Purchasing a real estate property is arguably one of the most significant investments you will make. So there is no question that you should have an attorney by your side for this very critical transaction. With that being said, please read on to discover how a seasoned New York purchase & sale attorney at Zimmet Law Group, P.C. can help protect your investment property.
How can a New York real estate attorney protect my investment property?
You should know that our team of attorneys has a combined decades’ worth of experience in handling the complex legal process of a real estate transaction. So we believe no firm quite like ours can better protect your interests in your investment property. One of the most important things Zimmet Law Group, P.C. can help you with is the formation of asset protection strategies in the aftermath of your purchase.
More specifically, your attorney may educate themselves on your current investment portfolio, your future objectives with this investment property, and the risks you have taken in purchasing this investment property, among other things. Then, they may advise you on whether to establish a limited liability company (LLC), a limited partnership (LP), or another legal entity. This is because an LLC or the like may reduce your personal liability in the event you are sued and a judgment is placed against you. What’s more, it may come with considerable tax benefits, such as pass-through taxation that may curb double taxation.
In addition, your attorney may recommend you establish a trust or use other succession planning tactics for your investment property. This is so this property may avoid the New York State Surrogate’s Court and subsequently New York State estate taxes in the unfortunate event of your passing. With this, it is worth mentioning that our firm has a team of proficient estate planning attorneys.
How else can a real estate attorney assist me?
While asset protection strategies come at the tail end of your investment property purchase, your real estate attorney may assist you in other ways beforehand. That is, they may guide you through the following steps:
- Your attorney may review all documents related to the investment property (i.e., title, purchase agreement, mortgage documents, etc).
- Your attorney may negotiate the terms and conditions within these documents on your behalf.
- Your attorney may conduct a comprehensive title search on your behalf.
- Your attorney may review zoning laws, environmental regulations, and other complex legal requirements on your behalf.
- Your attorney may work to officially transfer ownership of the investment property over to you and ultimately close the deal.
Now that you have this background knowledge, your next step should be to employ a competent New York City real estate attorney to represent you. Please get in touch with Zimmet Law Group, P.C. today.
