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Benefits of Using a Lawyer to Buy Commercial Real Estate

Benefits of Using a Lawyer to Buy Commercial Real Estate
Photo: Unsplash.com

While many people primarily view a real estate purchase as a financial transaction, it is a legal transaction as well. The land’s ownership is legally changing hands, affecting the title, deed, and other documents. In addition, there are legal considerations when hiring contractors, dealing with third parties, and taking out a new mortgage to complete the purchase. While hiring an attorney to assist with a commercial real estate purchase is always optional, there are several key reasons why you need to hire a skilled property lawyer to represent you through your purchase. How can a real estate lawyer assist you with your upcoming purchase?

1. Conduct Contract Negotiations and Reviews

Your commercial real estate attorney will review all contracts associated with the transaction on your behalf. He or she will then identify areas that should be negotiated and that are not in your best interest. While this includes a review of and negotiations for the sales contract, it extends beyond this. Many commercial properties are leased to tenants, and your attorney can review these leases on your behalf. In some cases, you may assume other contracts by purchasing the property as well. The terms in various contracts often need to be negotiated, and your attorney will help you obtain beneficial terms that favor your interests.

2. Protect Your Rights

While you are aware of your basic civil liberties, your rights as they pertain to real estate transactions and contracts may not be fully known to you. You should never assume that all parties will not encroach on your rights. Your attorney will work in your best interest to ensure that all of your rights are fully protected throughout your commercial real estate transaction. If an encroachment or violation takes place, your attorney can immediately jump into action to address and remedy the situation. By doing so, you could enjoy a more favorable and fair outcome from your commercial real estate purchase.

3. Find Loopholes and Risks

Because of how complicated commercial real estate transactions and contracts are, an untrained individual could easily overlook perils, pitfalls, and loopholes. Such issues could result in significant financial loss to the buyer, and there may be legal consequences to consider as well. When you specifically choose to hire a reputable attorney with direct experience in commercial real estate transactions, you can quickly learn of situations that impact the transaction as well as your future use of the property. Often, a property owner will continue to rely on commercial real estate law services over the years for things like lease negotiations, tenant violates, and other matters.

Whether you are preparing to sign a commercial estate purchase transaction or you have just started searching for a commercial property that suits your needs and budget, now is the time to hire a reputable attorney to represent you. To ensure that you receive high-level, comprehensive legal representation throughout your purchase and beyond, pay attention to the attorney’s professionalism and experience as you make your selection.

Published by: Martin De Juan

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