You?re buying, selling, or renting a property? Whether you want to live there, build on a property, or use it for a business, the whole situation can get very complicated and costly. You definitely don?t want anything to go wrong, and you don’t want to pay anything more than you need to.
Because we don’t want to spend money needlessly, a lot of us think about getting a lawyer for this process only after something goes catastrophically wrong. However, it is worth considering getting some help and advice right from the outset from an expert in the law. How do you know if you need a real estate lawyer?
What Do These Lawyers Do?
Glad you asked! Commercial real estate lawyers deal with the constructing part of a business or development. They know all the zoning laws and help hammer out agreements with contractors. They mediate disputes, stand up for you in arbitration, and consider issues of employment law.
Then there are residential real estate lawyers. They help with disputes between landlords and tenants, they can work through issues like escrow with you, and they navigate issues with foreclosures and loans.
OK, But How Much Does it Cost?
Most lawyers are going to charge hourly rates, and the rates will depend on how complex the situation is. It also depends on if an attorney is just reviewing documents, or whether the attorney also has to draw some up.
The best thing to do if you?re considering when to hire a commercial real estate attorney is to talk to several and get an idea of rates in advance. Some might be willing to give you a quick estimate of how much a case like yours tends to average.
But How Can A Lawyer Help Me?
The lawyer will help you understand the ins and outs of regulations, which can be very complex when dealing with inspections or environmental regulations. An attorney hired at the outset will also be familiar with all your agreements and contracts and able to understand and mediate disputes quickly, should they come up.
And speaking of contracts, lawyers can also help you set their terms in a way that will be most favorable to you. If the attorney has had a hand in setting things up right from the beginning, it means not only is it less likely there will be issues later on, but you won’t have to get a lawyer up to speed on your particulars before he or she can start working for you.
It can be a bit scary to contemplate hiring a lawyer, and some people think of them only when problems have already arisen. It can potentially save you a lot of hassle, cost, and stress, though, to consider getting one before an issue comes up!