Perhaps you have an interest, or are already involved in flipping real estate. Regardless of your experience level, consulting with a Real Estate Lawyer will save you from potential setbacks.
Flipping Real Estate refers to the business practice of acquiring and liquidating the same piece of property within the shortest possible time frame. The actual time frame could be from 3 hours up to sixteen months or longer. The precise time frame would be dictated by your individual investment objectives combined with current market conditions.
Extreme changes have taken place within the past twelve months governing the financial and legislative acceptance of flipping real estate. Contact a Real Estate Lawyer to make sure that you are in compliance with the new guidelines for flipping real estate.
When done properly (legally) this particular form of real estate investing can be very rewarding. As with any other investment with the potential of generating substantial profits, the practice of flipping real estate has attracted to its ranks unscrupulous operators. The actions of a few have forced ethical entrepreneurs to reassess how they conduct business.
Major Concerns:
- Have you established a best practices procedure
- Are you in compliance with both federal and state regulations
- What is the nature of your relationship to other parties involved
- Have you violated any laws in obtaining financing for acquisitions
- Is there any type of arms length transaction between you and your buyer
- Have all other parties to the transactions abided by all applicable laws or are you guilty by association
A real estate business can still be a very profitable venture, with proper planning and strict compliance.
The numerous abuses have sparked a call for reform in the financial community, supported by strict legislation within the legal community. Today a real estate investor must first and foremost design a plan of action with a Real Estate Lawyer. Any deviation of the law, and you could find yourself liable for the actions of your team members. The infractions could and most likely would amount to a combination of criminal and civil charges.
See Also:
Extreme changes have taken place within the past twelve months governing the financial and legislative acceptance of flipping real estate. Contact a Real Estate Lawyer to make sure that you are in compliance with the new guidelines for flipping real estate.
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