At Sayer Regan & Thayer, LLP we have experienced attorneys and paralegals who can assist you with all of your residential and commercial real estate transactions.We pride ourselves on closing the deal quickly, efficiently and with no surprises.Doing this requires us to work very closely with real estate agents to look out for and protect our clients’ interest.As part of this process we will:
(1) Review the seller disclosure statement and point out any issues of concern;
(2) Offer a complimentary review of purchase and sales contracts;
(3) Negotiate the terms of and review the bank’s commitment letter and loan documents;
(4) Review property inspection reports and provide advice clients on what repairs can be negotiated;
(5) Search the “title” to the property at town hall and assist buyers and sellers in clearing up any title issues;
(6) Close the transaction at the location most convenient to our client; and
(7) Assist our clients with any post-closing issues, which may include escrowing funds and disbursements after the transaction is completed.
CONDOMINIUM TRANSACTIONS AND CONVERSIONS
We have represented hundreds of clients in condominium transactions.We review the condominium documents and provide advice to clients on what issues to be concerned about that are unique to condominium ownership.We have also provided critical advice to clients who convert multifamily properties to condominiums.Our services in this area include preparation of the (1) Public Offering Statement, (2) Declaration of condominium, and (3) Home Owners’ Association Bylaws.We work with other professionals, such as architects and surveyors, to ensure that the project is in compliance with all applicable laws.
THE “1031” TAX EXCHANGE
Don’t pay capital gains tax on the sale of investment property!At Sayer Regan & Thayer, LLP we provide advice to clients on the financial benefits and tax savings of a 1031 tax exchange.Through the execution of a 1031 tax exchange, real property investors may take the proceeds from the sale of one property and use those proceeds to buy a different investment property.We review the tax documents and work closely with the Internal Revenue Service required independent qualified intermediary.
SHORT SALES AND LOAN MODIFICATIONS
In this troubled economy we have assisted many clients with short sales and loan modifications.Short sales occur when a lender agrees to accept less than the amount owed on a mortgage to enable a seller to sell a distressed property.We work with our clients’ lenders to obtain short sale approvals.We have also helped our clients persuade their lender to approve a modification of their mortgage terms.
We have years of experience in working with clients who are interested in buying properties at a foreclosure or from a lender after a foreclosure.We take the mystery out of the potential pitfalls of buying at a foreclosure or from the lender.This includes review of bank documents recorded at city hall and providing advice to clients on what to expect at a foreclosure sale from the bank’s representative and the auctioneer.
WHAT REALTORS MUST KNOW ABOUT HOME INSPECTION LAWS IN RHODE ISLAND The RI General Assembly passed the “Rhode Island Home Inspector Licensing Law” in 2000. RIGL 5-20.65-1, et seq. The law requires that all home inspectors be licensed and maintain $250,000.00 of liability insurance. It also required them to pass the National Home Inspector Examination and abide by a standard of practice and code of ethics.
Short Sales In A Nutshell A Short Sale is when the property is sold for less than the amount the owner owes to his bank. Short Sales are generally pursued when an owner has to sell the home due to their personal situation.
Purchasing at a Foreclosure Sale One of the results of a bad economy is an increase in mortgage foreclosures. While most people find out about foreclosure sales by reading the newspaper’s classified ads, others call lenders directly to inquire about potential upcoming sales. At foreclosure, property often sells for less than fair market value due in part to potential unknown title and structural problems.
The Newport County Board of REALTORS® received its' charter from the National Association of REALTORS® on May 27, 1958. For over 50 years, NCBR has united those engaged in the recognized branches of the real estate profession in Newport County for the purpose of exerting a beneficial influence upon the profession and related interests. "The purpose of the Newport County Board of REALTORS® is to enhance the ability and opportunity of its members to conduct their business successfully and ethically, and to promote the preservation of property values by defending the right to own, lease, use and transfer real property in a free enterprise system."