Legal counsel crucial when buying, leasing commercial property

 Posted on May 01, 2018 in Uncategorized

If you run a business in Maryland, you likely play many roles on any given day. You might be dealing with employment matters in the morning and by the afternoon, you could be making crucial decisions about new products and services, and in between juggling phone calls, emails and texts demanding your immediate attention.

In other words, business owners have a lot on their plates. Adding in the play-by-play of acommercial real estate transaction can put you over the top. To get back to the business of running your business, consider working with an experienced attorney to facilitate the process. In fact, getting legal guidance with these matters can prove to one of your best decisions for at least a few reasons.

Negotiating terms

Whether you want to lease or buy commercial space, expect to negotiate. One or both parties may want to adjust lease terms, payment structure or restrictions. Rather than managing this element of a purchase or lease agreement alone, you can work with an experienced attorney to handle such matters as you choose to delegate, while retaining final say-so on decisions. Unlike a real estate broker, whose interests are aligned with getting to closing to earn his commission and then moving on, your real estate attorney is your advocate, promoting your interests, and working to save you from missteps.

Identifying any red flags

When it comes to commercial leases and purchase agreements, many people skim over contracts or don’t understand what they are reading, as such documents can be dense and full of legalese. Without legal guidance, business owners can miss red flags and wind up agreeing to unfavorable or unfair terms. An attorney can spot and address issues which could give rise to unintended consequences or unreasonable or excessive expenses.

Resolving disputes

Disputes can arise in any commercial real estate transaction, from breaches of contract to allegations of fraud. In these situations, legal guidance can be crucial in helping parties pursue a swift and fair outcome.Trying to navigate these issues alone can be overwhelming, especially for business owners who already have more than enough to do in keeping their businesses humming. To avoid losing out to competing offers or making costly errors, it can be wise to consult an experienced attorney when faced with any commercial real estate matter.