Real estate in the United States is both an investment, and a source of personal pride. Real estate developers will invest in properties that they turn into a profit, while families will hand properties down to each successive generation. Buying and selling commercial and residential real estate in the United States requires a basic understanding of how the sales process works, and the assistance of experienced professionals.
One of the most important pieces of information to understand about real estate in the United States is that the laws governing real estate transactions vary from state to state. The one federal law that affects every real estate transaction in the country requires sellers to make disclosures about potentially hazardous materials such as asbestos and lead paint. But when you get beyond that federal law, the rules vary based on the state you are in.
It is also important to note that, in certain states, the laws governing residential real estate transactions will sometimes differ from the laws concerning commercial properties. In some cases, there may be local laws that apply to commercial transactions that buyers and sellers should be aware of on top of state and federal requirements. It is important to hire an experienced real estate agent and attorney to represent your interests in any type of real estate transaction.
Residential real estate transactions can come in the form of a standard sale, or they could be the result of a foreclosure auction. No state requires buyers or sellers of commercial real estate to hire a real estate agent, but it is a good idea to consider an agent for their experience.
Some states do require that buyers and sellers hire real estate attorneys to be able to close real estate transactions. If you do wish to sell your piece of residential real estate yourself, then you should contact your local government office to find out if you need to hire an attorney or not.
Some states require residential real estate disclosure forms to be filled out, while other states do not. One of the primary benefits in utilizing a real estate agent is that an agent can help you navigate the state mandated paperwork that is involved in real estate transactions, and help you to understand your responsibilities as a buyer or seller.
No matter what the laws are in the state where you live, it is a wise idea to hire an experienced commercial real estate agent and attorney to help you complete a commercial real estate transaction. Both the buyer and seller have very distinct responsibilities in a transaction like this, and neither side wants to make a mistake that could cost them a lot of money.
One of the most critical elements of any commercial real estate transaction is the zoning laws as applied to the property being bought or sold. For example, if a restaurant owner wants to buy a particular building but that building is not zoned to be a restaurant, then the owner will not legally be allowed to put his business in that building.
Zoning laws can be changed, but it requires the services of an experienced attorney to submit the necessary paperwork to get those changes made. If a commercial property buyer finds a property they want but the property is not zoned to their needs, then the buyer can certainly use an attorney to see if the zoning cannot be changed. It is important for a buyer to know that they should never purchase a property that is improperly zoned and expect to be able to get the zoning laws changed.
Buying and selling real estate in the United States can be complicated, but it becomes easier when you rely on experienced professionals. Both sides of a commercial or residential real estate transaction should invest in the services of real estate agents and attorneys to make sure that both sides get what they want out of the transaction.