5 Reasons Why You Will Need a Commercial Real Estate Lawyer
Commercial real estate transactions are a big deal. Even contracts that seem fairly straightforward can take an unexpected turn. Unless you’re careful, you may run into financial problems, zoning disputes, and other roadblocks. You shouldn’t buy or sell the property without consulting with a commercial real estate lawyer first. An experienced real estate attorney will help you navigate complex legalities and ensure your best interests are protected by reviewing deeds and negotiating leases.
If you’re going to partake in a commercial transaction, you should hire a real estate lawyer as soon as possible. Here are five reasons why.
1. A Commercial Real Estate Attorney Reduces Risks
When a property’s price is shockingly low, it’s usually a red flag. You must run a thorough background check to see if the property has a questionable past, needs cosmetic fixes, or has other possible issues that affect its value. While due diligence is crucial to prevent post-transaction surprises, an amateur investor may ignore this step altogether.
In case you’re concerned about the legitimacy of a deal, a real estate attorney will investigate the property for you. Besides researching its history, they can also check for liens and debt. This way, you will know if the deal is legit before signing the paperwork.
2. Commercial Real Estate Attorneys Aid Effective Negotiations
Consulting with a commercial real estate lawyer can give you an advantage in the negotiations. This is especially true if the other parties have their own legal team on their side.
Buying or selling property is not just a financial decision – it is an emotional one, too. In some cases, you may be too close to the proceedings to think objectively. Hiring a skilled commercial real estate attorney can help you keep your emotions out of the negotiation process. This, in turn, will reduce the risk of conflicts.
3. Commercial Real Estate Attorneys Can Ensure Streamlined Deals
Commercial real estate transactions are notorious for being convoluted. More alarmingly, they seldom allow any room for error. A single mistake can cost you a fortune in remediation.
Understanding the legal intricacies of these deals can help you keep disasters at bay. But in this regard, note that real estate law is not something you can master overnight. Instead of wasting time trying to figure things out on your own, consider hiring a reputable commercial real estate attorney.
Not only do our lawyers bring significant legal knowledge to the table, but we can also fight for your rights. With us handling the legal side of things, you can stay focused on running your business.
4. Commercial Real Estate Attorneys Can Help You Schedule Inspections
A property may look presentable on the outside, but it can have certain flaws hidden in plain sight. Also known as material defects, these imperfections directly influence its market value. Not to mention, they may jeopardize the health and well-being of the inhabitants.
A few examples of material defects include:
- A leaking roof
- Non-functional HVAC systems
- Foundational damage
- Hidden water damage
- Rotten wood or a termite problem
- Septic system issues
- Old and outdated wiring
- Improper ventilation
Pennsylvania property sellers are legally obliged to disclose material defects before the sale is complete. The objective is to:
- Make sure the buyers are not misled
- Discourage sellers from hiding any problems
As a buyer, you also have every right to assess the property and ensure it fits your standards. A commercial real estate lawyer can make this happen by adding an inspection clause to your agreement. This will allow you to schedule a professional inspection and identify any material defects before finalizing the contract.
5. Commercial Real Estate Attorneys Look Out for Potential Dangers
No transaction is completely risk-free. But when it comes to commercial real estate, the stakes are significantly higher due to the large amount of money involved.
Because our commercial real estate lawyers have experience dealing with a wide range of property transactions, we know how to draw up a contingency plan for unexpected dangers and prevent them from derailing the negotiations.
Turn to Mazzoni Karam Petorak & Valvano for Your Commercial Real Estate Needs
Dealing in real estate can be a rewarding experience, but only if you have proper legal representation. A competent real estate attorney will defend your rights till the end, making sure your purchase is fair and legitimate.
Are you looking for a commercial real estate lawyer to take over your property deal? Trust Mazzoni Karam Petorak & Valvano with your case. We’ve been in the business for decades and can tackle any issue during the transaction. Our goal is to help you understand the legal process and obtain a fair deal. For more information, schedule a free consultation with us today.