It’s the truth. Practical advice about Commercial Real Estate.
Some commercial real estate deals seem too good to be true. Unfortunately, the reality is that there may be some credence in that statement.
That’s why it’s important to seek the counsel of experienced legal counsel.
A commercial real estate attorney such as Lawrence Centanni wears a few hats. It is isn’t just their job to ensure the language of your agreement is sound. They don’t just show up at closings. A good lawyer with a commercial real estate practice has good instincts.
Maybe it’s as simple as recognizing you’re being hoodwinked into a bad deal.
Sometimes, a commercial real estate attorney will become your advocate in evicting a bad tenant. It’s all in a day’s work.
Other times, it may be necessary for the lawyer to draft agreements that protect your interests. It starts with the sales agreement.
Commercial Real Estate is Risky Business
Take the somewhat well-known story of billionaire David Lichtenstein. You might recognize Lichtenstein’s name. He owned a bunch of real estate investments. His first property was his home in Lakewood. Then, he moved on to bigger and better things.
Outlet malls. Mid-priced hotels. At least, some came with “bad boy provisions.”
We hate to use slang. But, this was some scary stuff.
Bad boy provisions meant Lichtenstein had some personal liability for the loans he took out to make deals. Perhaps it might have been better if his attorney read the fine print. And, considered protecting the client.
There are other risks associated with commercial real estate deals:
- What if you have a business partner and things don’t work out?
- How about if your tenant doesn’t bother to pay the rent?
- Can you really make a profit if you purchased a tax lien?
- If you’re planning on flipping a property, can you truly make money?
- Do shifting demographics have any impact on your purchase?
- Do your contracts actually protect you?
Many of our clients are involved in commercial real estate. Some own big enterprises. Others are landlords to a variety of businesses. We represent apartment complex owners. Commercial real estate can be lucrative. It can also be the source of stress and loss.
Commercial real estate investors have one thing in common. They need legal advice at the start of the deal. The rest usually follows into place with continued counsel of an experienced attorney.
At the Law Office of Lawrence Centanni, we understand real estate developers and investors. Contact us to determine how we might assist you