Real estate litigation is one of the more complex areas of the law, but with the proper help, those involved in commercial real estate dealings can expand their enterprises and create long-standing business dealings for years to come. Mack & Mack Attorneys are here to help any property owner in the York area with acquiring or selling commercial property.
Real estate attorneys are legal professionals who primarily deal with the transfer of property rights during a real estate deal. These attorneys are legally and professionally able to write and analyze documentation and contracts about the purchase and sale of a home or commercial space. They also have a full understanding of state zoning regulations, building restrictions, and legal statutes regarding historical or protected property, which is necessary for any new property development.
For commercial property purchases, both the buyer and the seller might retain legal counsel to represent their best interests throughout the transaction, especially for things like inspections. If an attorney is supervising a closing where a property is being bought with a mortgage loan, the lawyer can be the mortgage lender’s or title company’s representative.
Real estate attorneys are used by those purchasing or transferring property titles, and they can also assist landowners with various real estate disputes. Commercial real estate is any property with upwards of five units or industrial spaces like warehouses and factories. One of the most common tasks that commercial real estate lawyers help buyers with during the purchasing process is making sure any paperwork or agreements are settled. However, their services go beyond drafting contracts and can include:
Commercial sales tend to be more intensive than residential real estate, requiring these lawyers to handle larger buildings, units, and more contracts than a typical home. For example, if a developer wants to build a commercial apartment complex with 30 units, a real estate lawyer who specializes in commercial properties can help with the acquisition of the property, development of the units, and farther down the line, the lease agreements for any tenants in the building. With such a high volume of work, hiring an expert real estate lawyer is essential for any commercial real estate development.
The primary distinction between these two subspecialties of real estate law is that commercial real estate law necessitates in-depth expertise in a select few crucial areas that are unique to businesses. In addition to working on deals between purchasers and sellers, handling title disputes, reviewing contracts, and negotiating with lenders, commercial real estate lawyers also deal with:
Commercial real estate lawyers need to understand both business law and real estate law to have a functioning practice. Business law, although it primarily deals with legal issues between business transactions, comes together with real estate law when discussing the sale and purchase of commercial properties, in addition to lease agreements and tenant contracts. To successfully execute a commercial real estate deal, an experienced commercial real estate lawyer can bring the expertise of both fields together when aiding in any property acquisition.
Real estate transactions are governed by rules that vary somewhat from each state, and in some cases, certain activities taken as part of the transaction are regarded as “practicing law.” These rules are frequently designed to stop real estate brokers from practicing law in a position for which they are neither qualified nor authorized.
For instance, because many jurisdictions view the preparation of legal documents on the sale of a property as falling under the purview of the law profession, only a licensed attorney is permitted to draft required legal documents. Real estate brokers increasingly employ standard form contracts for property acquisitions, which non-lawyers can legitimately complete on their own in some regions.
Several states compel the involvement of a real estate attorney, but only a small number of them need the attorney to be present in person at the closing of the sale. York, South Carolina does require a real estate attorney to be present for all commercial real estate closings. The five steps that need to be completed by a real estate attorney during any property sale include:
Those purchasing commercial property must work closely with an attorney to arrange a closing date that works for all parties to be present. The buyer is often responsible for selecting the lawyer in real estate transactions. When looking for a real estate lawyer for these closings, be sure to choose a real estate law firm that can supply high-quality attorneys.
Navigating the commercial real estate system for property sales and acquisition requires a highly skilled lawyer, and no other firm delivers results like Mack & Mack Attorneys. Our team of exceptional commercial real estate lawyers can help navigate any property dealing, helping those looking to expand their business do so with ease. For information about our services, including a full list of our practice areas, visit our website and get in touch with us for more details.