4 Ways a Commercial Real Estate Lawyer Help You When Buying an Office Building
If you are in the market to buy an office building and this is your first time buying a commercial real estate property, you may think that the process is similar to buying a home. However, there are some differences that make a commercial real estate lawyer a necessary partner. Here are a few ways a real estate lawyer can make the buying process better for you.
If you have no experience dealing with commercial tenants, an experienced lawyer can help you to look over and negotiate contracts with the tenants in the office building. Should any tenants be late on their rent, your attorney can help you draft paperwork that allows you to terminate a lease for nonpayment so that you can bring more paying tenants to the building.
Uncovering Noncompliance Issues
You may not be aware of this if you have never owned a commercial property, but some property owners may be in violation of different governmental requirements. For instance, the building may not meet all the fire code requirements or may have too many tenants in the building.
In order to protect your interests, your attorney will investigate these issues and seek concessions from the current owner so that you are not held liable and can pay less for a particular property that needs to be brought into alignment with certain governmental guidelines.
Dealing with Equipment
If the current owner of the building has leased equipment, your attorney can make sure that you are not held to the same lease and can negotiate with the equipment owners yourself to get better conditions. Your attorney will also help you determine whether it makes more sense to terminate the lease and purchase your own equipment.
Checking the Terms of the Sale
To make sure that you get the best deal possible, having a real estate lawyer look over the terms of the agreement between you and the seller is a smart idea. The lawyer can ensure that you are not responsible for any problems that the seller has had, and that you have options available if the seller has been deceptive or hidden things from you in order to facilitate a quick sale.
Now that you know why a commercial real estate lawyer like Steve Butcher Sr is a good person to have on board when you buy an office building, talk to a few in the area to make sure you choose the best one for your needs. With a good lawyer on your side, you can be confident that the property you ultimately buy will be a good property for your real estate portfolio.