Buying real estate can be a major investment for your business that will either contribute to its overall value and long-term success or cause serious problems for the company.
Although you may have already spoken with a real estate agent about the commercial property you intend to buy or your upcoming property search, your business will also likely benefit from partnering with a lawyer who helps support commercial real estate transactions.
What are some of the reasons that involving an attorney will help your company when buying a commercial property?
They protect your business while letting you focus on the company
There are so many moving parts in a real estate transaction that require your attention. You need to review the documents in detail for unfavorable terms. You need to understand the local market. You will need to evaluate the facilities to determine if they will meet your needs.
All of that research and legwork can prevent you from focusing on your business. When you have a lawyer working with you, they can protect your interests by evaluating the property and reviewing contracts so that you can focus on what you do best.
They can help with title issues, zoning and negotiations
The investment you make in a property could be at risk if there are blemishes on title that cause conflicts later. A thorough title search performed by a lawyer who understands local practices will likely do a better job of turning up title issues than a search performed by a national company headquartered out of a different state.
The lawyer helping with your case can also verify zoning for the property and give you information about any zoning variances or adjustments you would need to operate your business at that location. A lawyer can help with the negotiation of the real estate contract, ranging from the terms and contingencies to the price that your company ultimately pays.
Another benefit of having a lawyer assist with the real estate transaction is that you have someone familiar with the sale if things go sideways and you wind up in court. Having the right support during a commercial real estate transaction will reduce the chances of it harming your business instead of benefiting it.