We are Springfield Missouri real estate lawyers. We can help you with real estate transactions to help prevent any problems during sale or transfer. We also can help you with any real estate litigation if something has gone wrong. Please call our Springfield Missouri real estate attorneys to discuss your needs.
Real Estate Transactions
The purchase or sale of real estate is many times the largest transaction of an individual’s life. Therefore, it is imperative that the buyer conducts their due diligence and that the seller understands the potential liability. Also, the numerous items to be performed, such as a real estate inspection, a title report, closing, due diligence, and disclosures can be daunting to say the least. We at O’Reilly & Preston, LLC have helped many individuals navigate the process of a real estate transaction. We have handled transactions from the smallest transactions such as a one bedroom home to the largest multimillion transactions such as a condominium development, a hotel, or restaurant. If you believe you need assistance during a real estate transaction, please give us a call and we would be more than happy to help you through the transaction so that you fully understand each and every document and obligation.
Real Estate Litigation
We at O’Reilly & Preston, LLC handle all types of real estate litigation cases. Our broad range of previous cases spans from the simple planning and zoning lawsuit to the very large commercial real estate litigation. As real estate is more than likely one of the largest investments you will ever make, you should protect that investment and take whatever steps are necessary to insure your investment is protected. Our other real estate litigation cases include failure to disclose defect cases, breach of contract cases, refusal to transfer title, transfer of bad title, purchase or attempted purchase of a condominium, and failure to submit full and final payment to name a few. If you are in a situation where you are facing litigation with regard to a real estate transaction, please feel free to give us a call.
Many times commercial landlords fail to fully appreciate the importance of a property specific commercial lease. We have seen some commercial landlords attempt to use a “cookie cutter” lease with negative results at trial. This is because there are certain situations and fact specific items that should be taken into account and provided for in a commercial lease. Once a landlord or tenant fails to live up to those expectations, it is too late to change the lease or realize that certain provisions that should have been included were not. A review of your commercial lease by O’Reilly & Preston, LLC could save you thousands of dollars, lengthy and expensive litigation, and certain headaches down the road. Our attorneys are very comfortable in reviewing all leases and providing specific comments and recommendations based upon your specific situation. No only is it important for landlords to have their leases reviewed and tailored for specific transactions, it is also very important for tenants to also have the commercial lease reviewed. Tenants are sometimes unaware that the commercial lease provided by the landlord can be modified or changed via negotiation. Tenants sometimes feel forced into signing a lopsided commercial lease which is very unfavorable to their rights. We at O’Reilly & Preston, LLC can help both landlords and tenants in commercial leases.
Residential Contracts and Leases
The purchase of one’s home is generally one of the largest investments one can make during their lifetime. Therefore, a wise homebuyer is aware of all repercussions and specific obligations placed on them by a residential contract. Although real estate agents do their best to explain the process and legal ramifications, they are not trained and do not know the specific legal obligations of the buyer or seller. Also, some homebuyers fail to realize there are many different provisions that can be included in a real estate contract. Some homebuyers feel forced into signing a real estate contract that is provided to them by either their real estate agent or by the seller. For example, most form real estate contracts provide that should the buyer or seller default in the contract, the party not in fault is entitled to ten percent (10%) of the purchase price. However, most “cookie cutter” contracts also provide that that ten percent (10%) must be shared with one’s real estate agent. There are also other various and important provisions that can be specifically tailored for your purchase and to protect your rights.
Like the purchase of a home, the leasing of a property can also be very expensive and costly if not done properly. Many landlords and tenants fail to realize that a lease is the most important document, and essentially, governs the rights of a landlord or a tenant. Therefore, it is very important to specifically detail each and every right provided to each party, and how certain items, such as damages to the property, will be handled. Because of the amount of rent and possession cases we handle annually, we are very familiar with which provisions should be included, and the proper way to draft those provisions. For example, in Missouri, if a specific item is not titled properly, the landlord may not be able to get that specific item at a later trial. Also, without written lease, it is impossible for a landlord or tenant to obtain their attorney’s fees later on if they prevail at trial.
We would be happy to help if you are a landlord who has an existing lease and would like it reviewed or are a landlord starting from scratch and need a lease drafted. Also, we at O’Reilly & Preston, LLC, are happy to look at a tenant’s lease to advise them of the legal ramifications of the lease and certain items they may want to attempt to negotiate either into or out of the lease.
Fraud and Failure to Disclose Defect
Imagine you just purchased what you believed to be your “dream house”. But, shortly after moving in, you notice water in the crawl space, mold in the ceilings, impure water, and a septic tank that is not functioning properly. At that point, your home may be unlivable and there could potentially be serious health problems for you and your family. If you find yourself in this situation, we at O’Reilly & Preston, LLC, can help.
The law generally provides that a seller of certain real property must disclose known defects to the buyers. Also, this may often be the case even if the seller is selling the property “as is.” The law is clear, if a seller knows of a defect, they must disclose it. We at O’Reilly & Preston, LLC have helped numerous individuals with cases against sellers, real estate agents, and home inspectors for the failure to disclose and/or discover defects in a home they are buying.
We also help the sellers of real property limit their liability for possible law suits by a disgruntled buyer. As we all know, there are certain people who are not happy no matter what they buy. Therefore, as a seller of real estate, it should be your ultimate goal to insulate yourself as much as possible for any potential liability. This may be through certain paragraphs contained in the real estate contract, decisions to disclose certain information with the property, or even investigation of a potential buyer. If you feel you have been wronged by a seller for their failure to disclose certain information, or if you are a seller of property concerned about a potential lawsuit, please give us a call.