The purpose of permanent financing is to secure any long-term debt or equity on a commercial property. It can be used to purchase certain “fixed long-term assets,” which are meant to generate income over a long period of time. A mortgage is considered a type of long-term financing because the payment period goes beyond fifteen years.
Like any other type of financing, it’s not without its risks, and it’s important to understand any legal liabilities that may come with this type of arrangement. That’s why you should consider hiring a real estate attorney so you can be sure that you are adequately protected. He or she will not only be able to advise you on any possible legal issues, but he or she will also be able to work on your behalf if something goes wrong.
Equity financing is typically done on a commercial property, which means that it be used for some type of business setting. It can be used to buy an existing building, or it can be used toward any new land development.
This type of financing will typically allow a business to start making money before payment is due. It makes it easier for a company to pay for the loan, as there is no need for them to take any money away from other assets.
This arrangement also comes in handy if the land will be used for future development. It can allow the owner to complete the construction and get the business running before he or she has to make payments on the loan.
This type of arrangement is designed to ease the financial burden on the company. That way, they can reap the full benefit of the property once the loan has been paid off. However, you need to understand the legal risks of this type of financing, which is why you need to understand the terms of the agreement before you sign. What sort of stipulations are included if you fall behind on a payment, and what are the late fees? You should also know what to do if you default on the loan, and you need to understand your rights so you can take steps toward protecting them.
A real estate attorney will be your best resource in any aspect of real estate law, and he or she will be the most qualified person in making sure you aren’t putting yourself at legal risk. After all, there are many complexities to real estate law, and this is especially true for the purchase and sale of a commercial property.
Hiring a Real Estate Attorney
Commercial real estate is far from a simple matter, and there are many legal issues that can impact your business. Because of the legal liabilities, making sure you have adequate protection is critical. That’s why you should hire a qualified real estate attorney – someone who will fight for you in any type of legal situation.
Of course, you want to make sure you do your due diligence on every person you contact, and be sure to shop around before you make a commitment. After all, you want to find the right person for the job. Also, make sure you ask them detailed questions about their experience, and be sure to check with your state’s Bar Association to see if they have been subject to any hearings or investigations. Not only will this make sure you are getting the best deal possible, but it will also keep you from hiring someone who may be up to no good.
Of course, you shouldn’t overlook the possibility that a friend or family member may know someone they can recommend. It may save you the hassle of going through a long list of phone numbers. Besides, this could make it easier for you to form a relationship with the person, which might make him or her easier to work with.
If you’re still having trouble finding the right real estate attorney, we have a team of experts who have everything you need, and we understand every aspect of real estate law. We will not only make sure you are protected from any legal liabilities, but we can also work on your behalf if you are subject to any litigation or lawsuit. So, get in touch with us today to find out how we can help you!