Ken Thayer Podcast with guest Dominick Manco

Residential and Commercial Real Estate with Dominick Manco

Summary:

In this week’s episode of Attorney Talk, Ken Thayer interviews Dominick Manco, who is a practicing attorney in Freehold, New Jersey. Dominick’s area of concentration is in residential and commercial real estate. He also does general practice, which can include anything from wills, trusts, and estates and personal injury work. During this episode, Ken and Dominick discuss commercial and residential real estate, using an attorney versus title companies, municipal practice, and how technology has changed real estate law.

 

Main Questions Asked:

  • What is the difference between residential practice and commercial practice?
  • Why is it important for individuals to seek legal representation if they are buying a house?
  • What does it mean if there are ‘title issues’ on a property?
  • If there are leans on a property, can the person who holds the debt force you out of the house and make you sell it?
  • What are the pros and cons of attorney based negotiations and transactions versus title companies?
  • Do attorneys charge a flat fee for most real estate transactions rather than an hourly rate?
  • What is a timeframe for representation on residential?
  • What does it mean to be a municipal or town attorney?
  • Do you find technology makes the job easier or more difficult?

 

Key Lessons Learned:

Commercial  

  • Whether you are the buyer or seller, you should always have legal representation going into any real estate transaction.
  • Commercial practice is more labor intensive and usually involves more in the negotiation process.
  • An hourly fee is generally charged for a commercial real estate lawyer.

 

Residential

  • Residential deals come to a residential lawyer after it has have been negotiated by a relator.
  • Changes will be made to the contract to protect the client, but the main items will have already been negotiated.
  • The idea of any deal is that everybody is supposed to have a mutual benefit. You can always counter. If the other side counters, too, then that is what the art of negotiation is about.
  • Title issues can be when someone is taking a debt that is owed, and it is attached to the property.
  • You want the right to do the correct amount of inspections and reserve rights to get out of the contract dependent on what the inspections show.
  • No lender will allow you to close without a title insurance policy, and most closings run 2-3 months dependent on circumstances.
  • A flat fee is generally charged for a residential real estate lawyer. If something comes up in the process, then it is usually an additional fee to resolve the issue.

 

Attorney Versus Title Companies

  •  A title company or settlement agent can close a transaction and do the legal process necessary, but you are not getting legal advice.
  • If you are closing a mortgage or loan with a balloon, then you can get legal advice on the ramifications.
  • If someone signs a contract and doesn’t know what ‘time of the essence’ means, they can find themselves in breach of contract and be up for damages.

 

Municipal Practice

  • This is the representation of local and state governments.
  • A municipal attorney serves as corporate council for the municipal corporation in the running of the business of a town.
  • This involves attending all meetings of the governing body and giving rulings on votes, opinions on conflicts of interest, prepare municipal legislation, and resolution.

 

Technology

  • Practicing in real estate is far more efficient, and the quality of work produced is higher due to the checks and balances in place due to technology.
  • Every document that comes into Dominik’s office is scanned so there is a hard file and computer file.
  • Last minute changes are no longer delayed as attorneys are dealing with clicks instead of reworking entire documents.
  • The documents themselves have changed; a HUD was previously two pages and is now four pages, but the process is faster since it is done online.

Thank you for listening! If you enjoyed this podcast, please subscribe and leave a 5 star rating and review in iTunes!

 

Links to Resources Mentioned

Dominick Manco Law

732-637-5148

 

Click To Tweet 

 What’s involved in being a commercial & residential real estate lawyer? Find out w Dominick Manco @gaylordpoppllc http://www.gaylordpopp.com

How has technology changed commercial & residential real estate law? Find out w/ Dominick Manco @gaylordpoppllc http://www.gaylordpopp.com  

 

 

Leave A Response

* Denotes Required Field