Real estate attorneys work to protect individuals and companies from financial pitfalls when buying or selling property. Most home buyers rely on a realtor to ensure the legal details of the contract are handled by a reputable attorney. Business owners, on the other hand, should make it a priority to carefully select an experienced commercial real estate attorney when buying or selling commercial buildings, leasing retail space, starting construction and development projects, resolving zoning issues, and other types of commercial property transactions.
Reasons to Hire a Commercial Real Estate Attorney
The process of closing a commercial real estate deal can be very complex, from negotiating the purchase price to protecting the buyer’s or seller’s interests and minimizing risk. Here are a few key reasons why you should partner with an attorney when buying or selling commercial real estate.
As a business owner, you probably don’t have a lot of free time available to figure out the legalities of buying or selling commercial property, nor would you want to. That’s why it makes sense to hire an attorney to perform due diligence, look at the facts objectively, ask the right questions, and take on your worries so you can focus on what you care about most, your business.
Protect Your Interests
If you’re buying a commercial building for your company, hiring an attorney can protect your interests by making sure the contract is fair. A real estate attorney can also protect you from potential issues by negotiating the procedures that will occur if the deal falls through, or if hidden environmental issues or structural problems should emerge after the closing.
Ensure the Deal is Legit
If you’re considering buying a piece of property, but you’re worried the price is too good to be true, an attorney can investigate on your behalf. For example, an affordably-priced office building may seem like a great deal, but what if it has $100,000 worth of tax debt? An attorney can research a building or property, check for liens or other issues, and help you avoid making a bad decision.
Get the Best Price
Since every word and term is up for negotiation, a commercial real estate sales contract can be quite extensive and long. Unlike a realtor, an attorney is not making a commission on the deal. Your attorney is working for you, and will provide advice that saves you money.
Understand Zoning Laws
Part of owning commercial real estate is knowing how and when to sell your property to make a profit. Understanding the zoning laws and types of development options your property offers makes it easier to find a buyer when you decide to sell.
How Commercial Real Estate Attorneys Help Businesses
Commercial real estate transactions require a thorough understanding of business and real estate law, real estate transactions, and financial and tax issues. An attorney can keep you up-to-date on the legalities and terms, advise you of potential problems that may arise in the negotiation and purchase process, and help you obtain the best possible purchase terms in order to support your business goals.
Purchase and Sales Agreements
A well-written purchase or sales contract will clearly define the buyer’s and seller’s rights, obligations, and liabilities. These legal details can save time and money if any conflicts arise.
Lease agreements outline terms such as rent, start date, and renewal details. Owners and potential tenants benefit from hiring their own attorney to review the details of the lease.
New Construction Agreements
What rights do buyers have when purchasing new construction? An attorney can review the documents and contracts prepared by builders and make sure the buyer’s rights are protected.
If the government is trying to take commercial property for public use, the property owner could lose ownership. Property rights vary by state, so an attorney can be a valuable asset.
Title Insurance or Title Exams
Title insurance is one of the key pieces of any commercial real estate transaction. An attorney can negotiate the best deals and protect the buyer’s assets.
Commercial Lease Disputes
A commercial real estate attorney can help enforce your rights as outlined in a lease through negotiation or litigation.
If you’re considering buying or selling property for your business, the commercial real estate attorneys in Zanesville, Ohio, Gottlieb, Johnston, Beam & Dal Ponte, P.L.L., have more than 50 years of experience handling commercial and residential real estate issues. Contact us today to discuss your purchase or sales transaction.