HICKSVILLE, N.Y., July 20, 2019 /PRNewswire/ -- Private
lenders are lenders that are non-institutional or non-bank sources
of money and funds. This includes family, friends, or even private
entities. When deciding to invest in real estate, many borrowers
choose to go through private lenders, in contrast to banks or
credit unions. Private lending is a much more relationship-based
circumstance that often feels more comfortable and dependable to
the borrower. However, with any monetary loan, it is best to have
someone oversee what is being stated in the documents. Oftentimes,
privately loaned money for real estate purposes are secured by a
note and a mortgage. However, the terms may be different than if
the loan was made by an institutional lender. To ensure that
you understand the transaction, a knowledgeable and experienced
attorney by your side is essential. Real estate litigation
attorney Long Island, Markotsis
& Lieberman Esq., explain an attorney's role in private lending
representation.
Negotiation Mediator
When the parties involved are
discussing the loan and its circumstances, it is best to have an
attorney involved. Real estate attorneys have the knowledge
and capability to determine what the most practical and fair terms
are and can express this to those affected. If questions or
disputes arise, they can assist in putting it to rest and help
decide what the best compromise would be. Keep in mind that a
majority of private lending situations are between family or
friends, and it can be a bit difficult to express each person's
wants and needs. An attorney can help communicate these.
Draft Legal Documents
When dealing with two parties
that don't necessarily have experience writing or drafting legal
documents, it can be quite beneficial to have an expert there to
assist you. Real estate attorneys understand what is legal and can
help put the agreed-upon terms into writing. Having a document that
breaks down the terms and agreements of the loan will help avoid
any conflicts, and make it clear to the party what they are
agreeing to. In addition, this will be helpful down the line if
either party needs to reference the agreement they made.
Understanding A Legal And Fair Deal
If your lender or
borrower already has a drafted document which dictates the terms
and agreements of the loan, you should have an attorney oversee it.
You want to make sure that you understand the terms and that the
terms are what was agreed, without terms which were not agreed
between the parties. No one wants to find out that they are bound
to terms they did not know about after the fact. With the
assistance of an attorney, such issues can be avoided.
About Markotsis & Lieberman, Esq.: Markotsis &
Lieberman, P.C. Long Island Real Estate Attorney is a general
practice law firm. Practice areas include real estate, litigation
(commercial and civil), business formations, agreements and
transactions, and wills, trusts and estates. Our team of seasoned
attorneys are here to guide you through every step of the legal
process providing personalized attention to every client. When
you're facing a complicated legal situation, our team of legal
experts is there to fight for your rights.
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SOURCE Markotsis & Lieberman, P.C.