Commercial real estate law is an area of the law that deals with anything involving commercial property. Attorneys specializing in commercial real estate handle a wide range of legal issues related to buying or selling property, developing commercial or residential properties, managing properties, drafting contracts for the sale of land and buildings, negotiating leases, drawing up commercial leases, representing landlords and tenants in court, and other matters.
As you can see, commercial real estate law is a fairly broad field of practice that involves many different types of transactions. It includes everything from negotiating a contract for the purchase of a building to even drafting a will to set up property transfers. Additionally, commercial law often veers into foreclosure law and general business law.
Many lawyers work as general legal counsel for companies that own or manage office buildings, shopping centers, warehouses, retail stores, industrial facilities, and apartment complexes. Some specialize in commercial real estate law and have extensive knowledge of landlord-tenant law, construction law, tax law, zoning laws, environmental laws, and potential real estate disputes.
Finding a good commercial real estate lawyer is no easy task. You want someone who has experience working with buyers, sellers, lenders, and title companies and should be able to help you understand any real estate transaction from start to finish. In addition, you should find legal professionals willing to work within your budget.
Why Do You Need a Commercial Real Estate Attorney?
Commercial real estate lawyers work to protect the interests of both parties when it comes to transactions involving property. A lawyer will assist you in preparing documents such as sale agreements, leases, and mortgages. They will also represent you if there are any contract disputes or disagreements over the terms of a transaction.
A lawyer can guide you through whether certain types of financing are available, what kind of insurance coverage you need, and what kind of improvements are necessary before you can sell your building. If you’re planning to buy a new building, they can protect your interests by helping you negotiate a fair price for the property.
A commercial real estate lawyer can also help you determine which type of property is right for your needs. For example, you may have questions concerning zoning requirements for your specific location. Also, they can help you decide between renting and owning your building.
Understanding the zoning laws for your property is important because they affect what kind of construction can be done, what kind of business can be operated on the property, and the amount of money you can make from renting out the space. An experienced commercial real estate lawyer can explain the various options and help you choose the best one for your situation.
Selecting A Commercial Real Estate Lawyer
Given the significance of having a commercial real estate lawyer at your side throughout the transaction, choosing the right person is essential. It’s not enough to find someone who offers low rates and promises great service; you must find someone with the skills and knowledge needed to perform your job effectively.
Niche Specialty
The first step toward finding a commercial real estate lawyer is determining what type of law expertise you need. For example, you might be looking for someone with experience in landlord-tenant matters, or you could be seeking assistance with land acquisition deals. Regardless of your specific needs, you should look for someone whose knowledge and practice areas match those needs.
Experience
You don’t want to hire someone who doesn’t have much experience handling commercial real estate transactions. The lawyer you choose should have worked on several projects similar to those you plan to do yourself. This doesn’t necessarily mean you need to hire a huge, expensive commercial law firm; you can easily find a boutique law firm that offers a wide range of real estate law services and has considerable experience.
You should consider how long the attorney you hire has been practicing law, and specifically commercial real estate law. When selecting a real estate lawyer, you want to know that you’ll get quality service from someone who has years of experience under their belt and will be able to handle any unexpected issues.
Reliability
When searching for a commercial real estate lawyer in Austin, Texas, you should ask about the lawyer’s reputation:
- Ask friends and family members for recommendations.
- Check online reviews for the law firm to see if other clients were satisfied with their services.
- Check with your local bar association to learn more about a lawyer’s background.
Approachability
You should have an open and communicative relationship with your attorney and their law office. Commercial real estate lawyers often specialize in several areas of the law and can help you with many aspects. Therefore, you should expect to meet with them regularly during your business dealings. They should be able to answer all of your questions clearly and quickly.
Communication is key when dealing with a lawyer. The lawyer you choose should be willing to discuss any concerns regarding the commercial or residential real estate transactions you need to make. They should also be open to discussing potential problems throughout the process.
If you are worried about something, your attorney should understand why you feel this way and offer advice on how to resolve the problem. A good lawyer will listen carefully to your needs and provide clear answers to your questions. They will also be ready to take action as soon as possible.
An experienced real estate attorney should always keep both the commercial and residential clients informed about the status of the case. They must stay up-to-date on developments so that they can respond appropriately.
Be Consulted on Costs
It’s important that you work with a real estate attorney who understands your budget. If you are working with a friend or relative, you may end up paying too much for legal services. However, an expert commercial real estate lawyer should be able to help you negotiate a fair price for your project.
In addition to helping you set a reasonable fee, the lawyer should also be prepared to explain the costs associated with each aspect of the deal.
The cost of hiring a commercial real estate lawyer can vary greatly depending on the size of the project and the complexity of the issues involved. The best way to find out what kind of fees you will incur is to talk to the lawyer before signing anything. Many law firms will offer a free consultation where you can explain your situation and get a feel for how well you and the attorney would work together. In addition, make sure that you understand exactly what services you are getting at every stage of the process.
You should always be wary of a lawyer who tries to charge you a high hourly rate. You should never sign a contract without first reading it thoroughly. Make sure that you know everything there is to know about your obligations and rights under the agreement.
Hire Kelly Legal Group
If you are a commercial property owner or are planning to buy commercial property, you probably already know there are many things involved in commercial real estate law. From getting pre-approved for a loan and finding a real estate broker to help you negotiate a deal to drafting a lease and handling legal disputes, there are plenty of steps a commercial real estate lawyer can help you navigate.
Our Austin real estate lawyers at Kelly Legal Group can assist you with buying, selling, leasing, financing, and developing commercial property. For over a decade, our lawyers have represented property owners in real estate legal services like both commercial and residential real estate law and, when necessary, complex real estate litigation.
Our experienced real estate attorneys are licensed by the State Bar of Texas and are members of the American Bar Association. Contact our law firm today for more information on how we can help you with your commercial real estate needs. You can also reach us by telephone at (512) 505-0053.
