Buying and selling commercial property is a complex process—yet many people are reluctant to hire a real estate attorney because they are worried about additional costs. In truth, the benefits of having a commercial real estate attorney far outweigh the costs.
A skilled commercial real estate attorney can help you avoid costly mistakes, ensuring a smoother, less stressful transaction. But that’s just the start. Here are a few more reasons to hire a commercial real estate attorney when buying or selling commercial property.
Protect Your Interests
Real estate attorneys have specialized knowledge and experience in dealing with the legalities surrounding commercial real estate transactions. Because of this, they can protect your interests, ensure that the contract terms are reasonable and that you receive a fair deal. Additionally, a real estate attorney can assist you with any issues that may arise following the purchase of your property, including environmental or structural problems.
Identify Suspicious Terms
A real estate attorney’s expertise in commercial real estate transactions includes analyzing contracts and identifying suspicious terms or potential pitfalls that could harm their clients. They can also recognize zoning or environmental concerns that may impact the property, thus protecting their clients’ interests throughout the transaction process.
Smoother Closing Transaction
State laws vary, but even if your state does not require you to hire an attorney when closing on a property, we recommend it for a few reasons. First, an attorney can help prepare and review all documents and contracts to ensure they are accurate and compliant with laws and regulations. Second, an attorney can mediate between you and lenders, title companies, and real estate agents.
Increase the Marketability of Your Property
Sellers also have much to gain by working with a real estate attorney. For example, suppose your property has a lien or structural issues. In that case, an attorney can negotiate with lienholders to reach a settlement or help the seller fix structural issues by connecting them with reputable contractors or engineers.
Attorneys can also offer advice on how to disclose these issues to potential buyers in a way that does not discourage them from making an offer.
An experienced real estate attorney can also help buyers and sellers save time by handling legal issues related to the transaction, such as reviewing contracts, negotiating terms, and ensuring all necessary documents are properly completed and filed.
This can help prevent delays and ensure a smoother, more efficient transaction process. Additionally, if any legal issues or disputes arise during the transaction, the attorney can help resolve them quickly and efficiently, which can save time and ensure you avoid legal battles.
Talk to a Real Estate Attorney
If you need legal assistance with buying or selling commercial property, including reviewing contracts, identifying potential pitfalls, and facilitating a smoother closing transaction, look no further than Hoffman & Forde. Our team of experienced real estate attorneys is perfectly suited to help you navigate the complexities of the commercial real estate market in San Diego, Los Angeles, or Orange County. Contact us today to see how we can protect your interests and ensure a successful transaction.