Do You Need a Real Estate Lawyer for Commercial Real Estate Transactions?
The world of real estate law can be extremely complicated and detail focused. The two primary types of real estate transactions are residential real estate and commercial real estate. This is a critical distinction between each real estate transaction carries a unique set of risks and legal issues. A real estate lawyer in NY is always beneficial when you have questions about a potential transaction, but it’s even more important when you are entering the world of commercial real estate.
A lawyer who has significant experience in this field can help you avoid common mistakes and give you a better chance of a smooth transaction every time. Forming a relationship with someone now who understands the landscape means you have somewhere to turn when you have questions about the most appropriate avenue for your real estate needs. Having access to someone with a strong background in real estate law can serve you not just in current transactions but in all your commercial real estate dealings.
Real estate lawyers are extremely beneficial for commercial real estate specifically. The importance of details is amplified in commercial transactions because it is associated with a risky set of requirements and concerns beyond what would be present in the sale or purchase of a home. The process of handling aspects such as negotiating the purchase price can be extremely complex. Critical questions include:
- How will structural problems that emerge after the closing day be addressed?
- What kinds of warranties can be obtained to protect against any unknown environmental issues?
- If anything happens to cause the deal to fall apart, how will damages be determined?
A real estate attorney can help to negotiate the procedures associated for what will happen if the deal does fall through. A real estate attorney can also help to assess the values of the penalties. Real estate lawyers are extremely important in the duration of your commercial real estate transaction because they assist you with the research process, the development and review of necessary contracts and step in to guide you if and when there are problems with the transaction.