4 Questions to Ask Your Commercial Real Estate Attorney

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Investing in real estate can be complicated. Commercial real estate lawyers NYC are the perfect partners to help you navigate this complex environment, in order to protect your investment. They have expert knowledge in real estate law, advisory services, and contract negotiation. However, simply hiring a real estate attorney should not be done without asking some important questions. The questions below are focused on hiring an attorney that is the perfect fit for you.

Question #1: Do they have relevant experience?

Every attorney is different. Just because someone has a law degree, doesn’t mean they have in-depth knowledge and understanding of real estate law. Additionally, some real estate attorneys specialize in certain areas. By looking into their experience and background, you can see what type of deals they have helped make in the past, what investments they have coordinated, and anything else you find important.

Question #2: How skilled is their staff?

When dealing with an attorney, you are often dealing with their staff as well. It’s important to see what the procedure is for communicating with additional staff members in case the commercial real estate agent falls ill, goes on vacation, or anything other unforeseen problems arise. In these circumstances, it’s important to see how skilled their other staff members are.

Question #3: What are their rates?

This may seem obvious, but it is probably the most important question for a commercial real estate attorney to answer. By seeing how much they charge, you can create a budget. Although, be wary of rates that seem too good to be true. Lower rates can also mean less experience, which may not be the best choice for long-term savings.

Question #4: Where are they licensed?

Each state has different real estate laws, so having a commercial real estate attorney who understands your state’s laws is absolutely critical to success. Be sure to ask where real estate lawyers NYC received their licenses to make sure they can complete your job upon hiring.

 

What Can a Buyer Expect From Their Real Estate Lawyer?

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When purchasing a piece of real estate, many buyers wait to contact real estate lawyers NYC until after they have already signed a contract to purchase the property. In reality, an attorney should be consulted prior to signing any documents so they can check into the seller’s claims about the property and be present during closing.

For most real estate transactions, the title work is fairly routine, but there are exceptions. Any issue with the title of a property is serious. A lack of deeded right of way, a mismatch between the calls in the deed and the boundaries established on the ground, or even a disputed ownership will require a competent lawyer’s assistance. An attorney can quickly look at the seller’s deed and title chain, looking for any disputes that the buyer should be aware of prior to going under contract. A simple title check will review all the documents recorded in a local office, where deeds are kept. After all, if you’ve decided to purchase a new construction in a lovely little community, you hardly want legal issues arising and compounding an already stressful process. That’s where a certified Real Estate Lawyer comes in, they can ease the process and assist in numerous different fields.

In addition to review a property deed, here are a few other ways an attorney can help buyers prior to signing any documents.

Reasonableness of Asking Price

Don’t mistake a real estate attorney for a real estate agent. They should not be expected to perform a property comparison analysis or an appraisal on the property. These tasks should be completed by the real estate agent and/or financing company. Although, attorneys who have been working closely with local real estate for several years will have a good idea of the current selling prices, price trends, volatility, and current market conditions. A real estate attorney can help buyers determine the reasonability of a seller’s asking price.

Lenders and Vendors

Real estate attorneys will also be able to provide recommendations to their clients regarding local lenders, brokers, agents, title companies, surveyors, excavators, local officials (building inspector, zoning office, etc.), appraisers, and contractors. This can prove to be a valuable resource for buyers, as it can help to save money, time, and aggravation.

Contract Terms

It is not that uncommon for buyers to be shown a potential property by a real estate agent that is representing the seller. Following the showing, this same agent will then provide a potential buyer with a standard purchase-offer contract. More often than not, these standard purchase-offer contracts are skewed to favor the seller. When the buyer has a real estate attorney, the attorney can then go over the purchase-offer prior to signing. This allows the buyer to completely understand all terms and conditions outlined in the agreement before making a decision.

As you can see, a real estate lawyer NYC can prove to be a valuable investment for buyers looking to purchase real estate in or around New York City. Warren S. Dank, ESQ., P.C. is a practicing real estate providing clients with confidence when purchasing a piece of real estate. If you are looking to purchase a piece of property, contact Warren S. Dank, ESQ., P.C. before you sign a contract.