Real Estate Transactions
Real Estate Attorney, Wichita, KSRepresenting Buyers and Sellers in Real Estate Transactions
The real estate industry is diverse and complex, especially when it comes to the challenging economy and constantly changing regulations. Transactions are governed by federal laws as well as state laws, which touch all aspects of real estate. The real estate attorneys of Bever Dye, LC, Attorneys At Law in Wichita, Kansas, support successful property dealings by representing buyers and sellers in residential, industrial and commercial transactions.
Areas of Expertise
When it comes to matters of real estate, whether locally or elsewhere, our firm is proficient in the legalities involved, from initial development and financing on construction to leasing, restructuring and disposition. The depth of our experience allows us to effectively represent clients in virtually any real estate transaction.
Real Estate Transactions and More
We are routinely involved in a broad range of real estate transactions that include agribusiness, retail, housing, hotel and hospitality, and environmental matters. Regardless of size or complexity, our firm’s real estate attorneys provide you with effective representation in all aspects of residential, industrial and commercial real estate transactions.
We handle all types of financing, loan document review and loan negotiation, including large commercial properties and office centers as well as Section 1031 like-kind exchanges of any variety. Our goal in any real estate transaction is to make sure your rights are protected and your legal responsibilities are clearly defined. Our experience includes matters such as:
- Acquisition and disposition
- Special purpose entity formation
- Environmental regulation
- Financing and loan negotiation
- Formation of owners’ associations
- Wind energy leasing and development
- Covenants and restrictions
- Entity formation for real estate projects
Oil and Gas Transactions
Whether you are a landowner or an oil and gas operator, real estate transactions involving environmental, agricultural and energy matters are rife with legal complexities. To help navigate the intricate laws and regulations, our real estate attorneys provide the professional representation needed to properly balance competing rights and interests inherent in oil and gas activities.
The real estate attorneys of Bever Dye, LC work on your behalf to ensure your rights are upheld and your real estate transactions are carried out within the letter of the law. Our firm’s wealth of knowledge comes from decades of experience representing landowners, royalty holders and operators in areas such as:
- Regulatory matters
- Oil and gas leases
- Assignments of lease
- Purchase and sale of oil, gas and other mineral interests
- Division orders
- Joint operating agreements
- Farm-out agreements
- Royalty agreements
Frequently Asked Questions
I am considering selling my home. What do I need to consider before putting my home on the market?
Your very first item of business should be to obtain a quality seller-oriented purchase contract. To do this, you will need to give some thought to what your terms of sale will be. You should decide upon a purchase price (both an asking price and your “bottom-line”), an ideal closing date and what types of contract contingencies you are willing to accept. You should also determine what your earnest money requirements will be and what title company you intend to use. A typical and appropriate earnest money requirement would be from two to five percent of your asking price.
In addition to the actual contract terms, you should also attempt to put together a written disclosure sheet regarding the condition of the property that can be provided to prospective buyers along with the contract. Any defect of which you have knowledge should be disclosed on this sheet. A good rule of thumb is to err on the side of disclosure. It is better to disclose a defect than to be forced to deal with a later claim by a buyer that you failed to disclose something you “should” have. A great deal of care will need to be used in putting together the disclosure sheet. You should avoid the temptation to give this activity less than your full attention.
We would welcome the opportunity to construct a contract and form of disclosure sheet that will fit the specific needs of your particular transaction.
What are typical contingencies that might be requested by buyers in a residential real estate transaction?
Contingencies may be important to some buyers. In contrast, sellers will seek to avoid contingencies. As a practical matter, however, most buyers will want at least one contingency, the most common being financing. The following are some guidelines for various contingencies that may arise:
- Financing – This contingency should provide for the buyer to formally apply for financing within a short time (3 to 5 days) of full contract execution and to diligently pursue his application. The contingency should specify in general terms the interest rate and type of loan the buyer is seeking. A typical description might be: “a firm commitment for a new purchase money mortgage from an institutional lender, in the principal amount of at least $_____ at the market rate of interest and points.” A drop-dead date for the buyer’s financing to be approved should also be included.
- Pre-Qualification – If the buyer has a buyer’s broker, it is advantageous for both buyer and seller to enlist the broker’s assistance in having the buyer pre-qualify for a loan and eliminate the need for a financing contingency.
- Other House Sale Contingency/Delayed Closing – Some buyers may want to condition their purchase on the sale of their existing home or delay closing for several months. Sellers view these provisions as undesirable for obvious reasons and usually seek to avoid them. Their effect can be mitigated to some extent if, in exchange for granting the contingency, the seller is allowed to retain the right to continue marketing the property. If another offer is received, the buyer would be entitled to a short period to decide whether to proceed with the purchase or be forced to release the home for sale to the other purchaser.
When considering or implementing contingencies in a contract, we strongly recommend that you have an attorney review the contract to make certain the provisions will accomplish the intended result.
Real Estate Transactions Attorneys
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The real estate attorneys of Bever Dye, LC support successful property dealings by representing buyers and sellers in residential, industrial and commercial transactions. Contact us at (316) 263-8294 or complete an online form to request a consultation.Contact Us