A Canadian investor recently purchased five nursing facilities in Alabama. The businessman bought facilities in Montgomery as well as others in Alabama -- in Butler, Selma, Montrose Bay and Birmingham as well as another out of state. The real estate investor has paired up with an out-of-state health care operator to manage and oversee the skilled facilities.
This was the first Alabama seniors' housing transaction for the real estate advisory company that represented the vendors in the deal. It brings the company's total sales in Alabama to more than $7 million in less than a year. The deal closed in March.
Clauses in real estate contracts may be vague or unclear. In moving ahead with any real estate transaction, whether it be a commercial investment or a residential property, both the purchaser and the vendor should be clear about the contract they're signing. Both parties might fare well consulting their own lawyers before inking any deals.
Real estate can be risky business and an Alabama lawyer always has the best interests of his or her clients at heart. An attorney who practices real estate law is trained to deal with contractual issues and has the experience to resolve thorny issues. An attorney may also be of beneficial help when it comes to answering tax questions regarding the sale of a property. For instance if a seller makes a sizable profit, a lawyer may be able to advise if he or she might be able to take advantage of possible tax breaks to bypass capital gains in some instances.
Source: bizjournals.com, "Alabama skilled nursing facilities sold", Hanno van der Bijl, April 29, 2018