Get the must-do list from an attorney with years of commercial property law experience.
When it comes to commercial property law, there’s one true maxim: litigation is expensive! Not only does it take up valuable time, but it also robs your company of forward momentum and negatively impacts your overall profit.
So what can you do?
Hire a Lawyer to Help You Avoid Litigation in the First Place
While no one can guarantee a litigation risk of absolute zero, the right attorney can protect you up front, helping guard against common issues like these:
- Poorly drafted legal forms
- HOA disputes
- Disclosure statements
- Contractor liability
- Illegal solicitation of funds
- And more…
To help you map out where you can best benefit from legal expertise, we’ve compiled a list of “Must Do’s” for your benefit:
- You MUST Do Your Due Diligence!
Tenant? Seller? Contractor? It doesn’t matter. You’ll want to review court records and understand if they have a history of litigious behavior; if so, you could easily avoid a potential lawsuit with a simple records search. Similarly, you’ll want references for the other party. If they have exhibited poor behaviors in the past (non-payment of rent for tenants, or timeliness and outcomes for contractors)
- You MUST Understand When You Need Legal Support!
This is especially true if you are new to commercial real estate and all its variances and intricacies. Of particular note are the restrictions on raising funds for group investing. Because the potential profits are much higher than anything you’re likely to see in single-family investments, securities laws come into play. Qualified counsel can help you make your market entrance without running afoul of the legal system. And again, prevention is ALWAYS the cheaper option.
- You MUST Perform Solid Cost-Benefit Analysis!
As a law firm, it would be in our best interests to tell you to take someone to court every single time. However, urging our clients to do something like that at any and all costs is just stupid.Yes, you can certainly sue a tenant for back rent. However, what will you actually recover? Will it be more than enough to compensate you for the time and cost of hiring a lawyer to push it through the system on your behalf? Maybe. But you need to do a thorough cost-benefit analysis before you can arrive at that decision. If the break-even point doesn’t make sense, or the party you’re suing has incredibly deep pockets and an ax to grind against you, then entering into a lawsuit is probably not the right move.
In the Market for a Commercial Property Law Attorney?
What have you got to lose? If you have questions about the benefits of hiring an experienced attorney to handle your commercial property law inquiries, just click to contact the Wilbanks Law Firm, P.C. online.