The sale or purchase of a commercial property is one of the most significant and complicated financial deals that a person undertakes. However, many people choose to take their chances and not engage an experienced and knowledgeable commercial real estate attorney.
Among other things, a commercial real estate attorney will:
- Review complex purchase and sale agreements, closing documents and other documents for non-customary and problematic terms and conditions, and modify the contract or other document to correct the problem and/or advise the client regarding its options and risks.
- Address title, lien and survey issues that the buyer of a commercial property may not understand, or may neglect in the rush to close a purchase. A buyer cannot assume it will obtain proper title from a title commitment issued by a title company for the purchase of the property. Any title and lien issues identified in that title commitment and/or a survey of the property must be resolved prior to closing.
As an example, prior to our client buyer’s purchase of a commercial property, we identified, addressed and resolved a problematic adjoining property owner’s use restriction that prevented the client from operating its business on the property it was purchasing. Without our commercial real estate expertise and counsel, the client would have purchased a commercial property that it could not use.
Considering how important a commercial real estate attorney is to protecting your legal interests before, during and after a sale or purchase, the cost of retaining a commercial real estate attorney (that is experienced in handling commercial real estate transactions on a regular basis) is a valuable and cost-effective investment.
If you are purchasing or selling a commercial property, or involved in a lease or other commercial real estate or business transaction, please contact our Real Estate and Commercial Transactions Practice Director and Member, Blake D. Bringgold.
Direct Line: 813.347.5580; Email Address: email@example.com.