Although 33% of people who buy homes in the U.S. are first-time buyers, that doesn’t mean that residential real estate is your only option for property investing. Commercial real estate can be a highly lucrative option — and while the U.S. housing market is booming right now, there are plenty of opportunities in the commercial sector.
But before you sign on the dotted line, you probably need additional support. While you might think a real estate agent will provide you with all the help you need, you may find you also need the expertise of a commercial real estate attorney. Let’s take a closer look at how real estate attorneys differ from agents and why you might want to consider contacting NJ real estate lawyers for your next commercial investment.
Real Estate Attorney Vs. Real Estate Agent
It’s important to note that your agent and your attorney will serve different purposes during the buying process. Although neither one is technically required, it’s smart to surround yourself with knowledgeable professionals. But how do attorneys and agents differ?
Your agent will typically know a lot about property locations, how to conduct comparative analyses, and how to identify or address potential problems within the property itself. They can play an integral role in helping you find the right commercial property for your needs and determining its value.
However, agents can’t answer your legal questions (even if they’re somehow related to real estate). They also may not have the legal knowledge required to draw up a contract that protects your interests with fairness in mind. While agents do engage in negotiations, your real estate attorney can negotiate on your behalf in a way that ensures legality. They can also offer better protection for the future and ensure factors like zoning laws will be taken into account before the commercial real estate deal is finalized.
In the end, having both a real estate agent and an attorney by your side can safeguard your rights and your investment. What’s more, your lawyer can continue providing assistance even after the deal is finalized. Among other things, your real estate lawyer can help you with:
- Property research and surveys
- Price and contract negotiation
- Vendor and lease agreements
- Title and title insurance issues
- Zoning laws and land use concerns
- Lien searches
- Closings, escrow, and fund disbursement
- Issues with eminent domain
- New construction contracts
- Commercial lease litigation
- Document preparation
- Risk reduction
The bottom line is that your real estate lawyer can see to all the important details, protect your rights, and make sure yours is a smart investment — all while prioritizing adherence with the law. Investing in commercial property is a big decision that shouldn’t be taken lightly. By hiring a real estate lawyer, you can gain valuable peace of mind while saving both time and money. To learn more about how our team can provide you with the support you need when purchasing commercial real estate, please contact The Segalas Law Firm today.