Pop Quiz Commercial Real Estate Investing

I open past that if you took every the real home lawyers in Illinois and laid them end to end along the equator - it would be a fine idea to depart them there. That's what I read. What complete you suppose that means?

I have written before virtually the need to exercise due diligence subsequently purchasing announcement real estate. The obsession to investigate, before Closing, every significant aspect of the property you are acquiring. The importance of evaluating each poster real home transaction in the manner of a mindset that as soon as the Closing occurs, there is no going back. The Seller has your child maintenance and is gone. If post-Closing problems arise, Seller's treaty representations and warranties will, at best, intention expensive litigation. CAVEAT EMPTOR! "Let the buyer beware!"

Paying other attention at the initiation of a personal ad real land transaction to "get it right" can save tens of thousands of dollars with the deal goes bad. It's in the same way as the dated Fram oil filter slogan during the 1970's: "You can pay me now - or pay me later". In flyer real estate, however, "later" may be too late.

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Buying commercial genuine land is NOT later buying a home. It is not. It is not. It is NOT.

In Illinois, and many new states, approximately every residential real house closing requires a lawyer for the buyer and a lawyer for the seller. This is probably smart. It is fine consumer protection.

The "problem" this causes, however, is that every lawyer handling residential real estate transactions considers himself or herself a "real land lawyer", skilled of handling any genuine house transaction that may arise.

We scholarly in pretense researcher that there are unaided two kinds of property: real house and personal property. so - we intuit - if we are intelligent to handle a residential real land closing, we must be bright to handle a public notice genuine estate closing. They are each "real estate", right?

ANSWER: Yes, they are each genuine estate. No, they are not the same.

The legal issues and risks in a want ad genuine house transaction are remarkably different from the authenticated issues and risks in a residential genuine house transaction. Most are not even remotely similar. Attorneys concentrating their practice handling residential genuine land closings attain not incline the similar issues as attorneys concentrating their practice in poster genuine estate.

It is a matter of experience. You either know the issues and risks inherent in billboard genuine house transactions - and know how to unity like them - or you don't.

A key dwindling to remember is that the myriad consumer auspices laws that protect residential home buyers have no application to - and have enough money no auspices for - buyers of classified ad real estate.

Competent commercial genuine house practice requires focused and concentrated laboratory analysis of all issues material to the transaction by someone who knows what they are looking for. In short, it requires the exercise of "due diligence".

I give a positive response - the exercise of due diligence is not cheap, but the failure to exercise due diligence can make a financial catastrophe for the billboard genuine house investor. Don't be "penny wise and pound foolish".