Buying Commercial Property for a Business – Benefits and Tips


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Commercial Property

Henrietta Feldman is an accomplished real estate attorney in Palm Beach, Florida. There, Henrietta Feldman guides buyers and sellers of both residential and commercial properties, including those seeking to purchase real estate for their businesses.

Many business owners will eventually face the decision of whether to buy or to rent. Although renting does have its advantages, including flexibility of location, buying offers a business the freedom of adapting the property for its own use. Meanwhile, the business also enjoys the economic benefits of buying, which include freedom from fluctuating rent and the possibility of receiving tax advantages.

To gain the most benefit from a purchase, a business owner must think carefully about the location and size of the building he or she needs. Proximity to customers, employees, and vendors, as well as rail and highway access, are likely to be important to buyers, as is the certainty that local zoning laws allow for their type of business. Relatedly, if the business may wish to make changes to the property in the future, the owner may want to check in advance to verify that this will be possible.

The business owner should also consider whether the company will use the entire property or rent some portion of it, as the need to lease may bring up additional legal and logistical concerns. Experts recommend that business owners examining these considerations should seek the support of a broker and accountant as well as a real estate lawyer, who can advise the buyer through all stages of the transaction.


A Brief Overview of Purchase and Sale Agreements


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Purchase and Sale Agreements

A graduate of Boston University Law School, Henrietta Feldman oversees a private legal practice in Palm Beach, Florida. Focused on real estate law, Henrietta Feldman assists individual and commercial clients with various matters, including purchase and sale agreements.

Also known simply as a purchase agreement, a purchase and sale agreement is a legal document that is drafted after the buyers and sellers in a real estate transaction mutually agree to a purchase offer. The agreement is one of the final steps in the home-buying process, and it outlines the terms and conditions of the purchase.

The information in a purchase agreement can vary, but it typically includes the final sale price, approximate closing date, commission details, and any contingencies stipulated by the potential buyer. Conditions and contingencies of sale may cover details related to financing, home inspections, and/or needed repairs.

In addition to terms and conditions of sale, the agreement will include details about the earnest money deposit, which is submitted by the buyer. The deposit is typically around $1,000, and it is usually nonrefundable if the buyer walks out on the purchase and sale agreement without legal cause.

Protect Yourself Legally When Purchasing or Selling a Home

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Purchasing or Selling a Home

An experienced real estate attorney, Henrietta Feldman practices out of her law office in Palm Beach, Florida. As an attorney who assists with residential real estate, Henrietta Feldman helps clients who are buying or selling a home.

Although it’s not mandatory to hire an attorney when you are buying or selling a home, it’s a good idea to do so. Real estate attorneys can help for several reasons. The main reason for hiring an attorney is they are able to protect your rights. Although you may know your basic rights as a homebuyer or seller, it’s best to have an attorney who can look over contracts and notice any red flags. The red flags may include your being responsible for all closing costs, the home being sold as-is, or other issues that may be buried deep in the contract that you may not have thought to check.

Additionally, real estate attorneys are well-versed in property law, and they know each of the title searches that must be done to make sure the person who is selling the home you’re interested in can do so legally. With an attorney by your side through this process, it makes for a less overwhelming experience as she or he knows which legal documents need to be filled out and when they should be submitted.

How an Attorney Can Help During a Foreclosure


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Owner of a law office in Palm Beach, Florida, Henrietta Feldman is a real estate attorney. With clients in Florida and Massachusetts, Henrietta Feldman specializes in residential cases, including foreclosures.

Many people assume when they are facing a foreclosure that they are definitely going to lose their home. However, with the right help from a real estate attorney, it may be possible to avoid this eventuality. One of the ways an attorney can help with a foreclosure is if your loan officer or lending institution didn’t follow appropriate procedures at some point during the foreclosure process. A foreclosing party is required by law and by legal agreements to follow specific steps. An attorney can look into the circumstances and let the homeowner know if a mistake or mistakes were made.

When involving an attorney in a foreclosure case, the entire process will slow down for the homeowner. As soon as an attorney is involved, the legal department at the mortgage company will have to get in contact with the attorney. During this process, it may give the homeowner a chance to catch up on their finances.

Additionally, an attorney can try to negotiate a payment plan with the lender to allow smaller payments so the homeowner can catch up more easily. Although an attorney won’t always be able to help, they often have a better chance of getting a mortgage company to listen to them than the homeowner.

Reasons to Get a Home Appraisal


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Home Appraisal

A graduate of Cornell University and Boston University School of Law, Henrietta Feldman has practiced real estate law since 1999. Working with both commercial and residential clients in Florida and Massachusetts, Henrietta Feldman reviews and documents transactions such as leases, purchases, inspections, and appraisals.

Determining the fair market value of a home is an essential step in the process of home buying and selling. A qualified, state-licensed appraiser evaluates the home’s age and condition, as well as its future marketability and selling prices of nearby homes, to accurately determine whether the home’s selling price is fair. A home appraisal may be necessary in order to refinance a home, or to determine if a loan’s remaining balance has fallen below 80 percent of a home’s value should the owners wish to discontinue their private mortgage insurance or PMI. Additionally, homeowners who are considering renovations might hire an appraiser to determine whether the contemplated improvements would add significant value to their home.

Preparing to Sell Your Commercial Property


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Commercial Property

For more than 15 years, Henrietta Feldman has been practicing as a real estate attorney. Currently practicing at the Law Office of Henrietta Feldman, LLC, in Palm Beach, Florida, she spent much of her career working in Boston. She focuses on residential and commercial real estate matters and handles such things as loan, purchase, and sale agreements.

Selling commercial real estate can be exciting, but it also brings about several unique challenges that you must navigate. Below are just a few things you should do when preparing to sell a commercial property:

Analyze recent sales. By looking at recent commercial property sales, you can determine whether it is a good time to sell your property. Check prices of similar properties in your area to see if they are near your sales goal. Recent sales are not always a guarantee of the price you will get, but they can provide you with some perspective about the market.

Gather documents. If you determine that it is a good time to sell, gather your documents before you put the property on the market. You should gather such documents as your rent roll, existing leases, and title deed. This ensures that you have all the necessary information for buyers as soon as they express an interest and prevents unnecessary delays in the sales process.

Make improvements. First impressions are very important when selling commercial property. If the outside of your property looks a bit plain, try adding some flowers or bushes to spruce it up. Further, make sure all existing plants are well groomed. It may also be helpful to make simple repairs inside the building or add a fresh coat of paint to make things look cleaner.

Reasons to Hire a Real Estate Attorney

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Real Estate Attorney

A graduate of Boston University School of Law, Henrietta Feldman serves as an attorney in Palm Beach, Florida. Henrietta Feldman practices commercial and residential real estate law.

Although homebuyers are not always obligated to hire a real estate attorney, there are a number of reasons to seek legal assistance for real estate transactions. Real estate attorneys can perform such tasks as searching for property titles and drafting purchase contracts. Although the latter task may seem simple, given the use of standardized forms, a real estate attorney can draft complex agreements in special circumstances and help homebuyers understand unusual terms in the purchase contract.

Further, if homebuyers plan to rent a property for a specified time before purchasing it, they may benefit from the assistance of a real estate attorney to draft the lease agreement. A real estate attorney can also negotiate repairs identified on the home inspection and assist homebuyers in special circumstances, such as in the purchase of a home with potential structural problems.