Purchased A Building With A Lien On It?: How A Lawyer Can Help

Did you purchase a building and found out later that there is a lien on it? If you had no clue that there was a lien on the building before it was purchased, you might want to hire a lawyer to take legal action against the previous owner. Find out in this article what you should know about getting help from a commercial real estate lawyer for a bad transaction.

What Happens During the Consultation with a Real Estate Lawyer?

When you consult with a real estate lawyer, you will basically be asked a lot of important questions about the building that you purchased. He or she will need truthful answers in order to build a solid argument so you can win the case. One of the things that the lawyer will ask is if you had any kind of knowledge about the building having a lien before signing the sales contract. You must also tell the lawyer if the previous owner said that there are no liens on the building. Take the sales contract with you to the consultation, as it will play a vital role in the outcome of your case.

How Will the Real Estate Lawyer Prove the Case in Court?

Proving the case will be easier if it is found in the contract that the previous owner said there are no liens on the building. If he or she made the statement verbally, the lawyer will locate witnesses to contest to it (if any were around at the time of the sale). If you are suing the other party in an effort to get money to pay the lien off, the lawyer will need the amount needed in a document from the company that is threatening to take the building. You should be able to not only receive money for paying the lien off, but also for the pain and suffering that the other party caused you to experience.

What is the Hourly Rate Charged to Hire a Lawyer?

The minimum hourly rate that is often charged by lawyers is $90. However, the actual hourly rate that you are charged will depend on how complex your case is against the other party. The hourly rate can go up to over $500 for some legal disputes. Keep in mind that it is also possible that you will be charged a contingency fee instead of by the hour. Speak to a commercial real estate agent as soon as possible!  

About Me

Negotiating Better Real Estate Deals

After I started buying real estate and flipping houses, I realized that I wasn't that great at negotiating home prices. Instead of continuing to lose out on great deals because of my unwillingness to haggle, I decided to hire a professional real estate attorney to assist me. I met with my lawyer, talked with him about how much I wanted to pay, and then simply let him go to work. It took so much stress off of my plate, and the results were incredible. This blog is all about the benefits of working with a real estate attorney, so that you can get an incredible deal on a property.