Perhaps you’re new to commercial real estate, or maybe you fancy yourself a seasoned professional in the industry. Regardless of who you are, the question remains: What purpose do attorneys serve in commercial real estate transactions? The attorneys at Galbut, Walters & Associates LLP have detailed what we do during crucial parts of the process to help you understand the value of legal guidance.
The purchase agreement
The first point in the process at which you can benefit from a real estate attorney’s services is when drafting the purchase agreement. If you’re the seller, an attorney can help you prepare a comprehensive purchase agreement to minimize your potential liability and protect your interests. If you’re the buyer, having a legal professional review the purchase agreement before signing it ensures that agreeing to its terms doesn’t jeopardize your position in the transaction.
Due diligence
Performing a due diligence review is a critical step in commercial real estate transactions. It is an opportunity for buyers to gather information about the property to ensure it’s something they genuinely want to invest in. A real estate attorney can provide buyers direction in this process, yielding a greater depth of analysis. With a complete understanding of your assets and liabilities, choosing whether to move forward or walk away is easy.
Closing
Closing is the stage at which it’s mandatory to have legal representation in Florida – and for good reason. With so many documents coming at you, it’s tempting to check out and sign with reckless abandon. However, there could be errors or inconsistencies in these documents that could expose you to liability. With a keen legal eye on the documents, you can rest assured that the closing process will go smoothly and be free of issues.
The bottom line
With so much at stake, it pays to have legal guidance in commercial real estate deals. If you’re a buyer or seller in Miami, the attorneys at Galbut, Walters & Associates LLP can help you navigate transactions confidently.