From financing to taxes and from titles to surveys, commercial real estate transactions require a special skillset of legal real estate knowledge, proactive responsiveness, and a dedication to serving in the best interests of the purchase and/or sale of a commercial property. In most cases, commercial real estate matters are far more complex than that of residential real estate. As such, hiring a commercial real estate transactions attorney is critical in moving through the process clearly and successfully. If not handled correctly, contract contingencies may be written in such a way that favors the buyer or seller without the knowledge of the other party.
Commercial properties often carry high stakes, as the value of the property must be negotiated meticulously and accurately for all parties involved. Being aware of some of the most common issues in commercial real estate transaction can help a buyer or seller avoid potential problems. These common issues include but are not limited to:
- Accurate Property Valuation
- Negotiation Challenges
- Over-reaching (deals that potentially require much more capital than the buyers or sellers currently possess)
- Environmental Risks (especially those that are difficult to unearth during the transaction)
- Financial Risk Evaluation
- Assumption of Liability
- Zoning and/or Land Use Issues
- Inspection Problems
- Tax Implications
- Closing Conditions
- Title and Survey Reporting
Far too many people enter into commercial property purchase contracts without fulling understanding every aspect of the deal. Unfortunately, the complexity of commercial real estate transactions lends itself to a handful of potential challenges and setbacks. With high price points and even higher stakes, it is essential for an experienced, professional legal expert to guide you throughout the process of buying or selling a piece of commercial property. The Law Office of Brenda Murzyn, P.C. has years of experience in dealing with commercial real estate transactions. Call us today to speak with one of our Illinois commercial real estate attorneys!
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