If you own a business, you understand you have more to consider than daily processes. One thing you may have to take into consideration regards your commercial real estate, especially if you’re looking to move or expand your operations. When looking to buy, sell, or lease, understanding the most common errors regarding commercial real estate transactions and how to avoid them can ensure your deal goes as smoothly as possible. The following blog explores how a Texas commercial real estate lawyer can assist you during this process.
What Mistakes Should I Avoid in Commercial Real Estate Transactions?
Unfortunately, commercial real estate transactions can be incredibly complex, with confusing language and terms that could cost you money or a deal entirely.
Generally, one of the most significant mistakes made in these transactions regards finalizing a deal before zoning approval. Many investors feel rushed and pressured to close a deal quickly, leaving them vulnerable to obtaining a property they may not be able to use as intended. It’s critical to ensure you understand how the property can be used before signing any contract.
Another mistake many make when engaging in commercial real estate transactions is discussing the deal before it’s finalized. Though you may be excited about your great deal, it’s not yours until everything is signed! Unfortunately, this means another party could come in and make a better offer to obtain the property instead of you.
Finally, you’ll want to consider why the owner is selling the property. You may have found what you believe to be a great deal when in reality, your business will be impacted by a construction project that impacts parking, access to your building, and the comfort of your business. As such, it’s necessary to learn why the seller is moving the property, as this can heavily impact your decision to sign the deal.
How Can an Attorney Assist Me Through This Process?
If you are considering moving commercial properties, it’s critical to enlist the help of an experienced attorney to help you navigate the complexities you may face.
Not only can an attorney review all contracts before signing to ensure they are legally binding and valid. Unfortunately, a number of oversights can arise during this process that can cause significant financial errors for you and your business if you do not have legal representation. Additionally, they can assist you with zoning laws and negotiations to ensure you are getting the best possible deal.
At Dillard Property Law, PLLC, we understand how complex these issues can be. That’s why our team is dedicated to helping you navigate these complicated matters. Our firm is dedicated to providing you with the best advice to help you make an informed decision for your business. Contact our office today to learn how we can assist you with these matters.
