Though my daily focus is on commercial real estate, I often get asked by friends and family for advice about purchasing residential properties. Or I’m asked to provide references for appraisers, banks, you name it. A lot goes into a purchase, but the result is the same whether you are buying either residential or commercial real estate: it is the transfer of the rights and benefits in a property from one entity or individual (s) to another.
Expert legal representation can save a lot of money and headaches down the road on the legal side. I work with many good local attorneys. For one, Kevin Coyne, a 17-year Naperville resident with the law firm of Momkus McCluskey, LLC, knows the complexities of both residential and commercial real estate, having closed over 1,000 residential properties and represented buyers and sellers in commercial transactions.
Coyne explains that “on a commercial transaction, considerations such as zoning, environmental analysis, title review, loan document negotiation, lease review, and the general suitability of a given building are usually (but not always) more involved then they tend to be on the residential side.”
He further states that the closing process on the residential side can seem very mechanical as the loan documents usually cannot be negotiated which can be frustrating for buyers even with the vast amount of consumer protections.
“In my opinion,” he said, “the attorney’s role on residential matters is similar to that of a quarterback.”
Given the vast difference in real estate prices between commercial and residential, it only makes sense that most investors (and residential buyers) always utilize legal representation to navigate the purchase of any real estate.
Having a great quarter back can help anyone’s game.