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When you buy commercial real estate it’s usually a larger investment than buying a residential property. While some deals are pretty straightforward, others are very complex and will require the help of a skilled commercial real estate lawyer.
You can say that commercial real estate lawyers do much the same thing as the attorneys who focus on residential real estate. Commercial real estate lawyers have a lot of knowledge of local businesses as well as property management firms. Commercial real estate is property used for businesses but it can also include residential real estate. A commercial real estate attorney handles the real estate transactions specifically related to commercial properties. Clients of this attorney may include developers, homeowners, and lenders. The cases these lawyers work on more often than not involve contract disputes, property litigation, and zoning issues.
A lot of these attorneys work for commercial real estate companies. Then, there are others that work for a single corporation. At times a large developer employs a commercial real estate attorney to act as a counsel. The lawyer will handle selling and buying properties, review of financial documents, as well as communication with investors.
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Commercial real estate is often leased to tenants so that they can conduct their business on these premises. Typical examples of commercial real estate can be things such as –
- Office space
- Multi-family rentals
- Shopping centers
When you invest in commercial real estate, you usually have to part with much larger amounts of capital than what you would have to part with if you were investing in residential real estate.
Real Estate Lawyer Job Description
The real estate lawyer job description will always include the lawyer protecting the rights of those who land up in commercial incidences related to owning or leasing industrial- or commercial property. There are always commercial lease disputes going on and working with an attorney that is clued up in real estate law will make it easier to avoid any kind of litigation.
In fact, you can say that any commercial deals are high risk for litigation, and more so when you invest in commercial real estate without the assistance of a commercial real estate lawyer.
All large property agreements need to be overseen by a qualified commercial real estate lawyer. They simply protect your interests. Part of the real estate lawyer job description also includes helping clients with all that legal paperwork as there are many documents in the finalizing of a real estate deal.
Do You Know About Zoning Laws?
There are very few businesses that have the time to look over all the legal aspects of buying and selling property. A skilled commercial real estate lawyer will make sure that the entire process is performed diligently. You don’t want to invest in a commercial property only to discover that there are zoning laws that prevent you from doing business in a certain area.
The commercial real estate lawyer knows commercial law and they certainly know about zoning laws, making sure that nothing in the contract is done without understanding these zoning laws. Closing a real estate deal can be complex as commercial property can even look deceivingly attractive to you but in the meantime, there may well be a host of hidden defects.
The real estate lawyer ensures a property inspection clause that mentions defects that were discovered before finalizing the transactions. You never know, once you’re on your property, you discover a mold and termite infestation that can pose a threat to your health and the building. If you have these kinds of issues, you will wish you had roped in the services of a commercial real estate lawyer to handle all the legal issues for you.
Of course, some businesses own the buildings they conduct their business from, but most times commercial property is leased. Sometimes even a group of investors owns the building. They collect rent from all those businesses that conduct their business there.
Commercial lease rates need to be presented to the tenants so that they understand what is expected from them each month. Often the quote is determined by the facilities, the location of the premises, and the size of the rental property.
Purchasing a house is a big deal, but purchasing commercial real estate can be a massive investment, and buying and selling commercial property can be highly complicated, so much so that only a real estate attorney can help you with it.
Any commercial deal without the services of a commercial real estate attorney can be tricky and high risk. They protect the interests of their clients, making sure that the contract is fair. There are so many documents involved in commercial real estate deals and the commercial real estate lawyer can help with all this documentation.
Commercial Real Estate Attorneys Require A Degree
They assist with the purchase and sale of commercial real estate, tackle zoning issues, and negotiate leases. Becoming a commercial real estate lawyer will require a lot of knowledge and education. In fact, becoming a commercial real estate lawyer will require a person to get a degree.
Students looking forward to becoming real estate attorneys need to obtain a four-year undergraduate bachelor’s degree in economics or business as the very first thing. The students are then required to complete the LSAT test in the state they are planning to practice law.
A real estate lawyer must obtain a Juris Doctorate degree from an accredited school along with a license obtained from passing the state bar examination. A law degree can generally be achieved with a 3-year program. The first year of law school will prepare the student with all the basics of the legal profession. To work in the state as an attorney an individual must complete a state bar exam. After passing the state bar exam, lawyers may practice any type of law they choose.
How To Become A Real Estate Lawyer
How to become a real estate lawyer starts with you making sure to earn high grades at school to get real estate lawyer jobs. This is because law school admissions aren’t a walk in the park. To make it possible for you to get into law school, you have to aim at getting the highest grades possible and will need a GPA of about 3.0 or higher.
It’s worth working hard because you will also need letters of recommendation from those professors who know you and to get good letters, you want to prove yourself as a consistently hard worker.
The LSAT Test
A real estate lawyer should be a certified professional. Students who want to know how to become a real estate lawyer and who want to become a commercial real estate lawyer should get a 4-year undergraduate bachelor’s degree in business. The LSAT test must also be completed in the state where they intend to practice law. Law schools that have been approved by the American Bar Association require that students take this Law School Admissions Test.
How to become a real estate lawyer will also require you to get a Juris doctorate degree and also be licensed which is after completion of the state bar examination. Remember that any kind of degree from any law school, whether online or in-class will be regarded as pretty useless on the CV if it doesn’t come from an accredited facility.
Once you are through with your studies, have graduated, and are ready to practice, you will also be required to have good communicating and negotiating skills. By then you will know about legal proceedings and real estate closings and be able to deal with all kinds of professionals in this field.
Real Estate Lawyer Jobs
Talking about real estate lawyer jobs, once you have studied real estate law, you will be equipped with the skills to advise clients on industrial and commercial properties. You will also have the knowledge to advise clients on residential properties.
Commercial real estate lawyers can therefore also specialize in branches of property law, land use, and tenant law. Real estate law jobs can also be found in nearly every industry and many are attorneys who are self-employed.
Commercial real estate lawyers work for many different clients, some of which include developers and investors. The commercial real estate lawyer job will see the legal person concentrating on the sale and purchase as well as the lease of land and also leasehold management, litigation, and tax law.
Their work is extensive as property is a component of other projects such as property finance and mergers and acquisitions. Other work areas include corporate tax, administrative law, crime, immigration, intellectual property, and finance.
Whichever job the commercial real estate lawyer finds themselves in, because they are dealing with title transfers and zoning issues, it will be important for them to stay ahead of changing trends and laws in the legal industry.
The U.S. Bureau of Labor Statistics tells us that the median annual wage of attorneys is in the region of $130 000 to $175 000 per year. Salary ranges can vary because of a number of factors such as education and experience.
Real Estate Litigation Lawyer
Real estate litigation is about any kind of dispute arising out of the property. There are plenty of disputes going on and while some can be resolved out of court, ut real estate litigation becomes necessary when parties can’t agree to a solution.
Real estate sales agreements are contracts and when you enter a contract and sign to buy or sell property, the contract will have terms that have to be complied with. When a party fails to comply with the terms of the contract, the other party can sue for breach of contract.
A real estate litigation lawyer will be needed if the seller never disclosed defects about a certain property. When the buyer discovers an undisclosed fault after closing on the property, the buyer will then be able to pursue legal action against the seller. In fact, the buyer has a right to file a lawsuit against the seller for failing to disclose a defect that they knew about. The buyer will need a lawyer who will prove that the defendant knew about the defect.
Boundary disputes are a common real estate issue and when the parties haven’t stated the property lines, real estate litigation can result. You can avoid real estate litigation involving these boundary disputes by finding out about the legal boundaries of the property.
Simple Disputes Can Escalate
Anyone needing to bring a lawsuit against a buyer or seller will need to be in touch with a real estate lawyer. Whenever a person deals in real estate, simple disputes can escalate into complex issues and will require the very specialized and specific knowledge of a real estate litigation lawyer.
You will find that these litigation lawyers have experience working with local and international businesses. When a sale of a business property can’t be completed, it’s often because the buyer wasn’t able to secure funds for the closing.
When a buyer isn’t ready to close at the closing date, but the seller is, the deposit can be forfeited. The seller can then pursue the buyer for any losses sustained in having to re-sell the property. The seller, with the help of a commercial real estate lawyer, may then want to bring court proceedings to recover losses.
Commercial real estate transactions can be complex and there is always going to be that potential for risk. If you can, try to intern with a real estate lawyer company because this is a good way to get a taste of what being such a lawyer entails.
If you do a good job, you never know, when you graduate from law school the law company may well call you up to come and work with them permanently. When you rope in the services of a well-trained, well-experienced commercial real estate lawyer, you can enter into your commercial real estate ventures with confidence as they have expertise in all things to do with real estate so that you can close deals efficiently.