Commercial Real Estate Transactions

Do You Need a Lawyer for Commercial Real Estate Transactions?

Real estate attorneys help protect companies and individuals from financial hazards when engaging in commercial real estate transactions. Most home buyers use a realtor to make sure the contract’s legal details are done by an experienced attorney. Business owners should however ensure that they select an experienced commercial real estate attorney when they buy or sell commercial property, resolving zoning issues, starting development and construction projects, leasing retail space, and all other types of transactions involving commercial property.

Why You Should Hire an Attorney for Commercial Real Estate Transactions

Closing commercial real estate deals can be fairly complex, from minimizing risk to negotiating purchase prices, to protecting the seller’s or buyer’s interests. There are several reasons why it makes sense to use the services of an attorney when selling or buying commercial real estate.

Protecting Your Interests

If you buy a commercial building for the company, using the services of an attorney can protect your interests by ensuring the contract is fair. Real estate attorneys can also prevent potential issues by negotiating the procedures that will apply if a deal falls through, or if hidden structural problems or environmental issues should arise after closing.

Saving Time

As a business owner, it’s likely you don’t have much free time available to get involved in the legalities of selling or buying commercial property. It therefore makes a lot of sense to hire an attorney to evaluate the facts objectively, ask the right questions, and do the due diligence, thus saving you time so you can focus on running your business.

Getting the Best Price

As just about every term and word in a commercial real estate sales contract is up for negotiation, the process can be quite long and extensive. Attorneys don’t make a commission on the deal, unlike realtors. Your attorney only works for you and will save you money by providing sound advice.

Ensuring the Deal is Legit

If you have a piece of property in mind that you would like to buy, but the price seems to be too good to be true, your attorney can investigate it on your behalf. An office building may for example be well-priced, but if it turns out that it has $100,000 worth of tax debt, the deal is suddenly a lot less attractive. An attorney can research a property or building, check for other issues including liens, and help prevent you from making a bad decision.

Understanding Zoning Laws

When you own commercial real estate you need to know when and how you should sell the property to make a profit. Understanding what types of development options the property offers and the zoning laws make it easier to find potential buyers when it’s time to sell.

How a Commercial Real Estate Attorney Can Help Your Businesses

Transactions involving commercial real estate require that you thoroughly understand real estate and business law, as well as tax and financial issues. An attorney can help you keep up-to-date on the terms and legalities, advise you of potential issues that may appear during the purchase and negotiation process, and help you in obtaining the best possible purchase terms that will support your business’ goals.

New Construction Agreements

Buyers have specific rights when buying new constructions. An attorney can help you review the contracts and documents presented by builders and ensure your rights as a buyer are protected.

Lease Agreements

Lease agreements define terms such as renewal details, start date, and rent. Potential tenants and owners will benefit if they hire an attorney to review the lease’s details.

Purchase and Sale Agreements

A well-written sales or purchase contract will clearly define the liabilities, obligations, and rights of the buyer and seller. This attention to detail can save money and time should any conflicts arise.

Title or Title Insurance Exams

Title insurance is one of the crucial elements in all commercial real estate transactions. An attorney can protect the buyer’s assets by negotiating the best possible deal.

Eminent Domain

The government sometimes tries to appropriate commercial property for public use, and this means the property owner may lose ownership. As property rights are different for each state, an attorney can be a valuable asset to assist the property owner.

Commercial Lease Disputes

When required, a commercial real estate attorney can help a property owner enforce their rights as described in the lease through litigation or negotiation.

If you’re thinking about selling or buying property for your business, the commercial real estate attorneys at Rozhik Law Firm PLLC have many years in handling residential and commercial real estate issues. Contact us today to discuss your sales or purchase transactions.