Audrey
Are you looking to buy or sell a piece of commercial real estate? If yes, it’s expected that you may want to cut down on costs as much as you can by handling the transaction independently. But considering how complex commercial real estate transactions can be, having a skilled attorney by your side will potentially make a big difference.
From drafting and reviewing contracts to conducting due diligence and negotiating terms, an attorney’s expertise is invaluable. This article explores why hiring a commercial real estate attorney can ensure a smooth and successful transaction that saves you time, money, and potential legal headaches.
Help You Understand Complex Laws Involved
Commercial real estate transactions involve several complex laws, which can all be a little too much if you don’t have a legal background. Therefore, you will need an attorney to guide you through the intricacies of commercial real estate law, ensuring you understand your decisions’ implications.
The attorney will achieve this by breaking down the various laws and regulations relevant to your specific transaction so you can know your rights and what is required of you.
Reviewing and Drafting Contracts
Having a well-drafted and carefully reviewed contract is essential for any commercial real estate transaction. It provides a solid foundation for the deal and protects your interests throughout the process. But drafting and reviewing contracts requires expertise in the legal frontier; not to mention the careful attention to detail.
A commercial real estate attorney can review any contracts presented to you, thus protecting your interests. They will look for potential pitfalls or unfair terms hidden within the contract’s language and negotiate changes to make the contract more favorable.
And also, if you do decide to be the one to draft the contract, an attorney can guide you through the process, ensuring that all necessary provisions are included and that the language is unambiguous, minimizing the risk of future disputes.
Negotiate a Great Deal
You are more likely to agree to unfavorable terms or overlook crucial details if you sit at the negotiation table against experienced investors or seasoned professionals. The good news is you can avoid all this by having an attorney on your side skilled at negotiating to level the playing field and give you a competitive advantage.
You can expect your lawyer to:
- Analyze the market conditions
- Assess the property’s value
- Identify potential areas for negotiation
- Navigate through any disagreements or disputes that may arise
- Provide objective advice and suggest alternative solutions to keep the negotiations moving forward
Mitigating Risks and Potential Legal Pitfalls
From title defects to zoning issues, numerous pitfalls can potentially derail your deal or lead to costly legal disputes.
For this reason, you need a commercial real estate attorney to conduct due diligence. They thoroughly review the property’s legal and financial history and also examine documents such as deeds, title reports, surveys, leases, and environmental reports to uncover any potential issues.
This investigation can root out any red flags that may impact the property’s value or your ability to use it as you mean to.
If a legal dispute does come up, your preferred commercial real estate attorney will advocate for your interests in negotiation, mediation, or litigation so as to resolve the dispute in your favor.
Ensuring Smooth Closing and Transfer of Ownership
Closing on a property involves transferring ownership from the seller to the buyer, as well as fulfilling any remaining contractual obligations.
While this may seem straightforward, there are legal and logistical considerations that need addressing.
Your hired attorney can guide you through this phase, making sure that all necessary documents, including the settlement statement and closing disclosures, are prepared and executed as they should in order to ensure accuracy and compliance with legal requirements.
Winding It Up
As you can see from the pointers above, the value of hiring a commercial real estate attorney can’t be understated. Investing in their services will pay off in the form of time and cost savings, as well as the peace of mind that comes from knowing your interests are protected.
So, take the first step towards a successful commercial real estate transaction by reaching out to an attorney with a specialty in this field.
