If you are buying or selling commercial real estate, you will need the help of a commercial real estate attorney. Commercial real estate has different legal considerations and complexities than residential real estate. Therefore, when purchasing or selling commercial real estate, it is wise to speak to commercial real estate law lawyers near you, who focus on the types of issues unique to your commercial property.
What Is a Commercial Real Estate Lawyer?
Commercial real estate lawyers specialize in commercial real estate rather than residential real estate. Residential real estate transactions are similar because the legal issues are generally the same for each sale. Residential real estate transactions can usually be completed much faster than commercial real estate transactions. Each commercial real estate transaction presents different legal considerations.
Many commercial real estate attorneys handle all types of commercial transactions. However, it is common for a commercial real estate attorney to further specialize in certain legal areas of commercial real estate. For example, some commercial real estate attorneys handle only property that is being developed, such as a subdivision or a shopping mall development. Others may deal only in properties that are subject to bankruptcy or foreclosure. Finally, some commercial real estate lawyers only handle property litigation transactions.
What Does a Commercial Real Estate Attorney Do?
Commercial real estate attorneys must have specialized knowledge of the legal issues presented by commercial real estate law. Commercial property laws are much more nuanced than residential property laws. Often, a commercial real estate attorney’s clients are businesses looking to purchase or sell properties. Depending on the legal issue presented by the transaction, commercial real estate lawyers often deal with the following:
- Title review;
- Real estate development laws;
- Zoning laws;
- Commercial leases;
- Closing documents;
- Contracts binding the property;
- Special commercial financing considerations;
- Litigation involving the property;
- Legal issues relating to landlord and tenant disputes; and
- Transactions involving multiple commercial property locations.
When to Hire a Commercial Real Estate Lawyer
Whether you are the buyer or seller of commercial real estate property, you will want to contact the best commercial real estate lawyer near you as soon as you begin to consider a commercial real estate transaction. You will not want to wait until a legal issue arises before seeking legal assistance. Instead, it is wise to involve an experienced commercial real estate lawyer from the very beginning.
If you reside where the commercial property is located, commercial real estate attorneys near you will be familiar with the zoning laws and restrictions in your city, county, and state. If you are involved in a commercial real estate transaction concerning a property in another state, you or your local attorney will need to consult with a commercial real estate attorney in that state.
The option to rely on the real estate attorney who handled the closing for your home may not be available unless you know that he or she is also experienced in commercial real estate transactions. Commercial property law is significantly different from residential property ownership law. Most of the time, a lawyer for commercial real estate near you will not also handle residential real estate transactions.
How Much Does the Average Commercial Real Estate Lawyer Cost?
Commercial real estate lawyers generally charge more than residential real estate attorneys. However, these attorneys’ fees vary dramatically based on the area of the country, the attorney’s experience and specialization, and the types of legal issues in the transaction. The more complicated the transaction is, the longer it is likely to take, and the attorney will work many more hours on such cases. If the attorney is charging by the hour, as most commercial real estate attorneys do, the total fees for a complex transaction can be substantial.
Commercial real estate attorneys located in some of the larger cities like New York, Los Angeles, and Chicago, for example, may charge three or four times as much as one in a small town or rural area of the country. In addition, if the commercial transaction involves bankruptcy or foreclosures, the attorneys’ fees will usually be higher than for a more straightforward transaction.
Do Commercial Real Estate Attorneys Usually Charge for Consultations?
Many commercial real estate attorneys do charge for consultations. However, most commercial real estate lawyers charge by the hour for their services, and consultations regarding commercial properties can be lengthy and involve the attorney’s specialized knowledge. Thus, while some commercial real estate attorneys may offer an initial free consultation, most do not.
