No matter what type of business you’re in, there are two professionals you should always hire. They are an accountant and an attorney.
Especially when you’re involved in commercial real estate where there’s a lot of money involved. And what you don’t know can hurt you.
While it’s tempting to try to save a few bucks and not hire an attorney, there’s too much at risk to attempt doing it yourself. And some states require that attorneys must be present at closing.
If you’re looking for information on when and how to hire an attorney, keep reading. We’re sharing eight reasons why you need to hire a real estate attorney.
1. You Should Hire an Attorney to Draft Documents
When it comes to completing a commercial real estate deal, if you need any type of document drafted, you need an attorney.
That includes commercial real estate transactions, sales, negotiations, and leases. They all require a tremendous amount of documentation for proper execution. If you’ve hired a lawyer, you don’t have to worry about your exposure to liability.
2. Help With Negotiations
A truly successful negotiation means both parties walk away happy. It’s a bad negotiation when one side loses and the other wins everything.
And most of us aren’t great negotiators. There’s an art to negotiating and if you’ve hired a lawyer, you’ve hired someone whose job is to negotiate successfully on your behalf.
3. There are Legal Details to Understand
In 2017, almost 25% of those taking the bar failed. The law is complex and difficult to understand, even by those who spend years studying it.
You have enough details to worry about besides the complexities of the law. Do yourself and your stress levels a favor and hire someone to worry about the details for you.
4. Environmental Concerns
Often there are local, state, and national statutes pertaining to commercial real estate transactions that include environmental provisions. And unless they’re addressed, you won’t be in compliance.
If you’ve hired a lawyer, they’ll know exactly what information is most pertinent to your specific situation. They’ll also know exactly which officials you need to speak with in order to comply with all environmental statutes.
5. Complex Transactions
With commercial real estate transactions, you never know if they’ll end up really simple or horribly complex with tons of holes. It’s nearly impossible for a layperson to manage on their own.
There are legal requirements, tons of details to consider, and complex structuring to attend to. It makes sense to hire an attorney to handle everything.
6. Ensure Everything is Legit
Not everyone you meet is honest. And if you get yourself in too deep with a less-than-honest real estate transaction, you stand to lose a lot.
That’s why it’s important to work with an attorney. It’s then her or his responsibility to investigate the deal on your behalf to determine that it’s legitimate.
By researching a building or property ahead of time, they can check for liens or other issues. That way, you know you’re making a smart decision.
7. You’ll Save Money
No, it’s not cheap to hire a decent attorney, but what they can end up saving you is much higher than what you end up paying them.
They’ll negotiate a fair deal for you, help you avoid future litigation by making sure the deal is legit, and they can help you navigate your way through zoning and environmental laws.
In other words, you avoid making a costly mistake that can cost you millions by doing it right the first time.
8. You Save Time
Most of us don’t know or understand the latest zoning or environmental laws. To get up to speed with that type of information takes a lot of time.
Drafting up documents and learning how to negotiate a great deal also takes time and effort most of us don’t have. Hiring an attorney means you don’t have to worry about learning everything.
They already are experts in everything regarding real estate law and they know how to perform due diligence, look at facts objectively, and ask the right questions. They do all this so you don’t have to.
When You Should Hire an Attorney
There are certain times in life when hiring a lawyer is the smartest move you can make. You should hire an attorney before you get started.
The worst thing you can do is wait until problems get so big you end up being sued or there’s a warrant out for your arrest. Even if you have an in-house attorney, hiring an attorney who specializes in real estate makes the most sense.
There are a lot of different types of law and you need to hire one who is well-versed in commercial real estate laws. They can help you with a lot of different needs that often come up during the buying and selling of real estate.
How to Hire the Best Attorney
You may wonder, “what kind of an attorney do I need?” The answer is an attorney who specializes in real estate.
But it’s not enough to just hire the first real estate lawyer you find listed online. Make sure they have the right experience to handle your needs. These trusted attorneys can help you.
A good real estate lawyer should be able to handle the following:
- Contract formation and negotiation
- Constructive evictions
- Contract Remedies
- Financing agreements
- Lease review
- Renewal Negotiations
- Tenant concerns
Ask Questions and Check Out Reviews
Ask for references and look online for any reviews left by others. That will give you a good sense of how good they are.
Before you agree to work with them, make sure you understand and agree with their billing process as well as any additional costs involved.
Visit them at their office to get a feel of how they work. See how well they work with their staff.
Only agree to work with an attorney if you feel comfortable with them. And never hire an attorney just because they’re the cheapest. You get what you pay for.
Find Other Professional Services Here
Once you hire an attorney, you may find you require the service of other professionals to help you with your real estate transactions. We can help.
Our site has tons of professional services listed. Click here to find the right professional for you.