Whether commercial or residential, real estate is a complicated business, filled with laws, regulations, and other intricacies that require paperwork, expertise, and most importantly, time. Many people try to navigate these waters alone to save money, but we’ll look at why a commercial real estate lawyer Austin TX may be necessary.
Acquisition and Loan Documents
Depending on the financial institution that is extending funding, acquisition can be a very involved and inscrutable process. Loan paperwork can be difficult enough to comprehend if you are securing funds for an automobile or home mortgage. A commercial acquisition is even more complicated, and a misstep or breach could have costly legal consequences. It’s often best to let them be handled by a commercial real estate lawyer Austin TX because of this.
If you’ve ever bought or sold a home, you know that closing is no picnic. You are required to go through what seem like hundreds of pages of disclosures and agreements. A closing agent or banker will likely perform due diligence and summarize what you’re signing, but at the end of the day, you haven’t fully read the documents, and you’ve legally agreed to be bound by them. A commercial real estate lawyer Austin TX will read through them and advise you of your rights, recommend changes where they see fit, and provide a layer of legal protection if a dispute occurs.
On the topic of disputes: Closing is hardly the end. If a person or company takes out a mortgage on a property, and the financial institution or governing zoning body takes issue with an action, legal counsel will be mandatory. This is an example of why it’s best to have them on-board from the beginning. On the other side of the coin, if a default or bankruptcy occurs, you will want them in your corner as well.
Real estate laws are complex, and for the non-legally minded, entering into agreements without representation may be a fool’s errand.