Buying commercial real estate, much like buying residential real estate, is a large investment. There are many complexities and intricate details that are involved with the purchase, along with the large financial risk. Having a real estate attorney on your team throughout the process provides benefits and protection to you as the buyer. Here are three reasons you would want to hire a real estate attorney when purchasing commercial property.
The purchase of commercial property is rarely straightforward. Problems that could come up include corporate ownership, leaseholds, tenant claims, or environmental issues. These are not easy to resolve and need the help of a real estate attorney that can work through the difficult legal issues that will arise.
The number one benefit to enlisting the help of a real estate attorney is their strong negotiation tactics. Because of the large investment, negotiations can become emotional. Utilizing the skills of a third party who knows the intricacies of the law and has a fiduciary responsibility to their client means that you will get the best resolution possible to benefit you as a buyer.
Unlike renting to individual tenants, which can be done with standard legal leases, negotiating long term leases or purchasing property that may have risk associated with them needs the help of a real estate lawyer. The lawyer is able to protect your finances and look into any idiosyncrasies with the property. This reduces your overall risk and improves the overall transaction.