The Headaches of a Real Estate Transaction: Why You Need a Lawyer
Obtaining property can be pretty exciting for corporations since it is an indicator of growth and opens the possibility of attaining future profits. However, the actual transaction process can provide a lot of headaches and frustrations and the whole situation can become just plain annoying. From the beginning to the end, there are a number of things that can wrong.
Having a real estate lawyer by your side can help minimize the chances of this happening since their expertise can help counter any problems raised by the seller, whilst ensuring that everything is done legally.
First and foremost, a real estate lawyer is hired to protect you from any potential exploitation. Your lawyer will be able to dig up any hidden clauses or fees that are in the fine print, whilst providing you with a clear exit from the negotiations should you have any second thoughts.
Vague & Complex Terminology
To be successful in the property market, you need to know your stuff. Not having an understanding of the key terminology used in commercial real estate before entering negotiations is a recipe for disaster, which could lead to you having to face the consequences in the long run.
A lawyer will help avoid these problems and will be able to provide a clear breakdown of any commercial real estate jargon. Goodwin lawyers are heavyweights in the corporate division that can help to smooth out deals efficiently whilst providing you with a clear insight into market trends.
This is the most important document in the whole transaction, therefore it is essential that you have a professional to scrutinize every fine line of detail before putting pen to paper. A real estate lawyer will help to clearly explain the form as well as helping to bridge both the buyer’s and seller’s desires. Some issues that may need to be addressed are:
- If there have been changes made to the property, has it been done lawfully?
- What happens if hazardous waste has been found in the property?
- What happens if the buyer hires a professional to inspect the property, and termites, asbestos, radon or lead-based paint is found?
Closing the Transaction
Closing the deal is the most significant part of the whole process. However, this stage can be complex and confusing. A lot of preparation is needed since the chances of a last-minute dispute happening are always likely. The seller might make sudden demands regarding possessions, property and taxes and you may feel isolated and trapped without a real estate lawyer by your side to provide counter offers.
For more information on investing in commercial real estate, click here.