Real Estate Purchase and Sales
Commercial real estate transactions are not the most straightforward or simplest to understand. If it’s not the piles of paperwork that are keeping you awake, it is the complex jargon used in contracts straining the brain. Having a commercial real estate lawyer can go a long way in clearing up the confusion and ensuring the transaction goes in a smooth and legal manner.
So who are commercial real estate attorneys and what do they do? Simply put, they are real estate lawyers who specialize in properties (both land and buildings) that are intended for business use. Their job is to ensure that their client’s needs and interests are protected as the transaction is carried out in a smooth, legal, and favorable manner.
Typically, your commercial real estate lawyer should be able to help when you are buying and also selling a property.
What Does A Real Estate Attorney Do?
While their exact role will vary depending on the nature of property, location, and your needs among many other things, a commercial real estate attorney should bring the following to the table:
Creation of legal documents that relate to the real estate sale or purchase. They include purchase/sale contracts and deeds.
2) Title search
If you are buying you will want to know whether the seller has legal rights to the property. Otherwise, you may run into property line problems, liens, mortgages, or an array of other legal issues that might prevent you from assuming ownership. A commercial real estate attorney, will do a title search to ensure the issues do not exist, or are resolved, before you take ownership.
3) Filing deeds
After the title search, the lawyer will fill and file a deed. This is a legal document that transfers ownership of a real estate from the seller to the buyer.
4) Contract reviews
More often than not, a real estate transaction comes with a lot of contracts, filled with unfamiliar legal terms. Instead of reading over these documents yourself, a professional attorney can review the contracts on your behalf, ensuring their validity, and speeding up the process.
5) Explaining complex contracts
Once they’ve reviewed the contracts, the lawyer will go over each provision with you, so that you fully understand what you’re agreeing to.
If need be, your real estate attorney will negotiate for better terms. That may involve securing a better price from the buyer/seller, or improved lending terms from banks and financiers.
The attorney will see to it that the transaction is settled conclusively. The closing process may involve preparation of closing papers, passing the title to the buyer, completion of payment as agreed, and drafting of the closing statement. In case you have any last minute concerns or questions, your commercial real estate lawyer will be able to clarify them at this point.
8) Managing foreclosures
If you used a mortgage or other type of credit financing, there may come a time when you are faced with a foreclosure. Your attorney can ensure that you are fully represented, and none of your rights are infringed in the process.
Real Estate Purchase and Sales at Versant Law
If you are planning, or are in the process of buying or selling a real estate property, we can help. We offer complete real estate legal services to clients dealing with both commercial and residential property. That includes space for business, raw land, and family properties.
Our highly experienced attorneys will structure, draft, and negotiate sale or purchase agreements, carry out due diligence, conduct a title search, review contracts, as well as supervise all legal activities for a smooth and legal closing.