Ways That a Real Estate Attorney is Helpful for Residential Developers
If you're a new residential developer with plans to build a small subdivision in a specific area, assembling the right team of people around you will be critical in turning your goal into a reality. While you might be focused on choosing a number of contractors, you should also consider the legal side of real estate. Hiring a real estate attorney will immeasurably make your coming weeks, months, and years much easier. This legal professional will take challenging tasks off your to-do list and provide valuable guidance that will save you both time and money. Here are some ways that a real estate attorney is helpful for any residential developer.
Securing Financing to Buy the Land
When you want to buy a parcel of land to develop into a residential subdivision, you don't just meet with your banker and obtain a mortgage based on your current salary. Buying a large piece of land presents a major expense, and you'll want to have a real estate attorney on your side. He or she will work to secure the proper amount of financing to help you buy the land and work out a payment schedule that suits your timeline of having the subdivision built and the individual properties sold.
Checking the History of the Land
A real estate attorney is also valuable for looking into the history of the land — not the physical history, but rather the financial history. As a research expert, your attorney will determine whether the previous owner has outstanding property taxes on the land or whether there are any liens on the land. The discovery of such issues before you complete the purchase can obviously have a major effect on how you proceed, making your partnership with the real estate attorney extremely valuable.
Helping With Any Needed Zoning Changes
It's possible that the land you're trying to buy isn't currently zoned for your intended use of a subdivision. You don't want to waste time and money before you learn that the zoning might not be possible to change, but a real estate attorney will be a good resource for you in this area, too. He or she will file the necessary paperwork on your behalf to begin the process of changing the zoning to suit your goals. Zoning changes can often include different hurdles, so the attorney's experience and expertise will be valuable to you.
Locate a real estate attorney near you to learn more about how they can help you with matters of residential development or visit http://www.clgnc.com/.