Commercial real estate refers to a property that is used for a business purpose, but it can also refer to a piece of land that is intended to be used as a means to generate profit, especially with residential rental properties. With construction growing in the Tri-State area, many business owners are seeking an investment in commercial property including, but not limited to, malls, grocery stores, office buildings, manufacturing shops, and much more.
Attorneys specializing in commercial residential real estate can assist in a variety of ways such as:
1. Representing individuals seeking commercial property
Attorneys that represent individuals seeking commercial property can help you negotiate and analyze the initial investment costs. Overall, the returns on the investment have the potential to be much higher, but an experienced attorney can assist in the evaluation of the property’s worth and the likelihood of a high return on investment.
2. Representing companies seeking a lease on a commercial property
If you or your organization is seeking a lease on a commercial property, acquiring an attorney during the process can help determine areas where you can lease a commercial space. Qualifying for a lease of commercial property is not a universally standard practice, and there are many factors that come into play where an experienced attorney with the knowledge on this process can help.
3. Representing developers on new construction projects
An investment in a real estate law firm with a good reputation can save developers a significant amount of money over the course of a construction project. An attorney can draft and negotiate the contracts for new construction projects, assist in closing deals, and provide guidance to clients. Real estate attorneys have a comprehensive, insightful understanding of risk management to ensure clients receive the best possible advice in navigating the complex procedure of creating a construction project for a commercial business.
4. Representing contracts for a new purchase of property
As a business owner seeking a new purchase of property, hiring an attorney to perform the due diligence and look at facts objectively, allows more time for you to focus on your business. Since the commercial real estate attorneys are not making a commission, they can provide advice that saves you money and optimizes the development options of your newly purchased property.
Hiring a commercial real estate attorney before signing a contract is an essential step in protecting your investment. Contact Warren S. Dank today for a consultation.