As the cost of buying land and building homes continues to rise, people are finding it easier and more cost-effective to buy condominiums, especially in the urban centers. Consequently, more real estate companies are opting for condominiums instead of rental apartments. And just like in any other lucrative venture, new laws governing the condominium business are emerging every day, making it important for investors to hire lawyers who specialize in this field of law.
Commonly known as the condo lawyers, this class of attorneys provides legal services to condominium corporations, condominium owners, real estate companies, property managers and buyers. They specialize in a wide range of services, most of which are tailored to meet the standards of the ever-changing condominium market.
Here are some of the common services offered by condominium lawyers.
- Contract Drafting and Negotiations
The preparation of any legal document involves a long and tedious process, which understandably requires the application of a qualified legal mind. Therefore, in order to avoid simple mistakes that might cost one their hard-earned investment in condominiums, it is always important to hire a qualified condo lawyer to help in drafting contracts and sale agreements. These lawyers also help their clients in negotiations involving the sale of condominiums, ensuring that they get the best deals. In this field of law, attorneys are required to protect their clients’ bottom-lines.
When one is buying or selling a condominium, there are important laws and regulations they must abide by. Failure to adhere to these rules can lead to prosecution. To avoid such eventualities, one is required to understand the existing rules and regulations. That’s why one needs to hire an experienced condo lawyer, who thoroughly understands condominium law, for counsel. And in case of litigations, these lawyers are best placed to advice the involved parties on the best way forward.
- Advising on By-laws and Rules
Since condo lawyers are well-versed with the condominium law, they are the ones who should draft condominium by-laws. Since condominiums are owned by individuals who share the same amenities, individual sellers and corporations are required to set their association rules and by-laws clearly to avoid conflict. Therefore, the task of drafting these regulations should be left to qualified lawyers who understand all the legal intricacies that may arise in future. They also know how to seal all legal loopholes that dubious buyers might use to subvert the condominium association by-laws.
- Mediate and Arbitrate
Since condominiums are designed to host communities, disputes are likely to occur from time to time. Such quarrels may include disagreements between condo owners, sellers and corporations. When such disputes arise, it is always good for the parties involved to try to solve them as soon as possible and avoid protracted legal battles. This is where condo lawyers come in handy. They help to mediate and arbitrate the dispute and come up with an amicable settlement.
Condo lawyers are an integral part of any process involved in the construction and sale of condominiums. But one needs to ensure they hire the best attorney.