Unlike commercial real estate buyers, most sellers do not put much thought into hiring legal support for the sales process. They may believe that they don’t have much to lose, unlike their counterparts.
But this couldn’t be further from the truth. Commercial real estate transactions are riddled with risks for both the buyer and seller. Besides protecting your rights, an attorney can perform tasks that require the advanced legal knowledge and skills of a professional.
Why does a commercial seller need a Houston real estate lawyer?
A lien judgment is an order placed on a property by the court, allowing a creditor or lender to repossess the real estate should the owner forfeit their debt obligations. This can spell disaster for your selling plans and even put off potential buyers.
If you cannot afford to pay off the debt right away, a real estate lawyer can work out a plan to get the lien removed or propose an arrangement that allows you to sell.
When you list your commercial property with a real estate broker, they’re likely to give you a listing agreement to sign. Most sellers sign this document without a second look, which is a mistake that can haunt you later.
Issues such as the commission percentage and when this should be paid are often a source of contention between brokers and sellers. To prevent disputes, have an attorney go through the contract before signing.
Besides the listing agreement, there are numerous other documents involved in a real estate sale. Some require drafting, others reviewing, and others filing with relevant authorities.
An experienced lawyer will know what paperwork you need and what provisions to look out for while reviewing, as well as the deadlines to file official documents.
When making a commercial real estate sale, it’s likely that the buyer will have strong legal counsel to support their best interests. You should have one, as well.
A real estate attorney can not only negotiate the sale amount for you but also various clauses in a contract so that you’re getting the best deal.
There’s a long list of other things that a real estate lawyer can do for you as a seller. Commercial real estate sales are not straightforward, and making a successful closing might depend on your legal representation. The Curry Law Firm has an offer for a free initial consultation to review your property and chart your best way forward.