Commercial Real Estate Lawyer
A commercial real estate lawyer specializes in representing clients who own or are looking to purchase commercial properties. Commercial properties can consist of a wide variety of different types of real estate, ranging from retail stores and restaurants to skyscrapers or sports stadiums.
Commercial real estate lawyers must have a strong ability to understand and work with complex transactional documents and contracts. Commercial real estate lawyers will typically only work with commercial real estate and not any other area of the law.
Because contracts are binding agreements in which the parties are responsible for upholding their side of the deal, it is important that a commercial real estate lawyer is used before agreeing to any potential deals. It is much easier (and financially sound) to fix any issues with a deal prior to the agreement than to sort through an agreed-upon contract. Having a qualified commercial real estate lawyer may also be required from any lending source before a deal can be finalized, so keep this in mind while negotiating a commercial real estate deal.
When considering purchasing or selling commercial real estate, it is important that you search for representation from experienced lawyers. Real estate transactions of this type must be reviewed for many different reasons and you may need to find a commercial real estate lawyer that works specifically with the type of commercial property that you are dealing with. Asking others in local commerce groups, reviewing listings of local lawyers, and using the internet are all important steps in finding the right commercial lawyer.
Residential Real Estate Lawyer
A residential real estate lawyer specializes in representing clients who own or are looking to purchase a house, condominiums, or other property for their personal use. Residential property can include primary residences, apartments, and vacation homes.
Residential real estate lawyers have the ability to review sales contracts, research records of title and ownership, and can provide legal advice to their clients about property taxes, mortgages, or anything else related to homeownership.
Residential real estate lawyers have the primary task of ensuring that the sale or purchase of a home is not encumbered by title problems or liens. Such issues with title or liens can cause a property to not be marketable until it is clean of any defects.
This also provides the buyers and sellers with a level of assurance that the property doesn’t have any competing ownership claims, which is assured by the lawyer. Real estate deals often hinge on these requirements so having a qualified residential real estate lawyer is a must for any transaction.
If you are in the market for buying or selling your home, it is important that you use the services of an experienced lawyer. Real estate transactions require the review and approval of a real estate lawyer or you may risk significant expenses trying to fix any mistakes.
A residential real estate lawyer should be sought out that has a positive reputation in the community, specializes in residential real estate, and has a clean ethical record. Often, if you are buying or selling through a broker or real estate agent, they are able to suggest a lawyer fr you. However, it may be in your best interest to conduct some research to find a lawyer that best suits your needs.
Real Estate Lawyer Fees
Real estate lawyers do not all charge the same and costs can vary greatly between different lawyers. It can also make a huge difference in the type of work that will be needed to be completed. A real estate transaction that involves clean property titles and a simple contract will cost much less than the work to be done on properties with title issues and complex sales agreements.
Resources are available to compare the fees of different lawyers through the internet or just by asking different lawyers for rates. It is important you go into a real estate transaction knowing the costs involved before making a major financial decision.
Much of a real estate lawyer’s salary depends on the type of transactions they work on. Small town real estate lawyers will have much lower fees while their big-city counterparts, who work on large commercial properties or expensive personal real estate properties, will have much higher fees.
It is important that when you seek representation for your real estate transaction that you use a lawyer that matches your requirements. By using a real estate lawyer that is appropriate, you will not only have an expert in the area working for you, but the lawyer costs will match your transaction much more appropriately.
Commercial enterprises are well aware of the fact that commercial real estate law is different from residential real estate law. There are unique needs that require a series of commercial real estate lawyers. Commercial real estate lawyers represent both property owners and commercial tenants in court during nonpayment and holdover proceedings.