Securing the best deal in a commercial real estate transaction not only can place your business at an advantage in the short-term it can also hold long-term benefits as well. Individuals who enter the commercial real estate market without an experienced commercial real estate lawyer assume a certain amount of risk particularly if counsel represents the other party. When considering representation in a commercial real estate transaction, one should consider the following factors.
Some commercial real estate deals are simple and nature, making hiring counsel probably cost prohibitive. For example, a transaction involving a standard Letter of Intent and sale documents where both parties are on the same page will likely not require a commercial real estate lawyer. However, if the transaction holds even the slightest possibility of moving beyond a straightforward deal involving standardized documents engaging a commercial real estate lawyer is advisable to be certain all documents are drafted properly, and proper due diligence and closing are conducted.
Low-risk transactions may not require counsel; however, one should ask are any commercial real estate deal low risk given the cost of potential problems that can arise in the negotiation and closing of a commercial real estate transaction. Rather a better way to look at risk in these transactions is whether the risk involved in a deal you may outweigh the cost of hiring counsel. In many cases, counsel can spot trouble spots and avoid future risks that a layperson may not see providing a benefit beyond the simple cost comparison.
If there is any chance, negotiations will be contested hire a commercial real estate. Hiring counsel not only helps resolve disputes but also ensuring you get the best deal possible from the negotiations.
A skilled commercial real estate lawyer like Mak Radicic can assist with legal needs in a number of areas, which not only saves you time but also allows you to avoid having to spend money on multiple lawyers.
A party purchasing or selling commercial real estate should understand that there should be an end game, in other words, a buyer or seller should know well in advance what they to get out of this transaction.
Although it is not possible to know everything, it is possible to know enough to help you leverage the most out of a transaction. In this case understanding the current commercial real estate market landscape will help a buyer or seller make the most out of a deal. Buyers and sellers in the commercial real estate market can benefit from market reports, which can provide useful information in gauging the terms of a deal.
Even the best-laid plans do not always come to fruition. In this case, it is important to have a contingency plan in case a transaction takes an unexpected turn. In some cases, buyers and sellers will consider what to do if the other party unexpectedly changes course in negotiations or if the deal no longer becomes practical from a business perspective.
Retaining an experienced commercial real estate attorney can help get the best deal possible, and offset a great deal of risk particularly if the transaction is complicated or involves contested negotiations.
At the Radicic Law Firm, we provide a range of both technical and specialized legal services in a one-stop shop manner which can reduce and streamline the time and costs needed to address your commercial legal needs.