Did you know that when purchasing property in Tennessee, you are required to pay a franchise and excise tax that can equate to 4% annually? With varying state regulations and laws that go along with any type of real estate transaction, your property purchasing needs could benefit from the help of a real estate title attorney.
A real estate title attorney will be professional, knowledgeable and will fight for you and your property needs. This partnership can offer you protection throughout the entire sales process and afterwards. Problems with any property services during this time period or any issues with zoning can lead to the need for a real estate attorney.
Here are some of the ways a real estate title attorney will have your back in Nashville, Tennessee:
- Contractual Issues
- Property Problems That Arise
- Zoning Restrictions
- Property Boundary Disputes
- Offer Secure Liability Protection
As your property sale is initiated, a contract will immediately be issued. This process tends to include aspects such as closing dates, financial stipulations, title clearance, and assets associated with your final property purchase. Your contract should identify each party responsible for the proper completion of each aspect so that every member is held accountable during the entire process.
Any failure to adhere by the restrictions laid out in any section of the contract can leave a party open to possible litigation. This risk can often result in a multitude of costs, and before issues like this arise, the buyer and the seller should have their attorney look over this contract to make sure they are able to meet each aspect of the document in due time. With the help of your personal real estate title attorney, you can ensure that any contractual issues from the opposing party’s side will be covered with the right legal assistance.
Property Problems That Arise
For any residential or commercial property sale, it is often required to disclose any and all known problems with the property. However, various issues can still occur during a purchase agreement process. Any failure to disclose extra property damage or extensive issues could be grounds for legal action on behalf of the buyer. Without the proper real estate legal knowledge, you could find yourself stuck with excess property costs.
These situations can vary from a leaky roof, unchecked mold, wiring issues, or any modifications that don’t meet current standards. Generally speaking, a homebuyer will operate under the assumption that the property they are being sold has been deemed safe. Failure to disclose any harmful information could lead to increased spending without the help of an attorney.
Commercial and residential real estate closings in Nashville necessitate an experienced real estate attorney. Visit Rochford Law & Real Estate Title today!
When it comes to purchasing residential or commercial property, zoning codes and various boundary restrictions will dictate which types of structures and uses a particular property can support.
With this in mind, as buyers will often have specific plans when they are looking to buy, these plans may not align with the restricted zoning codes of the land they have purchased. In this case, a real estate title attorney will be able to help you verify the current zoning of a property before you complete the purchasing process.
Property Boundary Disputes
As you begin the property purchase process, understanding that the boundaries of your lot might not be as apparent as you think is important. Generally, a legal property line will not always be reflected well in the practical applications of one. Rather than wait till the last minute or suffer excess legal costs, boundary disputes can be addressed early on with the help of a real estate title attorney.
Pro Tip: If you purchase a property and later the situation arises with a neighbor building a structure that crosses your property line, your real estate attorney can help to resolve the issues as that attorney will have been with you from the very beginning of this process.
Offer Secure Liability Protection
When purchasing property in Tennessee, many first time buyers will place their property under an LLC for the purpose of limited liability protection. However, what they do not realize is that Tennessee has a franchise and excise tax that is based upon the value of the assets and the income and earnings owned by the LLC every year. This can often rack up costs in the long run for you and your business. When you opt to hire a real estate attorney in your area, you sign yourself up to receive the best help to decide what will work for your property needs.
Working with an experienced real estate attorney like Rochford Law & Real Estate Title in Nashville, TN can save you time and money in the long run. It’s best to cover all your bases and get through a real estate transaction with as little problems as possible. However, it’s comforting to know that should a dispute pop up, a real estate litigation attorney can help find a resolution.