BLOG / 08.22.17 /Jack Malley
Consulting a Commercial Real Estate Attorney About Real Estate
The world of real estate can be complicated and even be intimidating for people who are new to it. Breaking down what’s going on in the field often involves figuring out where you stand in it. Zoning in on what type of real estate you would like to buy or sell will help you figure out where you’re going. Whether you’re going into residential real estate or commercial, real estate involves legal intricacies and details. When it comes to this, real estate lawyers might be very helpful.
Consulting a commercial real estate attorney is beneficial whether you’re going into commercial or residential real estate. No matter which you go for, each comes with its own legal issues and its risks to boot. Read on to find out why having legal guidance to consult with can be a smart move when dealing in real estate.
Consider the details when it comes to real estate because commercial property and real estate deals in particular really need you to take a microscope to those details as they’re amplified. Commercial property comes with its own set of concerns that are going to be different from residential. It can be tough enough to find a commercial property that you’re interested in buying, but once you actually start considering buying it then you have to bring the lawyer in.
This is because when a buyer wants to move forward with a property, it’s a huge amount of money and the details can make or break you. You cannot simply sign on the dotted line because you’re going in blind. There needs to be a huge amount of time where there is a good amount of research and preparation as well that comes before a deal is officially closed. This requires a whole investment of resources on its own, which makes you see why people do it– if it costs so much to get to that finish line, it must be because there is s benefit to doing it that people are shelling out for it.
A lawyer and putting language in the deal is going to help protect you. Not all deals go through, and if the deal is not going to close you need to be covered and recover your losses and you will be paid for damages so your purse strings are not affected by the actions of the other party. Having legal and experienced eyes on the property and the deal and the details with you is vastly helpful. You’ll need to have the property physically inspected as well before signing anything.
Never try to negotiate a big deal alone to save money. That’s insane. No one does that in real estate– at least no one that lasts. Unless you’re a really sharp lawyer yourself, you need a legal pro on your side. Two heads are better than one, and nowhere is that truer in real estate. You’ve got the investment side covered, so get someone who will have the legal side covered too. If you’re currently looking at properties, consult a real estate attorney today.