What is a lawyer’s role in a commercial real estate transaction?

Commercial real estate transactions require the assistance of a lawyer for a number of reasons. Commercial real estate transactions tend to be more complex and difficult to understand than residential ones, which can be confusing enough themselves. Having a lawyer on your side to help untangle the specifics of the contract and ensure everything is understood is essential. Further, there may be fewer protections provided automatically by the law for those involved in commercial real estate transactions, as it is assumed the parties are informed and able to negotiate the terms of their own agreement.

Whether you're purchasing a piece of commercial real estate or selling one, a real estate or contract lawyer can assist you in drafting the sales contract involved in the commercial real estate transaction. Your lawyer will help you ensure the contract is acceptable and that it covers all of your rights. Your lawyer can also help to ensure that the provisions included in the contract are legally valid and that the contract will be fully enforceable if problems do arise. He or she will also be able to read over the title with you during the time of transfer, ensuring that all required specifications are laid out correctly and that there are no surprises that could come back to bite you later, either legally or financially.

It may sound simple, particularly if you have an understanding of real estate law in general. Many people assume they won't need the assistance of a lawyer with commercial real estate transactions. However, the complexities of commercial real estate law are such that it's very easy to get confused and caught up in an improper or even illegal contract, and the cost of hiring a lawyer is well worth the insurance and peace of mind of knowing the transaction was done correctly.