Buying and Selling Real Estate in Utah

By Benjamin T. Beasley. Ben Beasley is a partner at the law firm of Freeman Lovell. His practice is focused on business, finance, and real estate law. He received his juris doctor degree from Harvard Law School. 

Contact Ben at benjamin.beasley@freemanlovell.com.

We represent buyers and sellers of real estate in Utah. From single-family homes and small multi family properties to very large master planned developments and multi-million dollar commercial developments and buildings, we will help protect you and your needs while remaining focused on getting the deal done in line with your objectives.

Utah Property Purchases and Sales

Real estate brokers and agents can help list and market properties, but real estate transactions often have legal concerns that go beyond agents’ knowledge and ability to help. We help buyer and sellers of property in Utah to negotiate and create purchase contracts that help them achieve their goals and minimize risk, while at the same time helping the transaction continue to move forward. Other key parts of the purchase and sale process are reviewing the status of title,

inspecting the property, resolving financing matters, negotiating changes to the agreements, other due diligence matters, and understanding typical terms and conditions of deals in the marketplace.

 

Real Estate Transaction Types

We have experience in essentially all types of real estate transactions conducted in Utah, including commercial, residential, multifamily, solar, easements, 1031 exchanges, natural resources, new city incorporation, and eminent domain. Many of these types of transactions also intersect with business law and finance, such as structuring holding entities, risk siloing, working with lenders, negotiating financing documents, resolving partnership disputes, and planning for goal optimization.

 

Purchase Agreements

 

Each property transaction begins with listing and review of the potential deal by the buyer and seller. From a legal standpoint, obligations being with execution of a purchase agreement. This document sets out the terms and conditions of the proposed transactions, and the responsibilities, rights, and obligations of the buyer and the seller. The price is a key focus, but other areas can be just as critical to the deal since they impact the risks and financial contingencies of the parties. The purchase agreement should reflect the parties’ agreement regarding provision of earnest money, the financing of the purchase, what things might enable the buyer to cancel the deal and what happens to earnest money, time requirements and specifics of due diligence, what information the seller is required to provide, rights and penalties if one of the parties doesn’t fulfil their obligations, and other key deal metrics. For sellers, the purchase agreement should provide details about their representation and warranty obligations and obtain as much assurance as possible that the buyer is serious about the transaction and isn’t simply wasting the seller’s time; for buyers, the purchase agreement should provide proper language allowing them to exit the proposed transaction if due diligence reveals unexpected or hidden problems with the property.

 

Other Issues

 

As a real estate transaction proceeds following execution of the purchase agreement, other key steps arise that affect the parties. The limitations and best use of title insurance are important factors in reducing risk, but most buyers do not realize that title insurance does not cover any problems with property title that are uncovered by the title insurance company. The title commitment is also helpful for understanding what the legal condition of the property is, and what problems might exist. Surveys may further help clarify a property’s legal status. Access may be a concerns, or easements may affect the property in ways big and small. Zoning review may be needed to ensure the property can be used in the manner the buyer intends, and zoning issues and laws vary from city to city and county to count. We help with all of these issues to ensure that our clients get the transaction that they think they are getting.

 

Enlist a Utah Real Estate Attorney

 

Our deep Utah real estate law knowledge can help you with all aspects of your real estate needs. Whether you are seeking to buy, sell, develop, or research real property in Utah, or have a dispute with another person or entity, we are available to discuss your options and answer your questions at an initial free, thirty minute consultation.  Call us at (801) 477-6838 for a free consultation. You can also email Ben at benjamin.beasley@freemanlovell.com, fill out a contact form below, or set up an appointment to meet at our offices. We look forward to helping you.