Purchasing or selling property can be a complex and intimidating process. That is where having the assistance of an experienced Columbus real estate lawyer can make all the difference in the world.
At Katz, Pryor & DiCuccio, LLP we represent clients throughout Ohio in a wide range of residential and commercial real estate matters. Our expertise allows them to reach their objectives quickly and efficiently.
Promissory Notes
Promissory notes are legal documents that legally bind parties to the terms of a loan agreement. Typically, they require signatures from both the lender and borrower, making them legally enforceable.
A promissory note can be used in many circumstances, such as borrowing money for home purchase or refinancing an existing mortgage. These notes are essential because they guarantee that the borrower will repay their amount borrowed promptly.
If a borrower fails to repay money as agreed, they could lose an asset that secures the loan (such as their home) or face legal action from the lender. Columbus’ top property attorneys can help protect your interests and help avoid these potential issues.
A promissory note is a written agreement between the lender and borrower that outlines the amount they will borrow, interest rate, payment date, as well as any collateral needed as security for the loan.
Lease Agreements
Lease agreements are legally binding documents that outline the terms and conditions of a residential or commercial property rental between a landlord (landlord) and tenant (lessee). They can include information like monthly rent amount, pet rules, responsibilities, as well as grounds for eviction.
In certain states, lease documents may also contain provisions regarding late fees and grace periods for overdue rent payments. Furthermore, the lease may allow the landlord to require a security deposit before the tenant moves in.
Property lawyers in Columbus can help you create a lease agreement that adheres to all state regulations and fulfills landlord-tenant duties. This includes disclosing items like lead-based paint, bed bugs, and flood hazards. Furthermore, it should specify what maintenance and repairs come with the property as well as rules for acceptable activity in common areas. Doing this protects both parties by shielding landlords from liability should something go awry and providing tenants with peace of mind about what can be expected from their rental agreement.
Eminent Domain
Eminent domain is a legal authority granted to the government that allows them to take private property for public use, such as schools, roads, libraries and parks. While this can be an incredibly powerful tool in their hands, it’s essential for you to be aware of your rights and responsibilities as the owner of that property.
If the government plans to take your land, they are likely first going to attempt making an offer for it before filing a condemnation lawsuit. This practice is known as making a “good faith offer.”
Once the condemnation process begins, having experienced Columbus, Ohio lawyers on your side is essential. Your lawyer will help you understand the law and assess whether your land can be taken for a project that benefits society or not.
In terms of eminent domain, the Fifth Amendment stipulates that government agencies may not take your property without paying you just compensation. This means the government should pay you fair market value for your asset.
Foreclosure
Foreclosure occurs when a borrower fails to make payments on their mortgage. When this occurs, the lender repossesses the property and attempts to sell it at an auction.
If you’re in foreclosure, consulting with a real estate lawyer in Columbus is recommended. They can assist in negotiating a settlement with your lender and/or finding alternative solutions to pay off the mortgage.
Real estate attorneys in Columbus can review sales agreements and leases to guarantee all material terms are fulfilled by both parties. These contracts often contain complex language, so it’s best to have them carefully drafted by an experienced real estate lawyer.
Foreclosure is a legal process that involves the foreclosure of a homeowner’s mortgage due to financial hardship such as job loss or divorce. A Columbus foreclosure lawyer can help stop the sheriff sale and rework your loan with lower interest rates, longer terms and/or smaller balances.
