Last updated on December 1st, 2022 at 11:35 am
When you’re buying or selling commercial real estate, there’s a lot more at stake than just your home. Commercial real estate transactions are complex and often involve large sums of money. It’s why so many utilize commercial real estate brokerage firms to ensure they can select the best opportunity and find the best deals.
In addition, that’s why it’s important to know when you should call a lawyer to help with the process. In this article, we will discuss some of the most common situations in which you should hire a real estate lawyer. So, before you sign on the dotted line, be sure to give us a call.
Purchase and Sale Contracts
One of the most important times to have a lawyer involved in your commercial real estate transaction is when you’re creating or signing a purchase and sale contract. This contract is legally binding and will outline all of the details of your transaction, including the price, terms, and conditions. A lawyer can help you to understand the contract and make sure that it’s fair and in your best interests. In addition, make sure that you speak to a real estate attorney about any special clauses or contingencies that you want to include in the contract. For example, you may want to include a clause that allows you to back out of the deal if the property doesn’t meet your expectations.
Financing and Loan Documents
If you’re taking out a loan to finance your commercial real estate purchase, it’s important to have a lawyer review the loan documents before you sign them. This is because these documents can be complex and often contain technical language that can be difficult to understand. A lawyer can help you to understand the terms of the loan and make sure that you’re getting the best deal possible. In addition, if there are any problems with the loan documents, a lawyer can help you to negotiate with the lender to try to get them resolved.
Deeds
When you’re buying or selling commercial real estate, the deed is one of the most important documents that you’ll need to sign. The deed is a legal document that transfers ownership of the property from one person to another. It’s important to have a lawyer review the deed before you sign it to make sure that it’s accurate and in your best interests. In addition, if there are any problems with the deed, a lawyer can help you to resolve them. Keep in mind, however, that the deed is only one part of the overall transaction. You’ll also need to sign other documents, such as the purchase and sale contract, to finalize the deal.
Foreclosures
If you’re buying a property that’s in foreclosure, it’s important to have a lawyer on your side. This is because foreclosures can be complex and often involve a lot of paperwork. A lawyer can help you to understand the process and make sure that you’re getting the best deal possible. In addition, if there are any problems with the foreclosure, a lawyer can help you to resolve them. For example, if the foreclosure is being handled by a bank, a lawyer can help you to negotiate with the bank to try to get a better deal. Or, if the foreclosure is being handled by the government, a lawyer can help you to navigate the process and get the best outcome possible.
Partitions
If you’re buying or selling a property that’s divided into multiple units, it’s important to have a lawyer on your side. This is because partitions can be complex and often involve a lot of paperwork, such as deeds, leases, and contracts. A lawyer can help you to understand the process and make sure that you’re getting the best deal possible. In addition, if there are any problems with the partition, a lawyer can help you to resolve them. Whether that’s negotiating with the other owners to try to get a better deal or working out an agreement that’s fair for everyone involved.
Landlord/Tenant and Evictions
Now, something a little bit more interesting: if you’re a landlord, you may need to evict a tenant at some point. And, if you’re a tenant, you may need to be evicted. In either case, it’s important to have a lawyer on your side. An eviction is a legal process, and if you don’t follow the proper procedures, you could end up paying a lot of money in damages. A lawyer can help you navigate the process and make sure that everything is done correctly. Additionally, he or she will also be able to represent you in court if necessary.
Zoning Regulation
Another area where a lawyer can be helpful is with zoning regulations. If you’re planning on buying or selling property, it’s important to make sure that the property is zoned correctly. Otherwise, you could run into problems down the road. A lawyer will be able to help you to understand the zoning regulations and make sure that the property is properly zoned. Additionally, a lawyer can also help you to negotiate with the city or county if there are any problems with the zoning.
Leases
Finally, leases are another area where a lawyer can be helpful. If you’re a landlord, you’ll need to draft a lease that’s fair and protect your interests. And, if you’re a tenant, you’ll need to make sure that the lease is in your best interests. A lawyer can help you to understand the terms of the lease and make sure that it’s fair for both parties. Additionally, a lawyer can also help you to negotiate with the other party if there are any problems with the lease.
As you can see, there are a lot of different situations where it’s important to have a lawyer on your side. Whether you’re buying or selling property, dealing with foreclosures, partitions, landlord/tenant issues, or anything else, a lawyer can help you to understand the process and make sure that you’re getting the best deal possible. So, if you’re ever in doubt, it’s always better to err on the side of caution and call a lawyer. After all, it’s better to be safe than sorry.
