Commercial real estate transactions are often complex, with long contracts that are full of legal terms and some words that just seem to be jammed in there to make everything harder to understand. As a result, it can be easy to make mistakes when committing to big commercial real estate deals. Fortunately, our Long Island, NY commercial litigation lawyers can tell you a bit about what you should look out for and what kinds of costly errors you should try to avoid.
What Are Some Costly Mistakes in Commercial Real Estate Deals?
Some mistakes can cost you money, and others can cost you a deal entirely. If you are getting ready to sign a commercial real estate deal, you should avoid:
Talking too much about the deal: It can be tempting to talk about your “great” real estate deal and your recent luck, but be careful. Until everything has been signed and squared away, there is nothing preventing another party from coming in and putting in a better offer on that piece of real estate you have been bragging about.
Not looking into the owner: There could be many reasons to sell a commercial property, but it is always a good idea to look into the seller and learn more about why they want to move this property right now.
Glossing over the contract: Commercial real estate deals can be complex and you could pay later if you do not closely examine all of your contract’s terms right now. It is also wise to have a seasoned attorney look over anything before you sign.
Skipping the inspection: Sometimes it feels like you absolutely have to buy a property now, but do not give in and skip crucial steps like having a building inspected. A professional inspector can spot any problems with the property and let you know more about what you are getting into.
Can a Commercial Real Estate Lawyer Help Me Avoid These Errors?
An attorney from our firm can help you avoid some of these common mistakes. Our job is to read over the terms of your deal and point out any red flags that we come across. If we think that there is something wrong with the deal, we can advise you about what you should do.
A commercial real estate lawyer can also help you when you are negotiating your contract. Even if you have closed a real estate deal before, it is likely that our attorneys have more experience with this than you do. That can allow them to see potential opportunities and spots for debate where you did not. A lawyer can help protect you and improve your deal.
Talk to Our Experienced Real Estate Lawyers
Whether you are getting ready to close a big deal or you are just in the beginning stages of shopping around for real estate, contact the team at David A. Gallo & Associates LLP. We can set up a consultation and tell you more about how we can help you with your next commercial real estate transaction.