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Real Estate Transactions
We represent buyers and sellers in both residential and commercial real estate transactions. We have assisted our clients with the acquisition, development, leasing, financing and disposition of commercial, industrial and residential projects, including office buildings, apartment complexes, shopping centers and residential subdivisions. We represent developers, owners, lenders, buyers, sellers, investors and landlords, in every facet of real estate and land use matters.
With our experience in business and tax planning, we are able to help our clients structure transactions so that tax consequences are minimized. With the changing level of capital gains taxation, we have structured numerous real estate like-kind exchanges. Also, real estate transactions are frequently an integral part of our estate planning recommendations.
Residential Real Estate
Purchasing a Home. Purchasing a home has become increasingly complicated and requires a careful attention to details. With a home purchase, we will frequently assist with the following issues:
- Preparation or review of the Purchase Agreement and related Disclosure Statement.
- Review possible environmental concerns, such as radon or underground storage tanks.
- Obtaining adequate financing through banks, mortgage companies, possible seller financing, and PHFA, FHA or VA financing.
- Coordinate proper inspection of the property, including termite and pest inspection, general construction issues and plumbing, electrical, etc.
- Conduct a proper title search to assure you will receive proper ownership, and procure title insurance, if necessary, to protect your interests.
- Review deed and mortgage documentation.
- Preparation of Settlement Sheet and conduct settlement.
Selling a Home. Selling a home is also increasingly complicated and requires a careful attention to details. When selling a home, we will frequently assist with the following issues:
- Review real estate agent listing agreement, if appropriate, and discuss exclusive versus non-exclusive listing agreements.
- Preparation or review of the Agreement of Sale and related Disclosure Statement and Lead-Based Paint disclosure, if necessary.
- Review possible environmental concerns, such as underground storage tanks, which liability may continue after the sale.
- Discuss possible seller financing.
- Assist the buyer with a proper title search to assure that the buyer will receive proper ownership.
- Preparation of deed to buyer.
- Assist buyer with the Settlement Sheet and attend settlement to review documents prior to seller's signature.
Commercial & Industrial Real Estate
GHH attorneys have assisted clients with numerous and substantial commercial and industrial real estate transactions, including purchases, sales, mortgage financing, re-financing, like-kind exchanges, and environmental site assessments. We have been involved in commercial transactions involving all of the following types of properties:
- 2 unit to 48 unit rental properties
- Vacant/Unimproved land
- 35,000 square foot office building
- Industrial warehouses
- Shopping centers and Strip Centers
The transactions have ranged from the less complicated transactions to more complicated transactions, including mortgage foreclosures, complicated financing arrangements and owner/third-party financing.
In all real estate transactions, the attention to details and protection of the client's interest is important. In complicated commercial and industrial real estate transactions, the attention to details and prompt responses to issues is paramount. We will also counsel clients on the most advantageous business entity to use to purchase the property. Depending on the circumstances, we might recommend a limited partnership, limited liability company, "S" corporation or a combination of tiered entities.
Other real estate related activities we have handled for prior clients include:
- Lease agreements and lease negotiations.
- Condemnation.
- Land Development and subdivision.
- Financing - including Defaults and Workouts.
- Condominiums & Planned Communities.
IRC Section 1031 Like-Kind Exchanges
Tax-deferred exchanges were first introduced in 1921 allowing owners of investment property to defer the payment of capital gains tax associated with the sale of these properties. This procedure is outlined under Internal Revenue Code Section 1031, and involves a series of rules and regulations that must be met in order to take full advantage of this great tax benefit. Like-kind exchanges are also commonly referred to as any of the following terms:
- Delayed Exchanges
- Tax-Free Exchanges
- Starker Exchanges
- Nontaxable Exchanges
Gates, Halbruner & Hatch, P.C. has frequently served as a "Qualified Intermediary" to facilitate the like-kind exchanges. As the Qualified Intermediary and attorneys assisting with a like-kind exchange, we will the client each step of the way through the like-kind exchange, including the following steps and legal issues:
- Qualifying like-kind exchange property.
- Identifying the exchange property.
- The 45-day identification period.
- 180-day time period for closing on exchange property.
There are several types of like-kind exchanges available, each of which has a different result. Depending on the client's needs and situation, we have conducted all of the following types of exchanges with favorable results for the client:
- Delayed Exchange
- Simultaneous Exchange
- Improvement Exchange or Build-To-Suit
- Reverse or "Starker" Exchange
- Aircraft or Business Exchanges
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