Real Estate and Development
For many people, the purchase and sale of a property is among the most crucial and complex transactions of their lives. This process is governed by complex laws and rules, as are financing, acquisitions, development, management, and leasing. The knowledgeable Detroit, Traverse City, and Grand Rapids real estate lawyers at the Neumann Law Group can assist you in protecting your interests in these matters. We also are available to represent people who need an injury attorney or guidance in a wide range of other legal matters, such as criminal defense, estate planning, family law, collections, and mediation.Representation in Real Estate and Development Matters
Some of the issues that may arise during real estate and development transactions include commercial leasing, land use, zoning, construction, licensing, condominium or residential development, financing, tax abatement, and litigation. In all of these areas, it is important to understand the legal consequences of particular acts or omissions.
For example, before you sell residential property containing 1-4 units, such as a single-family home or an apartment with four units, you will need to make certain disclosures about your property's physical condition under the Michigan Seller Disclosure Act 92 of 1993. You will need to complete a written disclosure statement form and provide it to the buyer so that he or she can make an informed decision about whether to buy the property. There are several exceptions, including probate transfers, transfers based on a decree of foreclosure, transfers between cotenants, and transfers between close family members. If you are a seller, we can advise you on which disclosures need to be made to be in compliance with the law, and if you are a buyer, we can make sure you understand the full scope of these disclosures and the extent to which they may increase the hidden costs of purchasing the home.
Similarly, in the context of a commercial lease, a knowledgeable attorney can help make sure that a transaction goes smoothly. Generally, you have broad latitude over the terms of a commercial lease. However, you should be aware that if you are a landlord, the lease terms will be construed against you, unless the tenant drafted it. This makes clarity and precision important.
Commercial leases serve as contracts, so they can be affected by contract and property laws. A commercial lease will need to identify the parties, the property, how much rent will be paid, and how long the lease will last. It also states any expectations of the parties. For example, it should include expectations about how the property will be used, security deposits, insurance requirements, liens, maintenance, risk of loss, and whether there is a grace period or penalties in connection with late rent.
Whenever a lease will last more than a year, the material lease terms should be in writing to comply with the statute of frauds. Leases may be true leases or capital leases. The latter uses the structure of a lease but works as a security agreement or financing tool.Consult a Real Estate Lawyer in Traverse City, Grand Rapids, or Detroit
At the Neumann Law Group, our principal, Kelly Neumann, offers dedicated legal representation to clients pursuing property transactions. As a Detroit, Grand Rapids, and Traverse City real estate attorney, she can counsel people and entities in Ann Arbor, Flint, Lansing, Kalamazoo, Detroit, Saginaw, Muskegon, Midland, Holland, Dearborn, Warren, Petoskey, and communities throughout the Upper Peninsula. The Neumann Law Group also can represent clients in Massachusetts and California. In addition to providing assistance in real estate transactions, we can serve people who need a criminal defense attorney or representation in a personal injury, estate planning, family law, collections, or mediation matter. Contact us at 800-525-NEUMANN or via our online form to set up an appointment.