Top 7 Advantages of Engaging an Attorney for Commercial Leases
When it comes to commercial leases and real estate in general, you will always want a good attorney on your side. Learn more here
Buying and selling property is one of the most important – and exciting- aspects of owning a business.
But if you’ve ever seen a commercial purchase and sale agreement or lease, you’ve probably felt overwhelmed by the number of pages and legal jargon. Unless you’re a lawyer, commercial leases can read like a foreign language.
So how can you buy and sell property with confidence?
By engaging a real estate lawyer! Keep reading for the top 7 advantages of working with a real estate attorney.
1. Unmatched Expertise
You’re an expert when it comes to your industry, but you’re probably not an expert when it comes to real estate. Just like how you would see a specialist if you were having a complex medical problem, it’s important to consult an expert for each aspect of your business.
Remember that not all attorneys are capable of handling all areas of your business. You might hire a tax attorney to help you navigate the IRS and an insurance attorney if you have a property damage insurance claim.
When you are dealing with commercial real estate transactions, it’s important to hire an attorney who is an expert in real estate. The best kind of attorney for this aspect of your business is a commercial real estate attorney because of their experience and expertise. They can help you buy and sell property to maximize your profits.
Buying and selling commercial property is more complicated than it might seem. An experienced attorney can help you understand zoning and development laws that could impact both buying and selling. Not only will understanding how these laws apply help you buy the right property for your business but it can also help you find the right buyer when it’s time to sell.
2. Verifying the Deal
How do you know if a deal is too good to be true? Engage an attorney.
It can be challenging to determine on your own whether a deal that seems great is really so sweet. When you hire an attorney, they can do research on your behalf to verify whether the deal is as good as it seems.
For example, let’s pretend you are considering buying an office building at a price that seems like a steal. You probably won’t know how to properly vet the building for hidden costs or to verify income. An attorney can research the property and use their experience to identify red flags. An attorney can also assist in identifying what due diligence materials should be requested from the Seller.
The best lawyers know how to look for issues like liens against the property that could end up costing you. When you engage an experienced attorney, you can rest assured that due diligence will be performed and the legal history of the property you are considering will be analyzed.
4. Saving Money
When it comes to commercial leases, having an attorney represent you can actually save you money.
This is because the best attorneys will help you get the best possible deal. With commercial agreements, you have the opportunity to negotiate the contract and lower your costs. When you hire the best lawyers to negotiate on your behalf, they will make sure you get the best price.
Attorneys don’t work on commission like realtors. Instead, they are paid to work directly for you and have your best interests in mind.
Business agreements are long and complicated. If you want to get the most for your money, you need a good lawyer on your team.
5. Saving Time
You’ve probably heard the saying, “time is money.” As a business owner, you know this to be true. Every minute you spend working on your business has to be delegated carefully.
This is why it’s often beneficial to outsource areas of a business to experts. When it comes to buying and selling property, this concept is no exception. Hiring a lawyer to do the leg work will save you time.
It would take you much longer to do the work yourself and you likely don’t have the expertise that comes with a good lawyer. When your time is freed up, you can spend more of it planning and executing your business goals.
6. Protecting Your Interests
When you engage an attorney to review a commercial agreements, your attorney will do everything they can to protect your interests.
This includes making sure the deal is fair and making sure you have recourse if there is an issue with the sale. Your attorney will negotiate the procedures that must be followed if the deal falls through. They will also ensure you are protected if something undisclosed ends up causing issues such as an environmental or structural problem.
7. Preventing Legal Trouble
One of the best reasons to hire an attorney to review a commercial agreements and lease is to prevent legal trouble down the line.
The best lawyers know how to look at businesses agreements and assess potential liabilities. When you stay ahead of any potential issues, you won’t be blindsided later on.
No one wants to deal with legal disputes or issues as they can be time-consuming and costly. When you engage a lawyer from the get-go, you can prevent these sorts of things from popping up when you least expect them.
Do You Need an Attorney for Commercial Real Estate Transactions?
As a business owner, you don’t have to navigate complicated commercial trnasactions on your own. Buying and selling property is an essential part of owning a successful business, but it doesn’t have to be a nightmare.
When you engage one of our experienced attorneys, we will ensure your rights are protected and help you meet your business goals. Click here to schedule a free consultation with one of our attorneys today.