Real estate transactions can provide great opportunities for investment, growth, and financial opportunity, but they can also be complicated by details that can potentially ruin your budget, or stall the project while you face regulatory hurdles. In addition, there are dozens of laws and regulations that must be followed in order for the process to be valid. An attorney that specializes in real estate law can facilitate your project running as smoothly as possible, without self-imposed hiccups or costly oversights. Read below for a better understanding of how a real estate attorney can impact your transaction.
What is success?
Your reasons for buying, selling, or leasing a property should have a significant impact on your approach. If you need liquidity, you will want to structure the deal in a way that lets others know that it has a high likelihood of going through quickly without a long, drawn-out fight. This can translate to friendly terms, proactively providing due diligence, or even gathering statements of support and goodwill from neighborhood groups.
On the other hand, your definition of success may be to see the property be used for a special range of functions that continue the legacy you have built in the city, and supports a vibrant local community. In such a case, an attorney can help you bring ideas to the table that will be cashflow positive while filling a perceived community need, and ingratiating them with their new neighbors or neighborhood council.
An attorney will be able to not only help you understand how to achieve your goals, but can do much of the creative thinking and leg work for you. After all, you do not want to end up sacrificing some of your financial opportunities while attempting to achieve your goals yourself.
Both private landowners and public entities often need consultation when negotiating tax incremental financing (TIF) and tax abatement arrangements (LERTA). When a law firm has a robust set of expertise in construction law, banking law, and finance, real estate attorneys can better represent their clients with more favorable deals.
What happens when issues arise that complicate the transaction? For some, finding out that a lien has been placed on the property, or that a structural problem exists within the building might seem like a daunting obstacle to overcome. Few likely have the bandwidth to chase down contractors who never finished their work, and resolve an issue with a firm that no longer operates in the same way it did when an erroneous lien was placed on your property.
If the challenges cannot be resolved quickly, a commercial real estate attorney can help market the property in a way that is still potentially attractive to buyers. Additionally, an attorney can be used if the transaction is going to be complex, such as if there are other leases on the premises with less than favorable terms, or there are owners with partial shares or complex equity arrangements that affect the property and who needs to be a part of the transaction.
When there is a chance of complications, it is great to have an attorney involved who understands where the priorities of each party in the transaction, and can work to efficiently take care of impediments that arise over the course of the deal.
Real estate lawyers help you negotiate the sale, analyze a contract, explain the purchase agreement and facilitate closing. Furthermore, a commercial real estate attorney will have a trained eye at recognizing suspicious contract terms or identifying a potential pitfall. At every step of the buying and selling process, an attorney is also able to answer any questions that might arise or make a recommendation. In essence, a commercial real estate attorney will make buying or selling a property an infinitely less stressful experience.
There is a significant amount of time, energy, and money that goes into making a deal happen. From zoning clearances, to financing, gaining community and association support to terms that will not come back to bite you. Unless you have a firm understanding of tax options, construction law, banking and finance deal structuring, and an understanding of city and county policies, you should probably consider hiring a specialist to handle the leg work and act on your behalf. As one of the most highly regarded firms in the field, we enjoy making deals as easy as possible for those we represent. Give us a call at (913) 320-3830, or reach out to us at https://hunterlawgrouppa.com/ to discuss your project.