The buying and selling of any type of real estate should always entail making sure that you’ve dotted all I’s and crossed all T’s. But when considering the purchase of a commercial property, the potential – and therefore, the potential exposures – that you can face may be much greater than those you face when simply purchasing a home or a condo.
Depending on the type of property that you’re buying, you could run into a plethora of various liens and title related issues. There may also be concerns with regard to zoning. In addition, as a commercial property buyer, you may or may not always be afforded the same mandatory disclosures that are required with residential property transactions.
As the purchaser of a business, there are a number of additional potential legal disputes that you may be faced with. These could include the following:
- Title defects
- Mechanics liens
- Environmental contamination and / or hazardous waste
- Zoning and / or land use issues
Oftentimes, those who buy or sell commercial property feel that if they hire a commercial real estate broker, they have covered all of their bases. Unfortunately, this is not necessarily always the case.
The benefit of also having competent legal advice on your side as well is that the real estate deal can stand on its own. Real estate agents and brokers will often not get paid unless or until a deal closes. In addition, real estate listing agreements will usually state that brokers and agents not provide their clients with legal advice.
With this in mind, you will be in a much better position for obtaining the legal advice that you need – and to get that advice on an impartial basis – when you hire legal counsel on your own.
For more information on the benefits of ensuring your Florida commercial real estate deals with legal counsel on your side, contact us.