Investing in commercial real estate can be a tricky endeavor. Even cash sales run into financing, zoning, and environmental issues. In addition, there may be dozens of laws and regulations that must be met to complete a valid transaction. A local commercial real estate lawyer in Lake Charles Louisiana can take care of many of these steps for you. Not only will they be familiar with environmental and zoning issues, they can consult with you on construction and financing contracts, as well as tax obligations, use of land and development.
From negotiating the sale to analyzing the purchase agreement and final contract, a real estate lawyer does more than facilitate a closing. They work in a specialized field and are trained to recognize suspicious contract language and identify potential pitfalls. An experienced commercial real estate attorney assists you at every step of the process, answering questions as they arise and making recommendations along the way. Involving a real estate attorney in the purchase process will leave you feeling confident in the sale and relieve the bulk of stress that is sure to arise.
Public entities and landowners often seek consultation when negotiating tax abatement arrangements (LERTA) and tax incremental financing (TIF). When a law firm has attorneys experienced in banking, finance, construction and contract law, they are better able to represent their clients, providing favorable deals.
Furthermore, commercial real estate law firms help clients negotiate and draft development and construction agreements, ground leases, property management contracts, and sale contracts; they can help with title insurance and conduct closings in the states they are licensed to do so.
DO I NEED A LAWYER TO REVIEW A REAL ESTATE CONTRACT?
Most states do not require that a commercial real estate attorney review your contract before a purchase. However, it would help if you understood that a purchase agreement is legally binding. If you do not understand any section of the contact, you should consult with an experienced commercial real estate attorney immediately.
WHAT DOES A COMMERCIAL REAL ESTATE ATTORNEY DO FOR A BUYER?
The core role of your real estate attorney is to ensure the sale or purchase of the commercial property goes smoothly and equitably. However, there are differences in the roles a real estate attorney takes on when representing the buyer versus representing the seller. As a buyer’s agent, the attorney will guide you through different processes depending on the purchase. The process is different for an apartment building than it is for an industrial complex or even a bank owned property. If you are purchasing a property in a flood zone, the structural integrity might be compromised or the property could have been exposed to hazardous materials, a real estate attorney can provide advice that would allow the purchase to move forward.
In summary, commercial real estate attorneys offer a range of legal services that can help identify development opportunities while managing risk.
WHAT DOES A COMMERCIAL REAL ESTATE ATTORNEY DO FOR A SELLER?
There are unique benefits to employing a real estate attorney as a buyer and as a seller. A commercial real estate attorney can help a seller work through issues that would typically impede a sale. Examples include properties with a lien, properties with structural damage, properties with existing leases, or when selling a property with multiple owners. If any aspect of a commercial property sale gives you pause, we suggest speaking with a commercial property attorney in Lake Charles Louisiana to clear up your reservations.
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