Why Hire a Commercial Real Estate Attorney
Closing a commercial real estate transaction can be complicated; from negotiating the purchase price to minimizing the buyer’s or seller’s risk, real estate attorneys protect their client’s interest. Below we offer a few reasons you should consider partnering with an experienced attorney when buying or selling commercial real estate.
As a business owner, you probably lack the necessary time to discern the legalities of buying or selling commercial property, nor would you desire it. It only makes sense to engage an attorney to perform due diligence, ask the right questions, look at the facts objectively, and take on your concerns, leaving you free to focus on what matters most, your business.
Protect Your Interests
When buying commercial real estate for your company, hiring an attorney protects your interests by ensuring the contract is fair. In addition, a commercial real estate lawyer can protect your interest by negotiating exit procedures should the deal fall through and if hidden environmental or structural issues arise after closing the deal.
When considering a property that appears to be “too good to be true,” an attorney can investigate on your behalf. For example, you find a commercial property that seems like a great deal, but what happens if the building has a tax debt of $125,000? An experienced real estate attorney can research land or property for liens or tax debt, helping you avoid a bad investment, or negotiate a price reflective of the lien or tax debt.
Commercial real estate contracts can be quite extensive and wordy. Unlike Realtors, real estate attorneys do not make a commission. Your attorney works for you alone; they do not have a stake in whether the deal falls through or not as real estate agents do. Real estate attorneys provide unbiased advice that serves your best interest, with the possibility of saving you money.
Understand Zoning Laws
Maximizing your commercial investment means knowing when to buy and sell your property. Zoning laws determine which types of development are available on the property. Knowing your property’s zoning laws makes it simpler to find the right buyer when you decide to sell.
How Commercial Real Estate Attorneys Help Businesses
Commercial real estate transactions necessitate a comprehensive understanding of business and real estate law, real estate and financial transactions, and tax implications. Astute real estate attorneys will keep you apprised of terms and legalities, inform you of potential challenges that may arise in the negotiation and purchase process, and help you obtain the best purchase terms to support your business goals.
Purchase and Sales Agreements
A well-written purchase or sales agreement clearly defines the buyer’s and seller’s obligations, rights, and liabilities. The details of the contract will save you time, and money should conflict arise.
A lease agreement outlines such terms as the lease start date, rent, renewal details, and additional liabilities. Both tenants and owners benefit from enlisting a real estate attorney to review the details of the lease.
New Construction Agreements
Do you know your buyer rights when purchasing new construction? A real estate attorney should review any documents or contracts prepared by a builder to ensure your buyer’s rights are protected.
Under eminent domain, it is possible the government could take ownership of a commercial property for public use. Property owner rights vary by state; an experienced real estate attorney can be a valuable asset when eminent domain issues arise.
Title Insurance or Title Exams
Title insurance is a critical element of a commercial real estate transaction. A real estate attorney can negotiate the best deals to protect the buyer’s assets.
Commercial Lease Disputes
When commercial real estate disputes arise, an attorney can help enforce your rights as defined in the lease agreement through negotiation or litigation if necessary.
When considering buying or selling commercial property, the commercial real estate attorneys in Lake Charles, Louisiana, Lundy, Lundy Soileau & South, LLC have more than 100 years of experience handling commercial and residential real estate issues. Contact Lundy LLP today to discuss your purchase or sales transaction.