Commercial real estate transactions aren’t totally unlike residential real estate transactions. They have similar stages and contracts to sign, but the restrictions and stipulations of those contracts require a lawyer to have a different kind of experience. Finding all the missing clauses or secret loopholes that the other party may purposely leave out or add is a different skill. It’s arguably just as, if not more important, to have an attorney for a commercial real estate transaction as a residential real estate transaction because there’s more to lose.
Losing your home is a terrible situation, but finding yourself unable to operate your business will lead to you being unable to pay your workers or yourself. This will lead to not just one, but potentially multiple people being unable to support themselves. For this reason, you cannot risk being without an attorney during your real estate transactions. Even a minor, unintentional mistake can lead to the contract being null and void, and a whole transaction falling through. The risk isn’t solely on the potential tenant. The landlord is at risk of a financial loss if they lose tenants since leasing their property is their business.
For that reason, you don’t want a real estate attorney who’s only experienced in residential real estate, but a team of attorneys with experience in commercial real estate. The real estate attorneys at Tressler & Associates have the experience you need.
A commercial real estate transaction includes the purchase or sale of any piece of real estate for a business purpose. If you plan to purchase a residential location and turn it into a commercial property, that would not count as a commercial real estate transaction. Purchasing a property with multiple residential properties that the owner collects money from would be considered a commercial real estate transaction. This would be purchasing the right to be the landlord of the property.
Properties that constitute a commercial real estate transaction rather than a residential one include:
Your attorney is always supposed to protect your interests, and when your interests are the longevity and sustainability of your business, you want your interests to be as safe as can be. In a commercial real estate transaction, an attorney will do this by:
Before you begin your commercial real estate transaction, make sure you have the right attorneys at your side. Don’t put your business, your livelihood, and your employees’ livelihoods at risk by going without an attorney or going with the wrong attorney. To learn more about how our real estate attorneys have the legal experience you need, contact us today.
If you are in need of legal services, our team of experienced attorneys is here to help! If you need a lawyer now or are just in need of general counsel, we are happy to discuss your needs with you.