: Can they help with my divorce case?
Legally, divorce cases are one of the most difficult cases to handle. Most divorce cases result in major fights over real estate. And in most cases real estate is the biggest shared asset during a divorce. Whether the real property was an investment property or a source of marital income for the couple during marriage both separating spouses have an interest in how it will be shared.
In most cases the court considers the date the real property was acquired and its usage during the marriage. If one spouse acquired the property before the marriage, it is considered a separate property. But if the real estate served as the home or as a source of marital income for both spouses when they were married then the property may be converted to marital asset. In this, the said real property is subject to equal distribution between the separating couples.
At very cheap prices, a north York real estate lawyer is willing to assist you. They help their clients all through the divorce process from negotiation, mediating to ensuring a final resolution. A google of cheap real estate lawyer north York will bring up the many reviews they get from their past clients concerning such cases.