For most people, shopping for a new home doesn’t involve a call to the lawyer. While real estate attorneys can help investigate residential homes before buying, it’s not the norm for the average buyer. For that reason, investors looking to move into real estate sometimes miss the important benefits of having counsel when dealing with commercial property. There are a range of services property investors need that are supplied directly by their legal representation, and there are even some benefits for individuals when buying valuable or historic homes, as well as homes in probate or in another city or state.
Investigate Properties Before Purchase
Using a commercial real estate attorney Austin means getting a chance to check for outstanding legal entanglements that might involve the property before you buy. Since certain types of liens follow the property and not the borrower, this can help you avoid being bogged down with negotiations, paperwork, and mediation when you really want to be closing. It can also help clear up whether there might be probate issues waiting in the wings if you buy property from the surviving family members of someone who has recently passed on.
Handle Disputes With Renters and Contractors
Another great reason to keep a real estate lawyer in your social circle if not on retainer? Rent disputes. Instead of having to go through the process of filing all your own paperwork when there is nonpayment for rent or damages, let a professional address the situation to make sure your filings are all correct and the information in them is persuasive. This is especially important for investors who manage their properties directly and have a lot of them. It’s also useful when the dispute runs the other direction and the tenant is attempting to force property upgrades beyond agreed-upon maintenance.
Have an Expert Eye Approve Lease Contracts
If you’re investing in commercial property for the long haul, there’s a good chance you’re signing multi-year leases with other businesses. In that case, each one is incredibly individualized, spelling out items like the tenant’s right to modify the property and your obligations to help with maintenance in light of any modifications. You need to protect yourself with the precise language a lawyer working in real estate knows how to use, and having a pro oversee the boilerplate rental agreements you use in multi-unit residential properties and other home rentals can’t hurt either.
The more legal help you have when negotiating the deals the expand your portfolio and increase your income, the better protected you will be against unforeseen developments. It’s just that simple. Does everyone need a property lawyer? Probably not. Does every property investor? You bet.