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Helping Clients Protect Their Financial and Business Interests
Tens of thousands of real estate transactions happen every year in Wisconsin, and this doesn’t even count the number of lease agreements or other real estate arrangements taking place. While many of these transactions happen without issue, it’s not unusual for there to be challenges that require legal remedy along the way. Real estate attorneys are dedicated to helping clients through these issues and protecting their financial interests.
If you’re investing in commercial real estate or want to make sure you make the right decisions on the purchase of your next home, call West & Dunn to schedule an appointment with a real estate attorney. We can talk with you about common pitfalls and challenges we see with our real estate clients and use our legal knowledge and experience to ensure you’re as protected as possible.
What Types of Real Estate Transactions Can Wisconsin Real Estate Lawyers Help With?
While it’s not required by law in Wisconsin to use a real estate attorney for your transaction, it can be extremely beneficial. Real estate attorneys have specific knowledge and experience that makes them uniquely suited to provide legal advice on real estate transactions.
Below are just some of the types of real estate issues the legal team at West & Dunn is prepared to handle:
- Issues with real estate developers
- Real estate development disputes
- Real estate closings
- Commercial real estate transactions
- Residential real estate transaction
- Landlord-tenant issues
- Mortgage and foreclosure law
- Land use and zoning issues
- Condemnation and adverse possession cases
- Real estate litigation
- Homeowners association disputes
- Commercial and residential leasing
If you are facing any of the above issues, contact our firm to find out how we can help. Our attorneys are ready to start working toward a positive and speedy resolution to your case.
What Property Disclosures Are Required by Real Estate Law?
When someone is selling property in Wisconsin, they must disclose certain defects or issues if they are aware of them. These include major defects, such as those involving the plumbing, electrical, and HVAC systems, as well as issues with any well or septic system on the property. Any known issues with the roof or foundation, including leaks, seeping water, cracks, or other structural issues, must also be disclosed. If the property includes a fireplace or any other mechanical equipment, this is also covered on the residential property disclosure.
If the property is contaminated with any toxic or hazardous substances, such as lead paint or asbestos, the owner is required to disclose this to a prospective buyer, and the same is true if it is located in a floodplain or has a current pest infestation.
Keep in mind that sellers are only required to disclose issues they are aware of. For example, if the paint has never been tested for lead, the owner doesn’t have to disclose lead paint even if the house has it because they weren’t aware of it. It’s important to understand the legalities of property disclosures whether you are buying or selling. If a seller doesn’t disclose required issues they were aware of, they could face significant legal penalties, and a buyer who doesn’t understand what has to be disclosed could end up buying a house that needs more repairs than they are prepared for.
What Are Some Common Legal Issues Landlords May Have With Tenants?
Buying rental property as an investment can help you earn a mostly passive income from rent proceeds while capitalizing on increasing property values. However, it’s not an investment without risk, and sometimes, landlords can end up with legal issues due to tenants who don’t pay their rent on time or who cause damage to the property above normal wear and tear.
Some common legal issues landlords may have with tenants include:
- Nonpayment of rent
- Disputes of whoever is responsible for maintenance of the property
- Whether a security deposit should be returned
- Lease agreement violations
- Property damage
- Eviction issues
- Privacy and entry rights
- Health and safety concerns
While it’s almost always a good idea to attempt to settle these issues with tenants directly, there are times when legal intervention may be required. A real estate attorney who handles landlord-tenant disputes can help you find a resolution or pursue a civil claim.
Can I Fight My Homeowners Association?
The existence of homeowners associations is a polarizing topic. While some homeowners appreciate the services they provide and the focus on protecting property values, others believe HOAs overstep their bounds and interfere with the rights of property owners to keep their homes as they see fit.
If you are in a dispute with your homeowners association, you may be able to file a suit to bring the issue to an end. For example, it’s common for HOAs to require that homeowners apply to make certain changes to their properties, such as painting, putting up a fence, or adding a shed. If the HOA denies the application, the homeowner may be able to file a civil lawsuit and override the HOA.
Dealing with an HOA can be extremely challenging, but having a legal advocate can help. If you need assistance with your HOA, speak to one of our attorneys.
What Are Some Major Differences Between Residential and Commercial Real Estate Matters?
There are many similarities between residential and commercial real estate transactions. They may both involve the use of a real estate agent, and in both cases, property is exchanging hands. However, there are also many differences to be aware of.
The most immediate difference between the two is the intended use of the property. Residential properties are designed to be used as permanent homes, while commercial properties are reserved for business use. Because of this, the zoning, insurance, and other legal requirements for these properties differ.
Residential and commercial real estate also differ financially. While it’s possible to find very expensive residential real estate and very cheap commercial real estate, commercial properties are generally much more expensive than residential ones. It’s not unusual for commercial property values to be in the multimillions. Because of this, there are also differences in how financing happens, loan terms, and what the real estate contracts look like.
If you are planning on buying or selling real estate, it’s important to talk with an attorney about your legal obligations and how to protect your interests. By law, only an attorney is able to provide legal advice, so it’s not enough to rely on only a real estate agent to help you through the process. An attorney also doesn’t have any personal interest in whether the transaction goes through, which can help them take a more objective perspective.
Get legal counsel and representation on your next real estate transaction in Wisconsin when you call West & Dunn at 608-490-9449. You can schedule an appointment to talk with a real estate lawyer about your needs and find out how our legal services may be a match.