My spouse and i read once that if you took all real estate legal professionals in The state of illinois and laid them end to finish along the collar – it will be a good idea to leave them there. That’s what My spouse and i read. What do you suppose that means? commercial real estate montreal
I actually have written before about the need to exercise due diligence when purchasing commercial real estate. The need to investigate, before Closing, every significant aspect of the property you are acquiring. The importance of evaluating each commercial real estate transaction with a mindset that once the Closing occurs, there is no going back again. The Seller has your money and is eliminated. If post-Closing problems happen, Seller’s contract representations and warranties will, at best, mean expensive litigation. STIPULATION EMPTOR! “Let the buyer beware! ”
Paying extra attention at the start of ad advertisement real estate transaction to “get it right” can help you tens of thousands of us dollars when the offer will go bad. It’s like the old Fram(R) oil filtration slogan during the 70’s: “You can pay myself now – or pay me later”. In commercial real estate, however, “later” may be too overdue.
Buying commercial real real estate is NOT like buying a home. It is not. It is far from. It is NOT.
In Illinois, and many more states, almost every residential real property closing needs a legal professional for the buyer and a legal professional for the seller. This might be smart. It is good consumer protection.
The “problem” this causes, however, is that every legal professional handling residential real property transactions considers himself or herself a “real house lawyer”, capable of controlling any real estate deal which may arise.
All of us learned in law institution that there are only two varieties of property: real estate and personal property. Therefore – we intuit – if we are competent to manage a residential real house closing, we must be competent to handle a commercial real estate shutting. They are each “real estate”, right?
ANSWER: Certainly, they are each real estate. No, they are different.
The legal issues and risks in a commercial real estate deal are remarkably not the same as the legal issues and hazards in a residential real estate transaction. Most are not really remotely similar. Attorneys concentrating their practice handling residential real property closings do not face the same issues as attorneys concentrating their practice in commercial real real estate.
It is a few of experience. You either understand the issues and dangers inherent in commercial real estate transactions – and learn how to deal with them – or you may.