The acquisition (or sale) of commercial and residential real estate is a major event. We treat the occasion accordingly, and recognize the attendant goals and pitfalls from the start. The Purchase Agreement is the key element of any such transaction; it is essential that the attorney be involved before a binding agreement is signed. Title and survey matters, due diligence, financing, insurance and indemnity, environmental issues, zoning and other regulatory concerns are just a few of the matters that take center stage as the purchase process moves toward closing.
Due to the current economic environment, there are many distressed pieces of real estate. There are many options that an owner has prior to foreclosure, that we can guide you through. Financial workouts, short sales, and deeds in lieu of foreclosure can all facilitated through the efforts of OBPC.
Real estate and contract law intersect at the junction of the real estate lease, where landlord and tenant alike must protect their real estate interests while contracting for favorable terms that meet their expectations for their respective interests in the shared property. Our experience in this area includes negotiating leases for both landlords and tenants.
We assist clients with the management and operational challenges that arise during ownership of the developed property. These challenges include: land usage disputes, construction disputes, regulatory requirements, easements, and the daily operating challenges from contractors, tenants, and local governments.
A tax-deferred exchange is a method by which a property owner trades one or more relinquished properties for one or more replacement properties of "like-kind", while deferring the payment of federal income taxes and some state taxes on the transaction. The theory behind Section 1031 is that when a property owner has reinvested the sale proceeds into another property, the economic gain has not been realized in a way that generates funds to pay any tax. In other words, the taxpayer's investment is still the same, only the form has changed (e.g. vacant land exchanged for apartment building). Therefore, it would be unfair to force the taxpayer to pay tax on a "paper" gain. We facilitate these transactions for our clients.