Commercial real estate purchases are inherently more complex than residential property sales. There is a lot more money exchanging hands and therefore it is beneficial to have a legal professional oversee the process. Here are a few reasons why it is beneficial to hire a lawyer to oversee commercial real estate purchases.
Determining Accurate Property Valuation
A legal professional will understand the process and validity of methods used to determine adequate property value. Since the purchasing of property hinges on the price being in tune with the value of a specific property, knowing that this number is accurate is essential to the sale. An attorney can help you determine whether the methods used to calculate the property value are sound.
Informed Sales Negotiation
If there is one thing an attorney is trained to do, it’s advocate on behalf of their client. Legal professionals understand how to professionally negotiate contract terms and are knowledgeable in the areas of contract law. They would be able to inform you about confusing terms and nuisances in the law that may be to your benefit or detriment. Having an attorney on your side during a purchasing negotiation is invaluable.
Assessing Your Liability
A different aspect on the transfer of commercial property is the transfer of legal liability from one owner to another. This can get quite complex and be almost downright impossible trying to figure out on your own. An attorney can pull up past cases the previous owner was involved in, and adequately address them during negotiations. The last thing you want to do is inherit unknown legal liability when making a large commercial purchase.
When you are making a large commercial purchase, it is always best to consult with an experienced attorney. If you are in the process of purchasing commercial real estate, give us a call at The Lucé Evans Law (972) 632-1300.