Real Property Pitfalls

Real Property Pitfalls

I’m constantly amazed at the number of ways that people can mess up real estate transactions. Just this past week, two particularly striking examples crossed my desk.

The first was an easement agreement prepared by one attorney and reviewed by a second attorney before it got to me. The agreement had several deficiencies. Among them, it failed to include the parties’ and the drafting attorney’s addresses, it failed to identify the parcels involved, and it failed to recite the consideration being paid for the easement. Fortunately, I have the chance to correct the agreement, and all the parties are on board with the corrections.

The second was an offer received by my client for the sale of a home. After reviewing the offer, I called the buyer’s realtor about some ambiguous provisions. I learned that the realtor believed the buyer to be a real estate partnership, although she did not know who the partners were or under what authority the signer of the offer was acting. After a little digging, I discovered that the “partnership” is actually a sole proprietorship that the IRS thinks is a limited liability company formed for heavy vehicle trucking. No kidding. I’m still shaking my head.

Bottom line, it’s ALWAYS a good idea to have an experienced real estate attorney review real property documents before you sign them. People tend to think that real estate law is simple, but it’s fraught with hidden perils. Let us help you avoid stumbling into the abyss! Give us a call at (248) 477-6300.

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