Buying a commercial property is a huge investment in time and money. Working with commercial real estate professionals is a great way to make sure every step of the transaction goes as smoothly as possible. When it’s time to close the deal and sign the paperwork, a commercial real estate lawyer is a vital asset. Here are some of the ways they can help.
Eight states in America require a commercial real estate attorney to oversee a real estate transaction. But even in those states where it’s not legally required, a real estate lawyer is useful for the following actions:
When businesses close, the remaining commercial properties can be in a state of financial unrest. For example, say a clothing manufacturing business owned by a partnership ceases operation. The warehouse where they made their garments sits empty, and it’s filled with leftover inventory and machines. A buyer is interested in starting their own manufacturing business but doesn’t know the state of the former owners’ liability to debtors, the state of the property tax payments, or the zoning laws.
A commercial real estate attorney is a perfect resource for these questions. A lawyer will help the buyer know if their business idea is viable in that space and what upfront costs they’ll be facing. The real estate lawyer can help a buyer navigate any complicated relationships from the former business, and investigate any unseen title, deed, or zoning concerns.
Both a landlord and a renter may benefit from a commercial real estate lawyer. Commercial leases include typical language about payments, terms, and duration, but they can also include items that can directly affect the bottom line of a business, such as property tax or insurance obligations.
A commercial real estate lawyer can review a client’s lease carefully and help make sure everything is fair and appropriate for the business. On the other side, a lawyer can help draft a lease for a commercial landlord with customized terms that suit both the tenant and the building owner.
Whether a business is starting out in a new space or changing locations, the building may need upgrades or changes to suit the company’s needs. A real estate lawyer is a great partner to have when negotiating contracts with vendors, construction companies, or design firms. The lawyer can review any contracts as they’re written to ensure the terms are fair and be on the buyer’s side if any future problems arise.
Whatever your situation, our team of commercial real estate lawyers is on your side. We can help you start out or help you through a challenging negotiation. Contact us for any commercial real estate concerns, large or small.