5 reasons to consider hiring a commercial property lawyer regardless of property cost or size.
If you’re wondering whether it’s worth it to hire a commercial property lawyer for your small investment property, the answer is probably yes. And here’s why.
Regardless of Property Size, Your Legal Needs Are the Same
In this instance, size doesn’t really matter. The same activities an attorney handles on large investment properties still apply to small ones.
Even the purchase is a contract. While rare, sometimes the sale of commercial properties can contain “gotchas” in the fine print. If the property is small, there’s a chance the cost is also on the lower side. The mistake you make is thinking, “Oh this isn’t that far off of buying a house!” But it is. Get your agreement reviewed by a qualified legal professional, and make sure you understand all the contractual intricacies before you sign.
Ensure Commercial Leases Are Done Right
Your documents and contracts about the use of the property need to be airtight. While a standardized form may help cut down some of the hassles, no two tenants are identical. Your attorney can draft the right lease for the individual situation, and ensure your bases are completely covered.
Liability Policies Must Be Well Defined
Is your tenant renting the property as-is? Or are they building out to accommodate their business? If a customer is hurt on the property, is the liability theirs or yours? These are all questions you need consider and areas where you need to have contractual coverage and consideration.
Eviction Is a Legal Pain in the You-Know-What
Whether you purchased a property with pre-existing tenants, or just had bum luck, the process of eviction can often be a huge pain and enormous cost to carry out. If your lease was drafted properly, this will help reduce the headache. But you still may need to find creative (but legal) ways to get your tenant out. This can include finding a tenant a new location, or even paying them out of pocket to vacate. While it sounds counter-intuitive (they owe you, after all!), the expense of buying them off can actually cost you less than a court proceeding and several months of lost rental fees.
Even the best landlords inevitably face a lawsuit or two in their time. Valid or not, you’ll be required to defend yourself in either case. And wouldn’t it be better to work with someone with who you have established an excellent working relationship? Someone who knows the ins-and-outs of your business and property in nearly the same fashion you do? Put another way—you shouldn’t wait to get sued before you find an experienced attorney you can trust.