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Saint Paul Estate Planning Law Blog

Construction defects may complicate real estate transactions

Regardless of what type of real estate transactions you are pursuing in Minnesota (buying a home, selling a property, building a home, etc.), you want everything to proceed as smoothly as possible. However, many new homeowners or those seeking to buy real estate fail to take the possibility of construction defects into account. A serious defect in the construction of a building can reduce the value of your property and may even pose safety hazards.

These defects typically plague people who are building a new home or business structure. They can range in severity from a simple crooked window to a serious fault in the structure's foundation. In the simplest terms possible, you can take one of two approaches when a defect complicates your real estate transactions. You can ignore the problem or you can seek a legal solution by speaking with an attorney.

What legal issues might new businesses face?

Becoming a business owner is the dream of many Minnesota residents. However, without proper business formation and planning practices, there is a real chance that entrepreneurs might fail in their efforts. Looking at the legal landscape is a large part of good business planning, but it is difficult for some to see past their dreams of entrepreneurial success.

Of course, it is not possible to foresee each legal hurdle that might have a negative effect on a new business. Every new venture is unique and will probably come with its own set of obstacles. When left unaddressed, these issues can slow the growth of a new business or put it to a complete stop.

Benefits of investing in commercial real estate

Commercial real estate has long been a popular way to make money for investors all across the country. It is still a popular investment today in Ramsey, Minnesota, and the rest of the state. Today, we will take a look at the benefits of investing in commercial real estate, so you can make an informed decision as to whether or not this will be a viable option for you moving forward.

For the most part, the biggest benefit of investing in commercial real estate is that you will notice a better return on your investment. This means you can earn a higher income from this venture than most other real estate investments you can make in Minnesota.

Common examples of deceptive trade practices

Some people in this world do not follow sound ethical principles when they conduct business with others. It's important to always be on the lookout for these people, but it's not always obvious when we're about to become a victim of a dishonest business person. That's why Minnesota state law protects you from deceptive trade practices. If someone sells you something, for example, and it's not a fair trade, you might have the ability to pursue legal action and try to get your money back.

Here are a few examples of instances that a court might deem to be a violation of deceptive trade practices law:

  • False representation that something has been certified, approved or sponsored by an authoritative organization.
  • False representation that something was sourced from somewhere when it wasn't.
  • False information about the benefits, characteristics or quantities of a particular service.
  • False statements that someone requires certain services, repairs or replacements.
  • Advertising items while intending not to sell them as advertised.
  • Falsely claiming that something was new or original.
  • Altering the odometer on a car to read falsely.
  • Selling counterfeit goods.

What happens if I sell my home for less than my mortgage?

We live in an era in which government shutdowns, layoffs, high medical costs and divorce can all financially cripple a family. While some lenders may be willing to extend a due date out for a few weeks or months, others may not. If you're struggling to make mortgage payments, then you may be considering downsizing your home. If the market is performing poorly or there's little equity built up in it, then you may be wondering what to do next.

Individuals who find themselves paying high monthly mortgage payments that aren't reflective of current market values are likely to struggle to sell their home for the amount that they owe.

Mortgage broker and real estate law vocabulary you should know

Whenever you approach a new topic of study – like mortgages and mortgage law – the most important thing to get down first is the "lingo." There are countless vocabulary words related to the mortgage industry, many of which you might not know the definitions. So let's do a brief vocabulary review of a few terms that your mortgage broker and real estate attorney probably know:

Bi-weekly mortgage

Advice to avoid commercial property zoning problems

One of the most important things to keep in your sights when deciding whether to purchase a piece of commercial property relates to zoning. Zoning rules regulate the types of activities you can use your property for. For example, if it's a residentially-zoned property, you can't use it for a factory, and so forth. Many business people and investors have lost a lot because they bought a property or agreed to a long-term lease on a property for a specific purpose, only to find out that they are barred from using for that purpose later.

Here are some tips to avoid probate problems:

Don't take risks: Use a real estate when you buy or sell property

If you talk to anyone who has completed a real estate purchase or closing with the assistance of an attorney, they will probably agree that having an attorney help with the process is recommended. However, they might not know exactly what's at risk of happening without an attorney by your side.

If you don't contract a lawyer to help you navigate the in's and out's of your real estate purchase or sale, you increase the chances that you could later get sued by the other party relating to disclosure failures.

Real estate closings: How an attorney helps

You can handle your real estate closing yourself. You can use a real estate agent to assist you with the transaction as well, but you can also use a real estate attorney if you want to make sure you've crossed all of your T's and dotted your I's. In fact, the use of a real estate attorney to represent you in your real estate sale or purchase is an intelligent move considering the fact that the transaction is likely valued at more than $100,000.

Here are a few things to think about when considering how a real estate attorney could help you in your transaction:

What should you do 2 months before listing your home for sale?

If you're ready to sell your home, there are a few steps you'll want to take. Some of these steps involve simple improvements that will help you increase the value of your home as well as the speed at which you'll be able to sell your property. As for the very first things you'll want to take care of, here's what you should do approximately two months before you put your home on the market:

Understand the market