Investing in commercial real estate is quite different from buying a residential home to live in, but one thing they do have in common is that both types of transactions are complex. There are laws and lender regulations that govern both types of transactions. In taking the time to understand this process, you can appreciate the benefits that a commercial real estate lawyer can provide.
Complicated Issues Require an Understanding of the Law
Your attorney would be skilled and knowledgeable when it comes to applying real estate laws to specific situations. For instance, there may be landlord/tenant issues, ecological concerns, or easement complications that local laws will impact. Your attorney can help protect your rights in these matters and other legal disputes related to your commercial property.
Negotiating the Purchase of Commercial Property
Your plans are pinned to your ability to purchase the property in question, while the seller wants to sell the property quickly. Even though it may seem as though these concerns may motivate the buyer and seller to reach a fair deal quickly, emotions often get in the way. Your lawyer can help ease negotiations and may even be more productive in negotiating on your behalf. Bringing a lawyer on your side can save you from losing a commercial real estate deal that’s important to you.
Reducing Your Risk of Loss
Renting out a multi-family home is fairly straightforward, making it a little easier to weight expenses against the income you’ll earn on the property. However, there are many expenses to which you may be unaware in terms of managing commercial property. Your lawyer can help you estimate a more accurate projection in regards to the various taxes and upkeep costs you’ll face. This will help you determine the true value of a commercial property you hope to buy.
These are just a few ways that hiring an experienced commercial real estate attorney can help you. Just as is the case in any type of real estate transaction, the lender, seller, and even the real estate agent will be motivated by their self-interests. Failing to consult with someone who is working on your side can cost you a significant sum of money, or may even result in making poor decisions that will impact your future.