Before You Buy, Sell, or Build
Whether you buy, sell or build there are potential economic risks in every real estate and construction project, in any stage of evaluation, appraisal, purchase, funding, development, or even improvement of real property. There may also be physical or legal hurdles which must be addressed and resolved. The intricacies of purchase or sale require legal experience to guide the process and to minimize risk or legal challenges. Similarly, in any construction project, no matter how small or large, technical and legal experience are essential to implement and accomplish the goal of completion, on time, and within budget. In each and all of these individual tasks, the guidance and counsel of an experienced legal professional can make each stage of the process relatively free of delays, building and safety violations, added economic expense, and needless emotional involvement.
Not every business transaction may require the intervention of an Attorney. However, when a question does arise, the prudent individual should immediately consult and retain experienced professional counsel, without delay. The legal professional, with specialized training and experience in real property (“real estate”) and construction, is already prepared to explain, advise, and provide the Client with important information and protection for valuable rights and best business interests.
With real property acquisitions and construction, one should be aware of the legal significance of specific provisions in Bids, Proposals, Letters of Intent, CC&R's - ("Covenants, Conditions, and Restrictions"), and applicable building and zoning codes governing the use of real property. Other transactions may include terms controlling Commencement of Construction, Payment, Liens, and other significant milestones which, without Legal Counsel, could become economic millstones delaying, or even preventing, completion!
Insurance and bonding have long been encouraged to protect the buyer-investor from imprudent and dishonest practices of predatory scoundrels; some operate in the construction industry, others in various other businesses. However, insurance coverage alone may be inadequate or even denied in certain circumstances. Significantly, the specific terms of each policy or contract may also contain legal provisions which bind the endorsing individual (unwittingly) with little or no actual coverage, and with personal liability!
Experienced legal counsel should be consulted early in every real estate and construction project, to provide sound preventive legal protection for the Owner, Investor and Contractor. In these significant business interests, experienced legal counsel can help foresee and avoid costly errors.
J. Norman Stark Attorney