Real Estate Lawyers – Your Options

Transactions involving property can be quite complex and you might need a real estate lawyer to help you make sense from the transaction process and the details involved in the same. Legal transactions need to be managed carefully so that both property sellers and buyers get the best from the processes and this is what lawyers specializing in this field can help you with. They lawyers can handle a number of services on your behalf as far as the property transactions go whether they are individual house purchasing needs or commercial needs, residential developments to industrial developments.

Residential real estate lawyer

The buying or selling of a home is a very important process that ought to be handled in the most professional way possible. If you are buying, then you know that it is a huge investment on your part and there is need to ensure that everything works out smoothly from beginning to end and you get genuine transactions and deals in the end. As a seller, you also want to enjoy a smooth process dealing only with genuinely interested buyers to make the process seamless. A residential real estate lawyer can help both home sellers and buyers with properties such as new homes, resale homes and condominiums. Apart from such sales, a good lawyer can help you secure the refinancing that you need and mortgages for the property you are interested in.

Commercial real estate lawyer

Legal services are just as important to commercial real estate as they are to residential property. This type of lawyer can come through for lenders and tenants, landlords, buyers and sellers to offer the best solutions and choose the most appropriate process for the commercial transactions to take place. The lawyer can help you in a variety of areas as far as the commercial property goes including the following.

· Sales and purchases of the property where the lawyer ensures laws are followed and genuine buyers are hooked with genuine sellers or landlords with genuine tenants.

· Financing that is needed for the commercial property whether you are buying or selling so that you can get the best financial terms from your lender.

· Negotiations whether they are between you and the buyer or you and the seller or the landlord. Whatever the commercial process calls for, you can be sure that your lawyer will handle the negotiations professionally and within the law for you.

· A commercial real estate lawyer can also help with leases and subleases of commercial property and help you with lease review to ensure that the terms are reasonable and worthwhile.

· Title examinations can never be overlooked in any commercial real estate process and the lawyer will help you with title and lien searches so that you get deals that are indeed real and worth the efforts you are putting in.

· The lawyer can also help you create shared and joint ownerships to the commercial property under terms that are beneficial for both parties involved. When a lawyer is involved you know that you get a fair share of the ownership.

Entering Into Commercial Contracts With Your Lawyer

A contract is basically an agreement which is usually in written form and its purpose is to bind the two parties involved so that both of them will fulfill and follow all the rules and regulations set by the contract. It is more often that both parties benefit from entering into such agreement. There are several rules that are needed to be followed, rules that are either set by the state or by the both parties involved. Since contracts are governed by rules, any disobedience or failure in compliance to the agreement stated in the contract is subjected to penalties and sanctions.

In the business world, almost every transaction or commercial activity involves contracts which come in various forms. For contracts involving big transactions usually between two companies, commercial lawyers for both parties are necessary. Aside from becoming additional witnesses for any agreement, they serve as representatives for each company and have duties of ensuring that all terms and conditions are correct. Ideally, both sides should benefit equally from entering into the commercial contract.

A successful negotiation can help companies avoid waste of money, time, and effort. Commercial lawyers have the job of making sure that the contracts are comprehensive enough to avoid any problems and misunderstanding.

In entering into a commercial contract, you have to be aware of the background of the business or client you’re negotiating with. It would be wise to have an open forum and meetings to present each other’s assets and credibility. Credit check is also performed to make sure the companies are not just taking advantage of each other capabilities. It would be better if you can check specific details about the other company such as addresses, lines of business, owners and officials, products and services, records of affiliations to other companies, credit history, and credibility. A contract is supposedly built in trust and confidence but nothing is wrong in making sure about all the details. After making sure about the qualifications of the other party, it is time to weigh the pros and cons of entering into such agreements and if everything will be done legally. This will be the time you will need to seek the help of a commercial lawyer. He will help you evaluate everything from the proposal stage to contract signing. Seeking the help of a professional lawyer has always been an effective and wise decision.

Commercial Law – Oral Agreement – Potential Agency Agreement – Oral Terms

The case of Aboualsaud v Aboukhater and Another [2007], concerned an agency arrangement where a Claimant contended entitlement to commission pursuant to a binding oral agreement. The claimant was the executive vice-president of the Kuwait Investment Office in London and a financial adviser to both a petroleum corporation in Kuwait and to the Minister of Energy. The first defendant was a commercial director of the office of the government of one of the United Arab Emirates in London. The second defendant, the first defendant’s father, was the beneficial owner of a number of large hotels.

In the 1990’s, the claimant and the first defendant had a meeting in London. They subsequently became close friends. They would see each other every week and would speak on the telephone most days. Then, in late 2002, the claimant alleged that the first defendant had spoken to him about the sale of one of his father’s hotels. The specific hotel concerned was the ‘Monte Carlo Grand Hotel’ (“MGCH”).

The claimant further contended that a binding oral agreement had been made with the first defendant. He claimed that the agreement arose out of various meetings and telephone calls and that the terms were that if he introduced a party to the defendants, and that party went on to purchase the MCGH for a price that was acceptable to them, he would be entitled to a commission of EUR 21.5million.

In December 2004, the MCGH was sold to Kingdom, a member of the joint venture FHR European Ventures LLP. The claimant argued that the sale had been facilitated by the introduction of HRH Prince Al Waleed bin Talal bin Abdulaziz al Saud, who was the principal owner of Kingdom.

The defendants denied that there was any binding agreement for the payment of commission in the terms that the claimant had alleged. The defendants felt that the case was simply one where a friend had sought the help of another friend, and that if that help were to be successful then payment in recognition of that help could be expected.

The case proceeded to trial.

The issue which arose to be decided by the courts was whether there was an agency agreement between the claimant and the first defendant, the latter acting for himself and his father.

The court held that on the evidence, the first defendant’s account was more convincing than that of the claimant. This was mainly in respect of the essential points in dispute, namely, how the discussions between the friends arose, how the discussions progressed and what the outcome of those discussions was.

The court felt that on that basis, there could not be any agency agreement upon which a binding legal contract could be established. Therefore, judgment would be made in favour of the defendants.

Your Bankruptcy Attorney – Guiding You Through the Process

If you are in deep financial trouble and are thinking about filing for bankruptcy, then you should hire a knowledgeable bankruptcy attorney that can guide you through the entire process.

Here is what your bankruptcy attorney will do once you have contacted them.

Your Attorney Will Ask For All the Relevant Papers

You will first need to go for mandatory credit counseling six months prior to filing for bankruptcy.

The proof of that counseling, along with other financial papers (such as a list of all your debts, expenses, income and assets), will have to be provided to your bankruptcy attorney before they can proceed.

They will study your documentation and then advise you on the best way out of your financial predicament.

Your Bankruptcy Attorney Will Then Decide On the Relevant Chapter

Based on your financial records, your bankruptcy attorney will come to a conclusion as to which chapter is more suitable for your situation.

If you have exhausted your sources of income, then you might be advised to file for bankruptcy under chapter 7. If you have a reduced source of income and would also like to save most of your assets, then your attorney might advise you to file under chapter 13.

If you own a business and you want to continue running it, then you could file for bankruptcy under chapter 11.

Your Attorney Can Help You with the ‘Means Test’

If you are filing for chapter 7 bankruptcy, then your bankruptcy attorney can help you calculate your gross and net income for the previous six months. That income will be compared to the average median income of a similar-sized family in your town.

If you do qualify to file under Chapter 7 bankruptcy, then your attorney will coordinate with a trustee appointed by the bankruptcy court in disposing your assets in order to pay off your creditors.

If your income exceeds “means test” guidelines for qualifying filing a Chapter 7, then your attorney will now have to shift their attention to filing for bankruptcy under chapter 13, which requires a new repayment schedule.

This schedule will help you clear your old debts over a period of 3 to 5 years.

Your Bankruptcy Attorney Can Draw Up a New Schedule for the Court

If you need to file for bankruptcy under chapter 13, then your attorney can draw up a new repayment schedule and get it approved by the court after arranging a meeting with your creditors.

Once the repayment plan is approved, then you will need to start your payments according to that schedule.

Your Attorney Can Help You Avoid the Pitfalls

Filing for bankruptcy can be a complicated affair – and you will probably be too worried to be thinking straight.

An efficient bankruptcy attorney can calm you down and point out the pitfalls and advantages of filing for bankruptcy under different chapters after analyzing your case.

Hiring an attorney can save you a lot of time and effort. They will do the legwork involved to close your case at the earliest possible time.

An experienced, knowledgeable bankruptcy attorney is a vital asset to have on your side when you are facing financial difficulties and thinking of filing for bankruptcy.

What Can You Expect From a Good Bankruptcy Attorney?

If you have filed for bankruptcy or you’re thinking about it, it’s a good idea to obtain the services of a bankruptcy attorney. A bankruptcy attorney can help you wend your way through the legal ramifications of a bankruptcy because he or she will have knowledge you may not have.

You can do some of your bankruptcy work yourself, it still helps significantly to have a bankruptcy attorney look over your documentation and make sure everything is in order before you file. You also need to know your rights as someone who is filing for bankruptcy, and an attorney can help you make sure that you get all of your rights met and keep whatever you’re entitled to as well.

In addition, a qualified, experienced and knowledgeable bankruptcy attorney is going to have many insights you do not have. For example, they can make suggestions or recommendations as to what other options you may have which may be much better for you than facing the long-term negative effects of bankruptcy.

Bankruptcy laws have changed in the last few years, so that today, it’s harder to file for what’s called “Chapter 7” or liquidation bankruptcy than it used to be. Chapter 7 bankruptcy is basically what used to be called “straight bankruptcy.” With this, those who file for bankruptcy turn over any nonexempt assets for liquidation to creditors, and then debts are paid off with these liquidated assets. When the proceedings are over, the debtor is completely exempt from further pursuit by creditors and the debt is completely discharged. A bankruptcy attorney can tell you whether or not you qualify for this particular type of bankruptcy. If you do, it’s generally advised that you take advantage of this type of bankruptcy, since it will exempt you from any further responsibility for these debts once the bankruptcy is complete. However, be advised that you will lose nonexempt assets for liquidation, including perhaps your house. Therefore, the pros are that you are completely “forgiven” your debts, but you may have to start from scratch.

Also you need to be aware that there are certain types of debts such as tax liens, student loans, child support and others that cannot be discharged by any form of bankruptcy, so if this type of debt makes up a major portion of your indebtedness, declaring bankruptcy is not going to help you in the least.

Chapter 13 bankruptcy is the other major type of bankruptcy that most debtors look to file for today. With new bankruptcy laws, most states will not let you file for Chapter 7 bankruptcy if you have a regular income. What this type of bankruptcy says is that you’re not going to be forgiven your debts. Instead, Chapter 13 bankruptcy is what is known as “reorganization” bankruptcy for debtors with an income. With this, you are allowed to keep most assets, including your house in most cases. However, you’re going to have to make payments to your creditors through a trustee over a period of several years, usually, until the debt is paid off. A plan is drawn up for the repayment and then a court approves or disapproves of it, based upon whether or not it meets bankruptcy code requirements for confirmation.

Again, obtaining a bankruptcy attorney is a good idea to help you determine what type of bankruptcy you qualify for and which is best for you. Be advised, though, that bankruptcy attorneys aren’t free and even if you are facing financial hardship, you’re still going to have to come up with attorneys’ fees of roughly several hundred dollars to have a bankruptcy attorney handle your matter for you. Still, it’s money well spent so that you know you’ve done everything you can to make your bankruptcy proceedings go as smoothly as possible. After that, of course, you can get on with your life. Most people who file discover that they have saved much more than the amount of the attorney’s fees in terms of the money and assets they were able to retain, based on the attorney’s intimate knowledge of the new bankruptcy laws.