Commercial real estate attorneys deal with a variety of issues. They may negotiate leases, review deeds and property titles, research the jurisdictional building laws, and help clients purchase a new piece of land. They also attend closing when the property is sold.
Dispute resolution is another area where a commercial real estate attorney can be helpful. They can understand and interpret legal jargon in commercial leases, while prioritizing the law of fairness.
Buying or selling a commercial property
When purchasing a commercial property, the first step is examining the legal status of the land. This includes checking for liens, easements, and other legal issues. It also involves reviewing zoning laws. This can help you determine the best uses for the property.
Next, buyers must complete a cost-benefit analysis of the potential purchase. Obtaining prior 2 years of profit and loss statements will enable this. They can then compare these to market conditions, which will help them understand the demand for a specific location and its value.
A New York commercial real estate attorney can ensure that you make a wise decision by removing emotions and helping you to understand the law, rights, and documentation involved in a real estate sale or purchase. They can help you avoid making costly mistakes and will protect your interests. They are also unbiased, unlike brokers who gain commission for their services. This can save you money and time.
Negotiating a lease
One of the most important aspects of commercial real estate law involves negotiating a lease agreement. Commercial attorneys can help tenants understand the legal jargon of a lease and negotiate terms that are more favorable to them. They can also review the contract to identify any potential pitfalls that could lead to costly consequences down the road.
Among the most common pitfalls that an attorney can prevent is a hidden fee or excessive penalty that may be difficult to notice without an expert’s eye. Additionally, they can review the contract to see if it contains any ambiguous language that could create confusion down the road.
Additionally, commercial lawyers can help clients with zoning laws and land use regulations. These issues can be complex and vary by city. They can also be helpful when a tenant needs to obtain a building permit or if they need to dispute a claim by a neighboring business. Ultimately, an attorney can save a client a lot of time and money by protecting their interests during the buying or selling process.
Dispute resolution
The services of a real estate lawyer can help clients avoid costly litigation by resolving disputes informally through negotiation or alternative dispute resolution (ADR). ADR includes all processes that are non-judicial and less expensive than traditional litigation. These include mediation, negotiated rulemaking, neutral factfinding, and minitrials.
A lawyer can also assist a client with drafting legal complaints, answering interrogatories, or responding to requests for production of documents. If the case ends up going to court, a lawyer will help prepare for the trial and argue the case before a judge or jury.
Disputes over property ownership can be expensive and time-consuming. A commercial real estate attorney can help a client resolve a dispute in a timely manner, saving them money and avoiding future complications. They can also assist with drafting clear contracts that minimize misunderstandings and prevent future conflicts. Moreover, they can identify unfavorable clauses in contracts that may leave you vulnerable to liability in the future.
Title examination
One of the most important services that commercial real estate attorneys offer is title examination. This is a critical step that helps a buyer determine the extent of the property’s ownership rights. A thorough title search is crucial for ensuring that the property is free and clear of any issues that could delay or jeopardize the sale.
This process includes examining the property’s chain of title, as well as a search for other documents associated with it. It can uncover a variety of legal issues, such as liens and trusts. It can also reveal encroachments that may interfere with the property’s value or use.
The title examination can also include metes and bounds descriptions, which can be challenging to understand and analyze. These descriptions can be inaccurate, causing significant problems during a commercial real estate transaction. This is why a thorough title examination should be conducted by an experienced attorney. They will help you navigate the complicated process of buying a commercial property.