Michigan Real Estate Investment Law
People love real estate. It is a big business. From the person who just owns a rental property or two in addition to their full-time profession, to someone who makes a living buying, selling, and managing residential, industrial and commercial properties, there is money to be made in real estate. It is also, however, one of the most complex areas of law in our country.
If you own real estate besides your primary home, you should strongly consider setting up an appointment with one of Curtis, Curtis & Brelinski's real estate and business attorneys so we can discuss your situation, goals, and concerns, and then create a plan to get you there. We have assisted hundreds of real estate entrepreneurs over the decades. Our law firm has been serving clients throughout southern Michigan from our office in downtown Jackson since 1901.
Reasons to Utilize Our Jackson, Michigan, Real Estate Attorneys
You should always form a business entity, such as an LLC, to own your non-residence property. Why? You can limit your personal liability if the real estate holding company is property structured and maintained. You will separate your personal assets from your business assets, thereby limiting what may be exposed to creditors should a business catastrophe occur.
Compliance with Landlord-Tenant Laws
Most real estate investors are landlords. The landlord business may seem elementary to the outside eye, but there are countless federal, state and local laws, regulations, rules and regulations affecting the landlord-tenant relationship. There are nuances of which even real estate agents and brokers are unaware. You must fully comply with all of these laws, or you will be exposed to financial losses and costly litigation. This goes from the initial application and lease documents, to the ongoing tenancy relationship, to evictions and termination of tenancies. Our attorneys can draft the appropriate contracts and forms to minimize risk and maximize profit potential, and provide ongoing advice to help your real estate business succeed.
Maximize Profit and Limit Risk in Commercial Transactions
Most commercial real estate transactions involve a notable amount of money. It would be foolish not to consult with experienced and knowledgeable real estate attorneys. There is simply too much at risk. Every clause in the letter of intent, purchase agreement and deed (and the numerous other documents) has important implications for buyers and sellers. Our property lawyers will review all documents and explain them to you in terms you understand. We can negotiate more favorable terms to maximize your profit and limit your risk. We will attend the closing to ensure a smooth transition, and follow through on any post-closing matters or issues that may arise.
Like any other business, real estate investment has tax implications. How you hold title to a property can affect your tax liability. How you dispose of a piece of real estate can affect your tax exposure. And of course, your regular business operations will affect your taxes. Our attorneys will work with you and your tax adviser to plan and structure your real estate holdings and transactions to minimize your tax liability.
Inevitably, there will come a time when you will exit the real estate business. Whether you want to pass the property or business on to the next generation or a key employee, or sell it outright, our lawyers will work with you to create a succession plan, together with your overall estate plan, to provide for a smooth transition.
To set up an appointment to speak to one of our real estate attorneys, call (517) 787-9481, email firstname.lastname@example.org, or complete our online contact form. Based in Jackson, we serve real estate entrepreneurs throughout southern Michigan.