When it comes to buying or selling a property, some people avoid lawyers. The additional cost can seem overwhelming, and who wouldn’t rather save their money for something else?
But dealing in real estate, particularly commercial properties, can be difficult and confusing, what with the seemingly endless laws and regulations. Imagine spending months nailing down the details of a commercial real estate contract, only to have it cancelled due to zoning disputes or previously undisclosed environmental issues. A reliable commercial real estate attorney will protect your interests so you can successfully close your deal.
Understanding the Role of a Commercial Real Estate Lawyer
Commercial real estate lawyers help protect the rights of proprietors or business entities in incidences related to:
- Corporate ownership
- Commercial leasing
- Contract disputes
- Title insurance
- Tax file documentation
- Deal closures.
In short, a commercial real estate lawyer does everything required to ensure that the legal aspects of a commercial property transaction are in place.
Why Do You Need a Commercial Real Estate Lawyer?
Buying, selling, financing and developing commercial property can be daunting. From choosing a property type and investment strategy to underwriting the deal, there are several steps to any commercial transaction. There are also dozens of laws and regulations to abide by in order to ensure the deals’ validity.
An expert commercial real estate lawyer will consult you regarding construction, financing, environmental issues, taxes, title insurance, and other steps in the legalities of land use and development.
Here are a few good reasons why you should consult a lawyer when building, leasing, buying or selling commercial property.
1. They’ll Protect Your Interests
A commercial real estate attorney protects your interests by ensuring the fairness of any contract. They have extensive knowledge of and a trained eye for identifying suspicious contract terms or potential pitfalls. They’ll also be able to argue on your behalf, answer any questions, or make recommendations during the dealing process. An attorney can also help if an agreement fails to be followed, or if hidden environmental issues or structural problems arise after the closing.
2. They Reduce Potential Risks
Hiring a commercial real estate lawyer reduces the potential risks in a commercial property transaction as many people don’t know how to sell or purchase a property. This can lead to serious complications. For instance, a sale property’s price may appear too good to be true. Your attorney can research the building or existing owners and check for liens, debts, and other possible issues.
Real estate transactions are typically very complex and time-consuming, and individuals who fail to disclose complete information about their properties, home inspections, and title issues can be sued. A skilled attorney can help alleviate that stress and ensure a speedy closure.
3. They Know Local Zoning Laws
A commercial property owner must be aware of how and exactly when to sell their property to maximize profits. Maybe you’re not ready to sell now, but understanding local zoning laws and your property’s development options makes it easier to find a customer when you are. A real estate attorney can help you understand those zoning laws and review your development options.
4. They Can Resolve Complex Issues
Chances are you don’t have much experience dealing with commercial properties. And even if you do, there are still many challenges that can pop up throughout the process. These include tenant claims, environmental issues, the mortgage, refinancing, and leaseholds.
Resolving these problems isn’t a simple or quick process. But they get a lot easier when you have an experienced real estate attorney to navigate them on your behalf.
Many people avoid hiring a lawyer thinking they can save money by handling them on their own. The reality is that there’s a lot of confusing paperwork, laws and regulations involved that require expert assistance. Your real estate lawyer can help you handle these legal matters and make sure the deal is closed within the expected timeframe.
5. They Are Skilled Negotiators
Buying real estate involves a hefty investment and negotiation skills. Commercial property lawyers have those skills to help you get the very best price for your property. Your lawyer can also act as a third party whose legal knowledge and expertise make it easier to negotiate a real estate deal.
6. They’ll Save You Time
As a business owner, you may not have the time or resources to figure out the legalities of buying or selling commercial property. You’d rather invest your time in developing your business and earning profits. That’s why it makes sense to hire an attorney to handle the legalities and worries so you can focus on what matters the most – your business.
Commercial real estate law regulates the sale, purchase, lease and transfer of properties for business use. It also covers other issues pertaining to property and land use, liquor licensing, and zoning issues. For instance, real estate laws regulate how a property can be used in certain areas. An experienced commercial real estate lawyer helps you manoeuvre around any potential issues so your deal doesn’t end up being a waste of money.