Buying, selling, financing, and developing a commercial property aren’t exactly easy tasks. There are many steps that must occur before any transaction is complete. On top of that, there are dozens of laws and regulations that have to be followed in order for the process to be valid. A commercial real estate lawyer can take care of many of these steps for you. They consult with you regarding construction, financing, environmental issues, zoning, taxes, title insurance, and other steps in the legalities of land use and development.
BENEFITS OF HIRING A COMMERCIAL REAL ESTATE ATTORNEY
Protection
When you purchase commercial properties, you want to make sure your rights and interests are protected. Otherwise, you could end up blindly signing a contract that doesn’t have your best interests in mind.
A real estate attorney protects your interests. They’ll negotiate the procedures if the deal falls through and thoroughly review your contract. What if you don’t realize there are hidden environmental issues or structural problems after closing the deal? In these cases, your commercial real estate attorney can also protect your interests.
Negotiations
Hiring a commercial real estate attorney also makes it easier for you to negotiate. Purchasing commercial property requires a large investment. In some cases, it can become an emotional process. If you’re not heading into negotiations with a clear head and unbiased point of view, it gets tricky. Your attorney can act as a third party. Their experience with the intricacies of law and negotiations can make it easier for everyone to find a solution.
Save Time
In cases where you’re not able to give enough of your time and attention to your investment or you’re probably focused on one business or the other, you can trust a commercial real estate attorney to determine the legal process for you. Instead of having to navigate unfamiliar terrain on your own, you can trust their experience and expertise. That expertise can save you a lot of time in the long run.
Whether you’re buying or selling commercial space, there are legal deals to navigate and documents to sign. Trying to figure out the entire process on your own would only waste your time. Instead, a real estate lawyer can perform due diligence for you.
Pricing It Right
A commercial real estate lawyer doesn’t work for a commission on the deal. Rather, they work for you. It’s the attorney’s job to provide you with advice that will help save you money. It’s important to know that every word is up for negotiation within a commercial real estate sales contract. Your attorney will review the contract for you. Then, they’ll determine which points to negotiate. By negotiating your sales contract for you, your lawyer can help find opportunities where you can save money.
They make sure it’s legit
Sometimes, a price appears too good to be true. If you’re concerned about the legitimacy of a deal, your real estate attorney can investigate for you. In some cases, where an affordable office building will appear on the market, your attorney can research the building, property, or existing owners. As they study the property’s history, they can check for liens, debts, and other issues. That way, they can inform you of all the proper information. Instead of making an unwise deal, you can make sure a deal is legit before signing the paperwork.
Here are some criteria you should look for when hiring a real estate lawyer:
They should have extensive experience
The real estate lawyer you choose should have at least several years of experience and should have overseen hundreds of transactions. This way, you can be sure they have handled a variety of cases and can provide you with the right guidance and advice.
They should practice real estate law
It is advisable to enlist a lawyer who practices real estate law as they will have up-to-date knowledge on key issues and developments in the industry. As such, they can help you navigate issues that may arise during the transaction.
They should be in good standing
It is a good idea to check with your local law society, to ensure that the real estate lawyer you hire is in good standing and has an untainted professional history. Doing so will ensure that you hire a trustworthy legal representative with a track record of professional conduct.
They should be involved in your case
When hiring a real estate lawyer, you should ask who will handle your case. Sometimes large law firms will assign legal administrators or law clerks to assist with real estate transactions. However, your real estate lawyer should be your main point of contact and ideally be the person responsible for managing your case.
Real estate lawyers help you negotiate the sale, analyze a contract, explain the purchase agreement and facilitate closing. Furthermore, a commercial real estate attorney will have a trained eye for recognizing suspicious contract terms or identifying a potential pitfall. At every step of the buying and selling process, an attorney is also able to answer any questions that might arise or make a recommendation. In essence, a commercial real estate attorney will make buying or selling a property an infinitely less stressful experience.
As informed investors we should understand the risks associated with real estate investing and that there is no guarantee. Please do your due diligence.
Why do I need a commercial real estate attorney for commercial syndication?
How do I find a qualified commercial real estate attorney?
What questions should I ask a potential attorney before hiring them?
What are the typical fees for a commercial real estate attorney?
The fees for a commercial real estate attorney can vary depending on the complexity of the case and the attorney’s experience. Some attorneys charge an hourly rate, while others charge a flat fee or a contingency fee. It’s important to discuss the fee structure and payment arrangements with the attorney before hiring them.
