Commercial real estate is on the rise (literally)!
The U.S. commercial property sector includes industrial retail, office, lodging, and amusement segments. Together, the value of the commercial real estate sector is valued at $8.12 billion. The commercial construction industry has also steadily expanded since 2010.
If you’re thinking of purchasing property for your business, nows the time!
However, you might want to consider hiring a commercial real estate attorney, first.
A commercial real estate lawyer can protect you and your company from financial issues down the road. That’s not all, though.
Keep reading to discover the seven benefits of hiring a real estate attorney.
When you purchase commercial property for your company, you want to make sure your rights and interests are protected. Otherwise, you could end up blindly signing a contract that doesn’t have your best interests in mind.
A real estate attorney will protect your interests. They’ll negotiate the procedures if the deal falls through and thoroughly review your contract.
What if you don’t realize there are hidden environmental issues or structural problems after closing the deal? In these cases, your commercial real estate attorney can also protect your interests.
You never know what might happen during the process. Obtaining commercial real estate for your business should feel exciting. With a commercial real estate lawyer on your side, you can navigate legal issues that would otherwise stall your success.
After all, legal issues are costly and time-consuming.
You can read this post to learn more.
With a lawyer at your side, your interests will remain under their protection.
2. Save Time
As a business owner, your time and attention are probably focused on one place: your business.
After all, your customers need your time. Every day, new issues can pop up that only you can handle. If legal issues pop up, however, they could distract you from your core business.
Your free time is already limited. Don’t allow messy legal disputes to steal your time away from customers.
Instead, you can trust a commercial real estate attorney to determine the legal process for you. Instead of having to navigate unfamiliar terrain on your own, you can trust their experience and expertise.
That expertise can save you a lot of time in the long run.
Whether you’re buying or selling commercial space, there are legal deals to navigate and documents to sign. Trying to figure out the entire process on your own would only waste your time.
Instead, a real estate lawyer can perform due diligence for you.
They’ll look at the facts from an objective point of view. Instead of needing to research the process, they’ll know which questions to ask. That way, you’re not neglecting any essentials throughout the process.
While they handle the legal side of things, you can focus your time back on your business.
3. Price It Right
The average commercial real estate sale is $1.2 million.
Hiring a realtor means you’d need to spend money on their commission as well. A commercial real estate lawyer, on the other hand, doesn’t work for a commission on the deal. Rather, they work for you.
It’s the attorney’s job to provide you advice that will help save you money.
It’s important to know that every word is up for negotiation within a commercial real estate sales contract. Your attorney will review the contract for you. Then, they’ll determine which points to negotiate.
By negotiating your sales contract for you, your lawyer can help find opportunities where you can save money.
4. Make Sure It’s Legit
Sometimes, a price appears too good to be true. If you’re concerned about the legitimacy of a deal, your real estate attorney can investigate for you.
In some cases, an affordable office building will appear on the market.
However, a few thousand dollars in tax debt could end up hidden within the sale.
Your attorney can research the building, property, or existing owners. As they study the property’s history, they can check for liens, debts, and other issues.
That way, they can inform you of all the proper information. Instead of making an unwise deal, you can make sure a deal is legit before signing the paperwork.
5. Know the Zoning Laws
Maybe you’re not about to purchase property for your business. If you’re trying to sell commercial real estate instead, it’s all about the timing. You’ll need to know how and when to sell your property to maximize your profit.
A real estate attorney can help you understand the zoning laws.
They can also review the development options available.
Having this information at hand will make it easier for you to find a buyer. When you decide it’s time to sell, your attorney can make the process a lot easier for you.
They’ll also help maximize your profit, too.
6. Prepare for Potential Issues
Chances are you don’t have a lot of experience dealing with purchasing commercial property. If you do, there are still a number of problems that could pop up throughout the process.
This includes corporate owners, tenant claims, environmental issues, and leaseholds.
Resolving these problems isn’t always a quick process. It’s a lot easier to navigate these dilemmas when you have previous experience with these types of issues.
A real estate attorney has the experience you need. If a unique problem pops up, they can steer you in the right direction. That way, these details won’t stall the buying process.
Hiring a commercial real state attorney also makes it easier for you to negotiate.
Purchasing commercial property requires a large investment. In some cases, it can become an emotional process. If you’re not heading into negotiations with a clear head and unbiased point of view, it gets tricky.
Your attorney can act as a third party. Their experience with the intricacies of law and negotiations can make it easier for everyone to find a solution.
Purchasing Property: 7 Benefits of Hiring a Commercial Real Estate Attorney
Don’t wait to purchase the perfect property for your business. By hiring a commercial real estate attorney, you can streamline the process. They’ll make your life easier in the long run.
Check the Legal section of our blog for more tips.