The sale and purchase of real estate is, for the most part, the most significant financial transaction in which an individual shall participate during his or her lifetime. Effective representation in the negotiation of the contract and the closing of the transaction is vital to insure that either the purchaser or the seller will be fully protected and that each person receives that for which he or she shall have negotiated. Full disclosure and attention to detail are vitally important regardless of whether the individual is the seller or the buyer. The responsibilities of each party as required by common law or by government regulation represent details that must be set forth and adhered to in real estate transactions.
Frequently, real estate transactions regarding commercial or income producing property will involve the utilization of a business organization such as corporation or a Limited Liability Company for the benefit of the purchaser depending upon the purpose of the acquisition of the real estate. For the protection of the buyer in these types of transactions, full disclosure of the condition of the property, rental amounts, security deposits and rent roll history are paramount as to the issues to be identified and verified.
Regarding income producing or commercial properties, the provisions of the lease between the owner and the tenant is extremely important for purposes of protecting the assets and the financial expectations of the owner, but also to ensure that the tenant receives all of the benefits in the use of the property as anticipated. The owner of the property must be thoroughly familiar with the legal requirements of the State of Ohio and the city in which the property is located in order to guarantee compliance with these requirements in the lease between the owner and the tenant. Commercial leases are very complex and can be somewhat overwhelming due to the unique circumstances involving the particular property and the relationship between the owner and the tenant.
Residential leases must be structured such as to be in compliance with government statutes and ordinances which frequently serve to protect the rights of a tenant and which must be protected and clearly identified in the lease.