Commercial real estate transactions can be daunting for buyers. When purchasing a space to use for your business or to lease to others, it is important to understand the unique set of legal issues and risks that are associated with commercial real estate. Your real estate attorney can be a valuable resource for many reasons. Here are the roles of a qualified real estate attorney during the purchase of commercial property.
They Pay Attention to the Details
A commercial property purchase is likely to be a considerable financial expense, so it is of the utmost importance that every detail of the transaction is attended to. Purchasing commercial property implicates a far more varied and risky set of concerns and requirements that one would see during a simple residential home purchase.
When choosing a commercial property, it is likely that you will have highly specific needs for the space. Searching for commercial real estate that suits your requirements can be costly and time-consuming. If you were to discover that your perfect location wasn’t perfect after all, forcing you to back out of purchase negotiations, time and money have been wasted. Your attorneys’ job is to sweat the details so your wallet and your interest are protected.
They Can Be Your Trained Eyes
While you may know what you need, it is unlikely that you will have years of experience in seeking out real estate. Your lawyer, on the other hand, should have the necessary knowledge and skills to thoroughly vet your potential properties to ensure they are suitable for your needs and will meet your expectations. During this process, the property will need to be thoroughly examined by an expert who knows what to look for.
Your attorney should be an impartial and trained set of eyes to look for issues that could cause your problems further down the road. They can conduct title searches and surveys of the property to ensure that your purchase will be perfect.
They Are Trained to Negotiate Contracts
Without a legal background, it can be exceedingly difficult to negotiate a favorable contract. Commercial real estate purchases are extremely complex, and your lawyer is here to guide you through the process. Details of your real estate transaction may include:
- Which party will bear the risk of delivering a title free from encroachments?
- What types of warranties are available in the event of environmental issues?
- What will happen if structural problems emerge after the sale has closed?
- What damages will be paid if the deal is compromised or prevented from closing?
Contracts may be complex and full of legal jargon, but it is important to ensure that your contract is valid and enforceable. Without a strong contract, it is possible that you may find yourself without recourse if the contract is broken. Your attorney will help you negotiate and plan for every contingency. Don’t risk your interests and hard-earned money by approaching a contract negotiation on your own.
Get Help from Our Jackson Real Estate Lawyer Today – (601) 809-4144
Commercial real estate deals can be risky, but our team at Shows & Smith Law Firm PLLC can help you mitigate the risk you face and negotiate a comprehensive contract for your purchase. Our experienced Jackson real estate attorneys are well-equipped to provide one-on-one attention and legal counsel as we guide you through the process of a commercial real estate purchase.
Schedule a no-cost, confidential consultation to begin your case today. Contact our team online, or dial (601) 809-4144 to speak to a member of our team.