Tag: real estate attorney

Dealing with Issues that borders on Ownership of Commercial Properties

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Despite trying your best to avoid it, disputes are sometimes inevitable when it comes to commercial property ownership. In most cases, this disagreement can be difficult to deal with, especially when it has to do with boundaries between two properties. What matters most when this kind of issue arises is that it should be effectively dealt with to prevent future reoccurrence. 

Types of Commercial Property Dispute 

Dispute, at times, are unavoidable when selling, buying, or developing a property. Issues might spring up at any stage. You need to have the idea of the various types of disputes within a commercial structure. This information will enable you to protect yourself against such issues.  Some of the notable Commercial property disputes include the following: 

  • Boundary Dispute 

In some cases, a dispute may arise over land boundaries. There might be contention over land or property “spilling” into another person’s land. In this case, the individuals involved can work out a settlement. This issue can last for several months or years if both parties are not willing to find common ground.  

  • Landlord/Tenant Dispute 

Landlord/Tenant dispute revolves around premise conditions, contract, agreement, rent, among others. This type of dispute is likely to occur when there is no personal contact between the tenant and the landlord. For instance, a landlord may have many tenants and so not get to know them personally.  Such landlords can fix this issue by employ a realtor to handle tenants. This way, chances of disputes arising will be low as the agency will deal with all problems and queries coming from tenants.  

  • Purchasing Land 

Disputes over land acquisition that come up when you intend to buy land. This kind of issue can result from border disputes, compulsory purchases, as well as breach of contract.  

  • Construction Disputes 

Construction might be stopped halfway or before it takes off by a neighbor that has a problem with the proposed planning of the structure.  Also, there could be a complaint about environmental or noise pollution, disturbances, among others. 

Dealing with Commercial Property Ownership

The approach to solving this issue solely hinges on the type of dispute.  The fact is that commercial dispute resolution can be quite simple and straightforward.  You can engage the service of resolution lawyers who are highly skilled in resolving such disputes. Before you employ the services of a qualified lawyer, it is advisable to resolve the issue first via an ADR method (Alternative Dispute Resolution).  Here are some ADR methods that you need to know: 

  • Contacting the Council 

You will have to provide a detailed plan of your property if you are trying to resolve a boundary dispute.  This will serve as evidence of the boundaries around your property. This is also essential when developing a property, or you might send the plan to the council providing a comprehensive explanation of what you intend to do before commencing work fully. 

  • Mediation

This involves individuals that are related directly to the property.  All parties involved will be required to come together to iron out the issue. 

Court Proceedings 

In this case, the judge will give the final decision concerning the commercial property dispute. Court proceedings may not always fall in your favor. It is, therefore, essential to resolve disputes personally, using any of the ADR methods. For further advice on how to get disputes around your commercial property resolved, contact Chang Legal today. 

Problems that Prospective Commercial Tenant Could Face

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Renting a commercial property is a huge step, so it comes with several ups and downs.  It involves a big financial commitment, and you also have different clauses and regulations to contend with. You must understand the problems associated with renting a commercial property, so you know how to avoid the pitfall. Here are some of the issues that could affect a commercial tenant.  

  • Length of Lease 

Typically, a lease takes up to five years. You should make sure that the space can be assigned to other businesses within this period. It is worth noting that some tenants are not always willing to bear the expenses of building dilapidation liability, especially for short leases. This indicates that the primary tenant could still be liable.  The parts of the structure in poor condition are known as dilapidation. 

  • Room for growth 

You should check if the landlord is also willing to rent out the floor when renting a space for your business. It is essential to give room for the expansion of your business.  Before renting a property, you should take ensure that there are up-to-date infrastructures that will meet your needs.   For instance, does it has the space you need in case of expansion? Are the internet facilities adequate, or would you need to have new ones installed?

  • Break Clause 

To get out of a lease, you might consider a break clause if the situation warrants that. It entails the payment of more rent at the beginning. A rolling break clause will be of great advantage if anything happens to your business because it allows the tenant to leave the property at any period.  However, a tenant must give three months’ notice before exiting the property. 

  • User Clause 

The user clause specifies what a tenant is allowed to do on the property or within the premises. For instance, a restaurant that sells food to customers now makes online sales, causing people to collect food from the shop. This could break the user clause agreement unless allowances had already been made for future alterations.

  • Forfeiture

Forfeiture enables the landlord to end the lease if that the tenant goes against any of their agreements.  When a tenant defaults on the terms of a lease agreement, the landlord can terminate the lease by forfeiture. It is usually employed by landlords to end a commercial lease.  However, it should be noted that forfeiture is not always the best option for the landlord as well as the tenant. A tenant might go ahead to claim a financial loss if the lease was terminated wrongly.  Note that tenants can successfully bring a claim for illegal forfeiture of lease. 

If you need clarification on some of the problems that a prospective commercial tenant might encounter, or you have any questions relating to your commercial lease, contact Chang Legal today. 

4 Ways to Save Money When Buying Your First Home

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When you are buying a new house, chances are you want your deal to the best one possible. Finances are always important when trying to buy a home. It is therefore essential that you consider the following ways to save money so that you can buy your first home without being overly stressed out.

  1. Hire a seasoned and local real estate agent

Nobody knows the area like a real estate agent that works there. Using a local and experienced real estate agent will save you money because they know the business of buying homes in that area. They also have information relevant to the market that will help them negotiate a good contract that will protect you and save you money. The best way to find good local realtors is to ask for referrals from friends and family or check online on websites like Trulia and Zillow.

  • Have a great Credit Score

The higher your credit score is, the lower your mortgage interest rate will be. This also means that you will pay less in lenders fees and therefore have a cheaper loan. Before starting to home purchase process, you should first ensure that all your credit card balances are paid off. You also need to try to maintain a balance below 15% of credit limit on all your credit cards. You should also not apply for any new credit facility or loan while trying to improve your credit score because they require hard inquiries of your credit report which will cause your credit score to drop.

  • Shop around for better loan rates

There are many lenders in your area that are willing to give you a mortgage. It is in your best interest to ensure that you go through as many of them to make sure that you compare rates. This will help you to know which one is the cheapest in its entirety. Sometimes a low interest rate does not mean that it is the cheapest option for you. Speak to your realtor to check what the final figure comes to with fees and charges and this will help you get the best possible deal for your home.

  • Shop for homes in the winter period

The housing market is least aggressive in the winter because there aren’t a lot of people selling. You may not have as much choice, but you will certainly have sellers in the market that will offer you fair prices. You can actually save up to $20,000 on the price of your first home if you shop in the winter.

For more information or any questions regarding sales tips for real estate agents, contact Chang Legal today.

Decorating Your Front Porch – Improving Curb Appeal

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Do you need to improve your home’s curb appeal? Making your home look more inviting by decorating your front porch is easier than you may think. Some of these decor ideas may work better for you than others depending on the given space of your porch.

Plants

Plants are one of the easiest ways to add decor to your front porch while giving it an extra pop of color. You can use a variety of pots or containers for a more whimsical or use the same color/style to create a symmetrical look on both sides of the door. A great benefit to having potted plants is that you don’t need to worry about digging up your yard.

Create a Seating Area

If you have a larger porch to work with, creating a seating area is a great option. You can add a bench or a set of chairs along with a side table. This is perfect to have on warmer days so you can relax or lounge outside while reading a book or having a conversation with friends or family. Alternatively, you can hang a swinging bench if you have an appropriate place to secure it. Add patterned or solid colored pillows to your preferred seating option for extra color and comfort.

Front Door

Even your front door could use some decorating! Painting the front door of your home is a great way to add a bold pop of color without needing to add much extra decor on your porch. Not wanting to turn this into a painting project? No worries- alternatively you can get a hook for over the door to hang other decor from like a flower wreath or seasonal pieces.

Welcome Mat

Doormats are good to have because they help prevent bringing in moisture and debris into your home. Without one, you may find yourself cleaning the foyer or front area of your home more often than you’d like. For outdoor mats, it’s best to choose one that is rough on the top to help scrape dirt off shoes.

For more information or any questions regarding sales tips for real estate agents, contact Chang Legal today.

New Construction Buyers Say They Need Agents Too

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With mortgage rates at extremely low rate and median prices moving closer to what middle-income buyers can afford, newly constructed homes are enjoying their best sales year in more than a decade.

The process of buying new construction has some tough spots for shoppers, especially first-timers. In addition to searching for and financing a home, they’re trying to visualize what that home and the surrounding community will look like, evaluate a builder and select a floor plan and finishes.

Since there are so many moving parts, most new construction buyers (76%) work with agents to find their home, and that 84% of new construction buyers who work with an agent and visit a building/sales center want their agent to help communicate with the builder. 

Half of those buyers (50%) want their agent to handle some communication with the building/sales center, and 34% want their agent or broker to handle all communications with the builder. Only 16% don’t want their agents involved.

Some of the things they might need help with include:

  • Negotiate price
  • Book a tour
  • Explore upgrade options
  • Compare new construction values with existing home values

For more information or any questions regarding sales tips for real estate agents, contact Chang Legal today.

Younger Buyers Shifting Stance on Home Sharing and Renting as an Income Source

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Young home buyers have been quite keen at home sharing and renting as a source of income, which is quite a change from the older generations.

A somewhat shocking share of buyers under age 40 are fine with the idea of renting out their homes, or at least space in them, for future rental income or to help pay the mortgage.

Nearly half (48%) of Gen Z buyers and 40% of millennial buyers who purchased a home in the past year say the opportunity to rent out the entire home for future rental income is very or extremely important to them

A significant share of Gen Z, ages 18-24, and millennials, ages 25-39, also say they want the opportunity to rent part of their home while they live in it: 42% of Gen Z and 35% of millennials say the ability to do that is very or extremely important to them.

For more information or any questions regarding sales tips for real estate agents, contact Chang Legal today.

Easy 1-Day Home Upgrades For Selling Home

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There are many easy home improvement possibilities that may get overlooked when trying to upgrade your home. Here are some of the easiest ways you can give your home a new look in one day without needing a large budget or amount of effort.

Add a coat of paint to what you already have

Now this doesn’t mean that you have to paint your child’s entire bedroom again. Regardless of what you’re painting, adding a new coat of paint can give that item an entirely different life. Here are a few ideas that make a big difference:

 – create an accent wall in a room

 – repaint trim or crown molding

 – give your front door a bright new color

 – spray paint faucet fixtures instead of replacing the whole faucet or sink

Swap out cabinet handles, light switch and outlet covers

Getting new handles and wall plates can make huge yet subtle difference. Swapping out cabinet handles will have the biggest impact on the kitchen. Alternatively, you can switch out any handles or knobs on other dressers or cabinets you have around your home.

Add some plants

Besides making your home look pretty, plants provide more oxygen for your home, reduce stress and anxiety, and help clean the air around you.

Add or replace doormats and rugs

If you have hardwood or tile flooring in your home, you may want to consider adding a rug. In addition to protecting the flooring underneath, this will help decrease the noise in your space and warm up the rest of the room.

For more information or any questions regarding sales tips for real estate agents, contact Chang Legal today.

Understanding How To Buy And Sell Short Sales

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Selling Short Sale Property

After 2008 when real estate values plummeted, many American homeowners found themselves in a difficult position: they owed more on their mortgage than their house was worth, commonly known as “being upside down in one’s mortgage.” While housing prices are on the rise, some Americans are still faced with this precarious situation. There are three basic ways to deal with being upside down in a mortgage:

  1. Stay in your home until the market value is at or above the amount you owe on your mortgage. Unfortunately for many people, it isn’t a realistic solution. If a homeowner finds they can’t afford their mortgage or they need to relocate and sell quickly, they will need to find other options.
  2. Go into foreclosure. But foreclosure can have serious repercussions. While sometimes foreclosure is the only option, there is a better option available.
  3. Investigate whether or not you qualify for a short sale. The best way to do this is to contact a real estate attorney who is veteran in the short sale process, like our real estate attorneys at Chang Legal.

Buying Short Sale Property

Short sales are becoming harder and harder to find in the Chicago area. A recent article in Crain’s Business Chicago reports that, in our area, short sales peaked at 18.6% of the market in January of 2012. This summer, short sales represented only 2.7% of home sales in Chicagoland.

But that doesn’t mean you should ignore the short sale housing market if you are looking to buy. Short sale homes are generally sold at or below market value, so buyers often get a good deal on the property. However, buying a short sale property can be far more complicated than buying a non-distressed property and having an experienced real estate attorney can make all the difference.

Chang Legal Can Help Short Sale Sellers & Buyers

That’s where Chang Legal comes in. We have attorneys who are experienced in all areas of real estate law and know how to navigate the complex paths of selling or buying a short sale property.

To learn more about the support we can offer you in regards to short sales, contact Chang Legal today.

The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.  The transmission of the Website, in part or in whole, and/or any communication with us via Internet e-mail through this site does not constitute or create an attorney-client relationship between us and any recipients.

Determining A Good Real Estate Deal

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When you are looking to purchase a property, the number one thing you are looking for is a good property at an appropriate price. Furthermore, the location and condition of the property are usually the key determining factors in a real estate deal. Chang Legal wants you to be safe when you are looking to purchase a property, here are some ways to determine if a real estate deal is worth it:

Zoning Issues: An easy way to tell if a property is not a good real estate deal is checking for zoning issues. If a property has zoning complications, it leads to an automatic “no” for most investors.

Condition Of Property: It is essential to take the condition of the property into account when you are house-hunting. If the condition of the property or the way it is presented does not meet a buyer’s standards, they may be able to get a discount on the property. This can save you money all for just looking at the details of the residence.

Assess Purchase Price Vs. County Appraisal Value: To determine if a property is a good real estate deal, plugging in the address to see if the selling price is lower than the county appraisal assessment. If this is the case, you will more than likely make a profit off of the property which makes it an excellent real estate deal.

Ultimate Pricing Vs. Monthly Rent: If you can purchase a property for $600,000 and lease it out for at least $6,000 a month, then this determines the real estate deal is worth it.

Consult With A Real Estate Attorney: If you have any concerns or further questions about determining if a real estate deal is worth it, consult with our real estate attorneys today.

Understanding Real Estate Contract Clauses

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When it is time to buy a house, you can be put into a sticky situation if you are not careful with reading over the home purchase contract. It is essential to consult with your real estate lawyer before signing any agreement to ensure you know all that comes with it. Furthermore, a home purchase contract can be very long and a lot of information to process, this is why hiring a real estate lawyer is an important use for you.

ChangLegal is here to provide you the a few of the essential things that a home purchase contract includes:

– Address of the property
– Price you are offering for purchase
– Down payment amount
– The time elapsed that is allowed for the seller
– Date the sale will be closed
– Date of you taking possession of the home
– Items/furniture included in the purchase of the property
– Items/furniture not included in the purchase of the property

These are only a few of the general factors involved in a home purchase contract. It is important to contact your real estate lawyer if the seller initiates any counter offers, such as the following:

– Higher purchase price
– Eliminating certain contingencies they do not feel is necessary
– Removing items from the same such as furniture and appliances
– Time for seller to empty the house of items not included in the purchase
– Seller is allowed to a liquidated damage clause which entitles you to pay them if you back out of the deal besides any contingencies listed in the contract

Contact Your Real Estate Lawyer

If you and the seller are going back and forth with negotiations and you feel that you are making no progress with the purchasing of the home, then it may be time to contact your real estate lawyer. Hiring a real estate lawyer from the start of purchasing a property will speed the process up. ChangLegal has been practicing in real estate law for over 15 years, contact us about your real estate issues and to learn more about how we can support you today.