Due Diligence In Real Estate
Note: This podcast is no longer available, but please see below for the transcript of the podcast.
People who’ve lived in the Inland Northwest area of Eastern Washington, North Idaho, and Western Montana for any amount of time come to understand the inhabitants are fiercely independent, self-reliant, and dedicated to a life of independence. They buy their own land with their own contracts, build their own buildings, set up their own barns, create their own water sources and septic systems, and create their own roads. For a freedom-loving people, the Inland Northwest provides dramatic opportunities to worship, raise a family, partake of the beautiful outdoors, and work neighbor-to-neighbor on the thorniest of local issues. We would not have it any other way.
Being involved in the resolution of real property-related issues for over 15 years, Macomber Law learned that those living here and those moving here with their many dreams required legal services that facilitate the life of independence we cherish. Macomber Law became a licensee of the Timely Contract group of legal services offered by Real Property Solutions, LLC to keep people out of trouble.
The legal services target specific problems before the problems occur. For example, when one buys their own land with their own contract, it is prudent to have the contract reviewed prior to the party signing it. The best transactions are balanced and provide the mutual value the parties entering into those contracts expect. For this specific problem, Real Property Solutions, LLC created the Timely Contract Review service. Macomber law can review your contract, and suggest changes to make it less susceptible to problems in execution. Every contract has a calendar of performance for each party. Is the calendar reasonable and can the dates be met? Is the contract unbalanced toward one party or the other? Contracts that are slanted toward one party and against the other more frequently end up in that needless waste of resources called a lawsuit. Lawsuits may be avoided with a Timely Contract Review.
There is also a Timely Contract Drafting service. Macomber law drafts the contract and has it available for the parties within 10 business days. There is time for drafting and negotiation between the parties to make sure the provisions include what both parties need from the transaction without a bias toward one or the other party. To stay out of trouble, one must plan to stay out of trouble.
There are more services. When real estate is purchased, people usually buy title insurance. The preliminary title report carries a list of every document in the county recorder’s office related to that property. These documents are not covered by title insurance, and so are exceptions to the title insurance coverage. Real Property Solutions, LLC designed a Title Insurance Exceptions Review service, called a “TIER” spelled “T-I-E-R” to explain to a purchaser what each document means under the law of the State in which the land purchase occurs. There may be dangers to purchasing a property that even the current seller does not know about, such as old easements, well agreements, restrictions on the use of the property, or conditions, covenants, and restrictions that don’t accord with a buyer’s planned use. The TIER legal service should be part of a buyer’s due diligence.
Real Property Solutions, LLC also designed a TIER Plus service that reviews public records outside of the recorder’s office, while still including records in the county recorder’s office. Records outside the county recorder’s office may include building permits, conservation restrictions, crop subsidies, encroachments, evidence of boundary line disputes or agreements, endangered species, environmental testing results, flood zones, grazing permits, tribal laws or regulations, wetlands, etc. The list is long, but a purchaser of the TIER Plus service can choose which things they want analyzed, and which things they don’t want analyzed. Macomber Law knows where to find out the information you need, so that your land purchase can be made with confidence.
Whether you are a self-determining, freedom-loving person, or if you are risk-averse and don’t want to make a mistake making the biggest purchase of your lifetime, you already know that you need to do a certain amount of due diligence when buying real property, or when creating contracts. Sometimes the task can be daunting, which is why Real Property Solutions, LLC designed these legal services. There is a website called TimelyContract.com where all the legal services are discussed. You can review the services, choose one or more of them, upload your documents, accept the terms of the fee agreement, and even make your initial payment for the service — all in one order. Macomber law receives notification of your order, receives your documents, and your money is deposited directly into our trust account. At that point, we can begin work to save you from avoidable headaches.
Before you sign a contract or commit to buying real property, it is always prudent to plan ahead by reviewing the TimelyContract.com website to see whether it’s legal services may help you. There is more than enough business for lawyers from real unavoidable problems, and there is no reason why lawyers should be working on avoidable problems. Smart planners try to avoid problems. If you are a smart planner, do yourself a favor, and look at the TimelyContract.com website to see how we can help you stay out of trouble!
At Timely Contract, our primary legal services include: real estate contract review, real estate contract drafting, legal opinions for title insurance exceptions, and research, due diligence, and legal opinions for properties.
At Timely Contract we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.
We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.
And we have local real estate attorneys who have experience throughout Washington, including: Spokane, Spokane Valley, Liberty Lake, Medical Lake, and Cheney.
Disclaimer: Timely Contract podcasts are meant to be informative; however, Timely Contract podcasts are not legal advice. Legal advice is the result of the application of proper law to a particular set of circumstances. Whether or how the law applies to a particular factual situation is a legal question that cannot be answered by a Timely Contract podcast. In addition, Timely Contract podcasts sometimes differ from their written transcript. Listeners and readers should not rely on a Timely Contract podcast, or a transcript of a Timely Contract podcast, as legal advice. Listeners should seek legal counsel and get a true legal opinion before taking actions regarding real property.