If you are in the process of buying or selling a commercial property in Illinois, you will need more than just a realtor to finalize the deal. Hiring a commercial real estate attorney is the right move for various reasons. Since an attorney will be working for you and not getting a commission-based payment depending on how big the deal is, they will always advise you on what is best for you.
Furthermore, you can benefit from an attorney in several other ways that will make the deal better. Ktenas Law has experienced and dedicated real estate attorneys here to guide you through your commercial real estate transactions in Chicago and surrounding areas.
What Is A Commercial Real Estate Attorney?
For those unaware, a commercial real estate attorney is a lawyer who will represent you in your deal from start till end, i.e., until the closing. While the state may or may not require you to hire an attorney for your commercial real estate transaction, hiring one will only work in your favor.
So, if you are confused about when to hire a commercial real estate attorney, here are some of the reasons why as a buyer or seller, you may want to consider making this decision before you start with the process.
How Can A Commercial Real Estate Attorney Help a Buyer?
While hiring a lawyer will benefit both cases, several factors work better for a buyer and some for a seller. By discussing these personal benefits, you will be better positioned to analyze how it will help you specifically, depending on your circumstances. Please go through them and see how a buyer can benefit from a lawyer during the purchase of commercial property for their business.
Protect Your Interests
When finalizing a deal as a buyer for a commercial building, you need to be more careful. It is not just your house that the negative impact will only impact you; a business could get damaged if there are legal issues with the commercial site of work.
Thus, having a lawyer by your side throughout the real estate transaction process will ensure that you are safe from the possible negative impacts of the deal. Additionally, an attorney will also check the papers so that if the deal falls through, it doesn't impact heavily on you and your business.
For a businessman, time is the most important thing. However, getting things done the right way in the first go is also something you have to take care of. Investing in a law firm that can provide you with an experienced attorney will mean that you will save time to a huge extent.
Here, we are referring to the time you will save by not having to deal with documentation and the time you might have to invest in the future on building-related legal issues if you prefer not to hire a lawyer.
We are sure that you are great at what you do, but just like nobody else can do it better if they are not in your field, not everyone can handle legal matters easily. The papers you receive may look fine to you, and your realtor will try their best to close the deal. Still, only an experienced commercial real estate lawyer can identify if the documentation is legit and if the site is the right choice for you and your business.
How Can A Commercial Real Estate Attorney Help a Seller?
For those looking to sell a property, you might think it is easier than buying one, and therefore, you don't need a lawyer; you are partially right. Yes, it does seem easier than buying a property. However, you still need an experienced lawyer for your deal if you are a seller, and here is why.
Get You the Best Deal
While your realtor will try to get you the best deal in terms of money, your lawyer will help you make an informed decision. For example, if you are confused about whether you should sell your property and buy a new one or invest more in the current one, a lawyer can help analyze both properties' value and give you an honest overview.
Additionally, they might be able to get you a deal better than what you expected, even if the place itself has some issues. A lawyer can work your case and find pointers based on which your building's value will increase.
Guide You Correctly
As stated above, a realtor's interest lies more in the closing to earn their commission, which is fair on their part. However, with a lawyer, you can get the right guidance. By checking zoning laws for the site, you are planning to sell and even the one you may want to buy, they can guide you in the right direction.
Again, if you are selling a commercial property, you have been in business for quite some time and are probably looking for new or better ways to expand or rebrand your business. Whether it is your first step in the field or just trying to take a step further in your journey, you don't want to waste your time trying to figure out things that a lawyer can do better.
It is their job to prepare all sorts of documentation, and they are excellent at it. Thus, all you should do is focus on your business and leave the legalities on your lawyer.
Do I Need an Attorney?
After going through the benefits of having a commercial real estate lawyer, you would have gotten an idea of why you need an attorney. Even if you think that you are good to go, we suggest that you give us a call to arrange a free consultation session with you and how we can help you with your commercial real estate transaction.
How Much Does A Commercial Real Estate Lawyer Cost?
Lastly, if you are worried about the cost, you will be relieved to know that the cost is more like an investment with real estate lawyers. By investing in a law firm, you will be able to save hundreds and thousands of dollars that you might have to spend in the future if an issue comes up later.
Furthermore, the overall cost depends on how complex your case is and how long you require your lawyer's services. Contact Ktenas Law today to schedule your FREE consultation with an experienced commercial real estate lawyer.