Are you considering buying or selling commercial property or looking for a space lease for your business? While you may rely on a realtor when buying or selling a home, you should make it a priority to carefully select an experienced commercial real estate attorney when buying or selling commercial property, leasing office or retail space, starting construction or development projects, and other types of commercial property transactions.
Why Hire a Commercial Real Estate Lawyer?
Commercial real estate transactions can be very complex. An experienced commercial real estate lawyer will help guide you through all steps of the transaction, from negotiating and entering into the agreement, to reviewing and analyzing due diligence materials, to facilitating the closing. They will also be there to help handle the unexpected matters that pop up along the way. An experienced lawyer will be able to help you navigate the complexities of the transaction, all while helping you protect your interest, minimizing your risk, and ensuring a favorable outcome. So, why hire a commercial real estate lawyer?
Protect Your Interests
If you are buying, selling, or leasing commercial property, hiring an attorney can protect your interest by making sure the agreement is fair. An experienced commercial real estate attorney can guide you through hidden consequences within the agreement and help make sure you understand the terms and conditions of the deal. A well-written purchase agreement or lease can also help protect you from issues that may emerge after closing or signing of the lease, such as hidden defects with the property, which will save you time and money.
Save Your Business Time
Most business owners do not have the time or the desire to understand or involve themselves in the legalities of buying, selling, or leasing commercial property. This is where your attorney comes in. An experienced commercial real estate attorney will be able to ask the right questions, analyze the facts objectively, prepare the necessary documents, and take on your worries so you can focus on what is most important to you, running your business.
Navigate Laws and Incentives
Understanding zoning laws and tax incentives available to you and your property can be an invaluable quality of an attorney. For example, an experienced commercial real estate attorney knows how to conduct the proper diligence to ensure that the intended use of the property complies with all zoning laws and requirements, and how to structure your transaction correctly to enable you to take advantage of certain tax incentives, such as the deferral of capital gains tax through a properly structured 1031 transaction.
Preparation and Due Diligence
Every word and term in a commercial agreement is subject to negotiation, and real estate purchase and sales agreements and commercial leases can be quite extensive and complex. Unlike a realtor or a broker, your attorney does not make a commission on the sale or purchase of the property. Rather, when you hire an attorney, he or she is working for you and looking out for your interests, which will save you time and money.
Client Assurance
Finally, hiring an experienced commercial real estate lawyer will provide you peace of mind. You can relax knowing that you have a professional working on your behalf and looking out for your interests to minimize your risk and maximize the positive outcome for your commercial property investment.
If you are thinking of buying, selling, or leasing commercial property, the attorneys at Ringenberg & Rattner Law are here to help. Real Estate Law is the cornerstone of our firm. Our attorneys have the experience and background needed to assist you in all types of commercial real estate transactions. We would love to hear from you today!
Additional Resource: CREXI breakdown of Omaha’s Commercial Real Estate Market
Ringenberg-Rattner Law
Ringenberg & Rattner Law is a boutique law firm in Omaha that specializes in real estate and corporate law. Contact our experienced team of lawyers in Omaha today to schedule a consultation. Our areas of practice include real estate, business, and banking.
