Real Estate

Bankhead Law Firm specializes in real estate law. Founding member Jordan Bankhead has extensive experience in all areas of real estate law. In 2003, Bankhead contracted to the U.S. Department of HUD, handling all FHA REO transactions for HUD in the state of Mississippi.

From this beginning, Bankhead Law Firm developed a specialty in real estate closings and contract preparation. After 2005, Bankhead expanded his practice to include these areas:

 

Real Estate Closings

Bankhead Law Firm has closed hundreds of real estate transactions since 2003. These closings include homes, condos, apartment buildings, office space, and raw land transactions. Regardless of the kind of real estate deal you contemplate, rest assured Bankhead Law Firm has the knowledge and expertise to help you make your closing a successful one.

Residential Real Estate Purchases:

Whether you are a first time home buyer or an experienced investor, Bankhead Law Firm makes the closing process a smooth one. After a seller accepts an offer by a buyer and a contract is formed (usually with the assistance of a realtor) it is time to engage a closing attorney. At Bankhead Law Firm, we handle everything from here. Our job is to escrow funds (buyer paid or bank loan), guarantee good title to the property, make sure property taxes and any HOA dues are current and paid, and break down the closing costs for the buyer and seller. Before a closing date agreed to by the buyer and seller takes place, Bankhead Law Firm provides all of the parties to the closing (buyer, seller, realtors, and bank if there is one) a copy of the HUD-1 Settlement Statement (HUD-1). The HUD-1 provides a breakdown of the transaction, including mortgage payoffs, if any, proceeds to the seller, buyer closing costs, and fees paid to various service providers. By providing all of this information in advance, Bankhead insures a smooth closing once all the parties meet at the closing table.At closing, the seller signs a deed transferring ownership to the buyer and the seller also gives the keys to the buyer at this time. The buyer brings a certified check to closing and the buyer’s bank (if any) provides a bank check or wire for the balance of the funds due at closing. At this time the seller receives a check and Bankhead Law Firm pays the realtors and other service providers from escrowed funds provided at settlement. If you have any questions regarding any of the things that take place before closing, at closing, or after the real estate closing, please feel free to give us a call at (662) 234-8500. Jordan and his staff would be happy to answer any questions you may have. You can also email a real estate closing question to Jordan@BankheadLaw.com

Refinancing:

In addition to purchase transactions, Bankhead Law Firm also specializes in refinancing existing loans. Refinancing takes place for a variety of reasons but usually includes a borrower getting a more attractive interest rate, a change in other loan terms such as the duration of the loan (the most common terms are 15 and 30 years in conventional mortgages). The refinance closing takes place in much the same way as the purchase except that no seller or realtors are involved. Borrower closing costs and working with a bank are still involved in this type of transaction. When you talk to your bank, make sure you tell them you’d like the knowledge and experience offered by Bankhead Law Firm in handling your refinance. Bankhead Law Firm promises to make your refinance an easy and painless experience. If you’d like to use us for your next refinance, just give us a call at (662) 234-8500 or email us at Jordan@BankheadLaw.com


Land Use

Bankhead Law Firm helps real estate developers satisfy land use laws and achieve their goals Jordan has assisted developers with many land use issues, including:

A developer sought to reclassify 18 acres from agricultural to commercial zoning in order to build a business park. After evaluating the requirements for a special exception to the zoning laws in Panola County, Bankhead successfully argued before the Panola County Planning Commission for a special exception to commercial. Following these efforts, the Panola County Board of Supervisors approved the commercial zoning for the 18 acre business park.

A seller needed assistance to resolve a boundary dispute in an assemblage before a developer would buy their property. Bankhead Law Firm successfully negotiated a boundary settlement to the satisfaction of all parties involved. After this settlement, the developer purchased both tracts of land and built an apartment complex on the combined property.

Jordan helped a developer wishing to build an apartment complex comply with the Oxford, MS Tree Ordinance.  Working with the land surveyor and project engineer, Bankhead Law Firm helped with the presentation of a site plan before the Oxford Planning Commission.

Working with a subdivision developer, Bankhead Law Firm prepared all construction contracts necessary to install utilities, roads, and comply with all City of Oxford rules and regulations governing the platting of a subdivision. Handling the project from start to finish, Jordan wrote the contracts and subdivision covenants, served as the nonprofit development corporation’s board attorney, and oversaw the platting and final approval of the subdivision plat before the Oxford Planning Commission and Board of Alerman. The subdivision was approved by city officials and completed on time by the developer


 

Landlord Tenant Disputes

Just as in life, conflict is inevitable in rental transactions because of the time and sometime sensitive issues involved. These issues include destruction to property, failure to pay rent, warranty of habitability, and more.

Bankhead Law Firm represents both landlords and tenants and assists the parties to a dispute achieve a satisfactory resolution whenever that is possible. If that is not possible, Bankhead Law Firm can litigate both residential and commercial disputes between landlords and tenants. Jordan is prepared to go to court on behalf of his clients in order to achieve a fair and just outcome. We have helped to successfully enforce debt obligations, eviction, and pursued warranty of habitability (a landlord’s duty to provide a safe and secure place to live) issues with landlords


Contract Preparation

An agreement to purchase or sell real estate is only binding if it is put in writing and certain terms and conditions are agreed to. Realtors are experienced with contract preparation but only an attorney can tell you if a contract is legally enforceable. Because of the amount of money involved in most real estate transactions, if you have any questions about the contract it is a good idea to have an attorney review or possibly prepare it. According to Mississippi law, a residential real estate contract must contain certain disclosures regarding the condition of the home. Commercial contracts have different requirements and are usually more suited for the particular commercial use contemplated.

The enforceability of a contract is important for a number of reasons. If there is a dispute during the closing process, the contract will ultimately determine which side prevails. Even in the absence of a dispute, the final terms and conditions of a transaction will depend almost entirely on what is put down in the contract. Because of the large financial commitment common to most real estate contracts, it is a good idea to get legal advice if you have any questions regarding the contract.