Maybe a better question is do I really need a lawyer to look over this contract I’m about to sign? The answer depends on whether you enjoy certain high-risk activities such as juggling rattlesnakes, hiking through subway tubes, or skydiving without a parachute. If adrenaline is your thing, then sign away. Otherwise, please continue reading for a more thorough explanation of why it makes sense to spring for a lawyer to review a proposed commercial real estate transaction.
First, let’s acknowledge the obvious: We are a law firm advocating the use of legal counsel in commercial real estate transactions. That is a fact. It is also a fact that Glass & Goldberg was showcased in the December 2011 issue of Forbes Magazine, as the magazine’s exclusive Southern California choice for outstanding law firm in the area of Bankruptcy, Property, Commercial and Creditor/Debtor Rights law. Our lawyers have many years’ experience structuring transactions and litigating commercial property issues, so we can say with some authority and certainty that it is in your best interest to have an attorney who knows the business review your proposed real estate contract and advise you as to the potential consequences you may not have considered.
For instance, a good commercial real estate lawyer can help you avoid stumbling into common pitfalls, such as:
1. Zoning / land use issues;
2. Mechanics or other liens on the property;
3. Failing to provide a contingency plan for payment terms during market fluctuations;
4. Debt servicing / lender clauses;
5. Defective title;
6. Latent environmental waste / contamination issues.
Not to mention the myriad of pitfalls common to commercial leases, which could include subordination and non-disturbance agreements (or a lack thereof), failure to properly define variable payment terms, assignment and subletting options … the list goes on.
If the ultimate goal of your commercial real estate transaction is to maximize profit while minimizing risk, then you should contact an experienced commercial real estate attorney for advice before you sign a contract. The attorneys at Glass & Goldberg are committed to helping you minimize risk and manage uncertainty before, during, and after the deal, and can help structure your deal to meet your goals.
Glass & Goldberg provides high quality and cost-effective legal services and advice for clients in all aspects of business litigation and transactional law. Call us at (818) 888-2220, email us at firstname.lastname@example.org, or visit us on the web at www.glassgoldberg.com to learn more about the firm and to sign up for future newsletters.