Purchasing, renting, leasing or selling a commercial property is a complex process filled with legal details. While selling a commercial property will depend on the market, that is only one part of selling and the other is the need for legal advice and guidance through this transaction. There are four main reasons why buying or selling a commercial property is important to have a real estate attorney providing legal representation.
The first reason is that the laws that can vary from state to state when buying this kind of property and understanding the applicable laws can be time-consuming and complicated without a legal education. Errors in this type of purchase can be expensive and could cause waste of time and other harm since there may be title discrepancies, subleasing regulations and parts of the contract that are unclear. The property may have liens, easements, building code issues or zoning issues. Any of these issues can be costly for the person purchasing a commercial property.
The second way the real estate attorney can help in a property transaction is to draft a letter of intent. This letter is a document that sets the terms of the transaction as agreed between the principal parties. This document is signed by both parties at the beginning of the transaction to make it legally known that the parties are in negotiations. This is not a legally binding agreement but rather shows a serious intent to purchase or sell a property. Some of these letters can contain wording that can make certain things binding like confidentiality or exclusivity.
The third way a lawyer can help is if the negotiations between the buyer and seller breakdown, the legal professional can discuss the transaction from a legal standpoint. They can provide the guidance that may help make the decision whether the property is worth taking the negotiations back up again. Because this lawyer knows the laws that apply and can help with a strategy.
The fourth way a legal professional can assist in a property deal is in the closing for the property. This is something that is done with any kind of property, whether it is a commercial property, a home or land. This protects the buyer since it is an investigation of the deed to the property and all past owners to ensure there are no hidden problems. These can be issues like a mechanics lien, property use or non-use that is written into the deed. The real estate attorney can ensure the client’s rights are protected throughout the sale or purchase of a property. When the sales or purchase papers are signed with the assistance of a legal professional specializing in this area of the law there will be no surprises. The deed has been searched to ensure it is clear the person buying a property can be certain they know everything they need to know legally. There will be no costly lessons to learn and the deed will be properly transferred because the lawyer has knowledge of property law.
Dealing with the commercial transactions can be a difficult process if you do not have the support of experienced attorneys. Contact us at Radow Law Group to know more about the services.