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Virtually all Mortgage, Financing, and Sale transactions require some degree of legal assistance. To facilitate our services, CMS maintains active relationships with some of the largest and best law firms in the US. The lawyers we work with, like CMS, are experts in the financial and real estate sectors. CMS does not sell legal solutions. Instead, for legal proceedings, we can refer attorneys if you need legal assistance. Following are some of the areas where we can refer our clients to the legal expertise they seek:
a. Document Review
At the conclusion of modification discussions, new / replacement financing, or a sale of your property, a term sheet and legal document will be provided. You will need an attorney to review these documents. CMS can refer you to firms that provide these services.
b. Roll-ups
Specifically for Tenant in Common (TIC) structured properties; the lender may require a “Roll-up” from the TIC organizational structure to a new LLC or DST structure. Lenders prefer to deal with a singular party. Once the TIC borrower is presented with the lender’s term sheet, borrowers should engage an experienced attorney to prepare the Roll-up to the new ownership structure. Besides normal legal considerations of organization and management, there are also tax implications to consider. For TIC properties, the maintenance of the deferred tax status currently in place from a 1031 exchange status need to be protected.
c. Other
At CMS, we often encounter property owners that are in the midst of various legal disputes. The situation may be with the current mortgage lender, the asset / property manager, or a tangential party. Should you find yourself in such a situation, we are happy to refer you to a law firm that is expert in the issue.