Month: April 2023

Reasons to Hire a Real Estate Attorney When Buying or Selling Commercial Property

Posted on April 24, 2023 by - Commercial Real Estate

commercial real estate attorney

Buying and selling commercial property is a complex process—yet many people are reluctant to hire a real estate attorney because they are worried about additional costs. In truth, the benefits of having a commercial real estate attorney far outweigh the costs. 

A skilled commercial real estate attorney can help you avoid costly mistakes, ensuring a smoother, less stressful transaction. But that’s just the start. Here are a few more reasons to hire a commercial real estate attorney when buying or selling commercial property.  

Protect Your Interests

Real estate attorneys have specialized knowledge and experience in dealing with the legalities surrounding commercial real estate transactions. Because of this, they can protect your interests, ensure that the contract terms are reasonable and that you receive a fair deal. Additionally, a real estate attorney can assist you with any issues that may arise following the purchase of your property, including environmental or structural problems. 

Identify Suspicious Terms

A real estate attorney’s expertise in commercial real estate transactions includes analyzing contracts and identifying suspicious terms or potential pitfalls that could harm their clients. They can also recognize zoning or environmental concerns that may impact the property, thus protecting their clients’ interests throughout the transaction process. 

Smoother Closing Transaction 

State laws vary, but even if your state does not require you to hire an attorney when closing on a property, we recommend it for a few reasons. First, an attorney can help prepare and review all documents and contracts to ensure they are accurate and compliant with laws and regulations. Second, an attorney can mediate between you and lenders, title companies, and real estate agents.  

Increase the Marketability of Your Property

Sellers also have much to gain by working with a real estate attorney. For example, suppose your property has a lien or structural issues. In that case, an attorney can negotiate with lienholders to reach a settlement or help the seller fix structural issues by connecting them with reputable contractors or engineers. 

Attorneys can also offer advice on how to disclose these issues to potential buyers in a way that does not discourage them from making an offer. 

Save Time

An experienced real estate attorney can also help buyers and sellers save time by handling legal issues related to the transaction, such as reviewing contracts, negotiating terms, and ensuring all necessary documents are properly completed and filed. 

This can help prevent delays and ensure a smoother, more efficient transaction process.  Additionally, if any legal issues or disputes arise during the transaction, the attorney can help resolve them quickly and efficiently, which can save time and ensure you avoid legal battles. 

Talk to a Real Estate Attorney

If you need legal assistance with buying or selling commercial property, including reviewing contracts, identifying potential pitfalls, and facilitating a smoother closing transaction, look no further than Hoffman & Forde. Our team of experienced real estate attorneys is perfectly suited to help you navigate the complexities of the commercial real estate market in San Diego, Los Angeles, or Orange County. Contact us today to see how we can protect your interests and ensure a successful transaction.

Wills vs. Trusts: What’s the Difference?

Posted on April 17, 2023 by - Estate Planning

wills vs trusts

Estate planning can be confusing, especially when understanding the differences between wills and trusts. While both documents allow you to distribute your assets and property to loved ones after you pass away, they serve different purposes and have unique advantages and disadvantages.  

If you’re unsure which option is right for you, keep reading. We’ll explain the differences between wills vs. trusts so you can make an informed decision and protect your assets. 

Wills: A Brief Overview

A will is a legal document that ensures your assets and property go to the right people after you pass away. But a will can also be used to name individuals who will manage your state, care for your children, or even outline your burial wishes. 

Your will must be signed and witnessed according to each state’s rules to be considered a valid, legal document. And after you die, your executor must take your will to probate court to make it official. After that, your will will be subject to public record. 

Trusts: A Brief Overview

A trust is a legal arrangement where an individual transfers their assets to a trustee who manages them according to their wishes. The trustee must follow the rules that the individual sets up for how those assets should be managed and who should receive them.

To better understand the difference between a will and a trust, think of a will as a set of instructions that tells beneficiaries what to do with their assets once they pass away. On the other hand, a trust is more like a container that holds your assets, which a trustee then manages.

Advantages of a Will 

There are several advantages to having a will instead of a trust. However, keep in mind that these advantages are unique to your circumstances and goals:  

  • Simplicity: Generally, a will is a simpler document that requires less time and money to prepare than a trust, making it a good option if your assets are small and your instructions are straightforward. 
  • Flexibility: Wills can be changed or updated relatively easily, allowing for greater flexibility. 
  • No trustee necessary: When choosing a will, you do not have to appoint a trustee to manage your assets, simplifying the estate planning process. 

Advantages of a Trust 

Trusts also have several unique advantages over wills, including: 

  • No probate: Probate is a court-supervised process that can be time-consuming and expensive. It can also tie up your assets for months or even years. A trust ensures you avoid probate altogether. 
  • Increased privacy: Unlike wills, which become part of the public record, trusts remain confidential. 
  • Increased control: A trust also gives you more control over how your assets are distributed to beneficiaries and under what circumstances. 

Wills vs. Trusts: Which is Right for Me? 

The answer to this question depends on several factors, including the size and complexity of your estate, your goals for distributing your assets, and your preferences for managing your assets during your lifetime.

Generally speaking, a will may be the best option if you have a simple estate with few assets and straightforward distribution goals. But if you have a larger or more complex estate, a trust may give you the control, flexibility, and privacy you need to manage your assets successfully. 

It’s also important to consider other factors, such as the potential tax implications of your estate plan and your desire for privacy and asset protection. 

Talk to an Estate-Planning Specialist

If you need legal assistance with estate planning, including wills, trusts, and probate matters, contact Hoffman & Forde. Our team of estate planning attorneys is perfectly suited to help you plan for the future and protect your loved ones. With our extensive expertise, we can provide the protection your estate needs in San Diego, Los Angeles, or Orange County. Contact us to schedule an initial consultation.