When selling commercial real estate, many people assume they can depend on the services of their buyer's attorney. However, it might it may be wise for sellers to hire their own experienced real estate attorney who can personally assist them with the transaction. Besides preparing important documents, a real estate attorney can be very beneficial to sellers in other ways as well.
In commercial real estate transactions, sellers typically need an attorney's help with preparing the deed and the closing documents. However, commercial real estate attorneys could also protect sellers from unanticipated liability issues and help them to benefit fully from the sale. Further, commercial real estate attorneys can greatly assist sellers whenever their property is being listed.
When listing their commercial property, many sellers rely on a real estate broker regarding the listing agreement. However, because these documents are usually broker-friendly, an attorney could advise sellers on how to negotiate their realtor's commission in the seller's best interest. The attorney could also review the property's purchase and sale agreement before the seller signs it. Unlike a real estate agent, the attorney can legally change any of the agreement's terms and conditions and can help decipher broad title warranty language within the document, which can contain information that could lead to future title-related liability issues.
In regards to the real estate closing, an attorney representing the seller can ensure that all the documents contain accurate facts and that the correct forms were used. Sellers can be liable for any incorrect statements and affidavits that have not been approved by their attorney.
Commercial real estate transactions entail a variety of complicated legal details that could lead to disputes and lawsuits if overlooked. For these reasons, it may be a good idea for those who are selling or purchasing commercial real estate to seek the guidance of legal counsel.
Source: National Law Review, "Commercial Real Estate Sellers: Hire Your Own Attorney!", J. Drake Brinkley, March 27, 2017