Owning property could have several perks. As the landlord, you upkeep the property, and the merchants rent the land. There’s flexibility in working with owners, but there is also security in knowing that if one thing doesn’t work out, another business could take that spot.
The decision to plunger into commercial real estate could be lucrative; however, it’s best to consider a few things before signing a contract. Work with a commercial real estate law Arlington VA to ensure that the deal is legitimate and in your favor. Here are three significant perks of using a commercial real estate lawyer.
1. Understand Laws and Zoning
You are likely a solid investor and good businessperson, yet you may not be fully aware of the state laws and zoning regulations. Before putting funds into a property, ensure that it is useable and suitable for your desires. The lawyer’s job is to provide you with a review of this information and assist in any development issues.
2. Obtain the Best Price
The lawyer works for a set fee and not a commission, whereas a realtor is also looking to make money. In looking over the deal, the commercial real estate attorney should be able to negotiate the price in your favor, saving you some money in the long run.
3. Review the Contract
The final purchasing agreement is vital, and you should be aware of the language used and any exclusions or concerns that prohibit the sale or hurt you. The lawyers can look it over to see if any historical or environmental issues could make the building difficult to use. Also, he or she looks into protecting your rights as the owner.
Having a commercial real estate lawyer is one way to back up your sale and keep you knowledgeable. Allow the professional to offer advice and guidance to ensure that you get the best deal and know of any potential issues.