5 Signs You Need to Hire a Commercial Real Estate Attorney
Both business owners and companies commonly ask, “If I am working with a commercial realtor, why and when do I need to hire a lawyer?” The difference is that an attorney is not making a commission on the decision. Sure, he or she may be collecting a fee or high, hourly rate; However, the experience and advice that a seasoned attorney brings to the table may help save you tons of money in the long-run.
At Ramey King, we have done the heavy-lifting for you. We compiled a list of five common situations that indicate you need to hire a commercial real estate attorney.
1. You need any type of document drafted.
Commercial real estate transactions, leases, sales, and negotiations all require heavy documentation in order to be executed. An experienced attorney will be able to handle this aspect for you and mitigate your exposure to liability. Never try to just “figure it out,” as this is one of the most common symptoms of an expensive lawsuit.
2. You are involved in a complex transaction.
Commercial real estate transactions can be really simple or full of holes. The time, attention-to-detail, structuring, and documentation regarding legal requirements make it near impossible to manage by yourself. That’s why so many companies choose to work with an attorney in these types of cases.
3. You need someone to negotiate on your behalf.
Do you want to be in an advantageous position when it comes time to negotiate? Hiring an attorney will help bolster your chances by keeping you abreast of the legalities and terms that will help you stay ahead of the other party. In fact, it’s likely that the other side will be working with an attorney. So bring your lawyer when there is a meeting of the minds.
4. You are concerned about environmental compliance.
It’s not uncommon to see a commercial real estate transaction include environmental provisions in order for the new owner or lessee to maintain compliance with local, state, and national statutes. An attorney knows where to locate and disseminate the information most pertinent to your situation, as well as work with officials should you need to have a deeper discussion.
5. You need someone to worry about the legal details.
If all of what you have been reading has sounded dizzying, then you will likely need to hire a lawyer. One of the best reasons to hire a lawyer is that he or she will be willing to take on your problems and worries so that your mind is able to focus on the things you care about most.
In conclusion, there are a number of times when you will have to work with a commercial real estate lawyer. As an insurer, we encourage you to protect your assets and dealings in this industry. This could lead to lower insurance premiums, in the long-run, after demonstrating you proactively participate in lowering your chances of a lawsuit.