When buying commercial property, there are many issues which could arise, making the process a difficult if not impossible one. Having a good real estate attorney on hand to handle these issues can be priceless. In the state of Massachusetts, it is now a requirement that a real estate lawyer be present during closing, and to save buyers some money, that lawyer can also be the closing attorney. Here are some of the issues that a closing lawyer can help you to face during a property sale.
Most contracts are written in “legal-speak,” which can be difficult for even the most intelligent of buyers to understand. It is easy to negotiate what you want in a face to face conversation, but once the terms are all written down on paper, things can get a bit confusing. Unfortunately, no matter how well two parties involved in a sale may agree, their agreement is not legally binding until it is put in a contract, and signed by both parties. There is more to a contract than just writing down the terms that the buyer and seller has agreed to. The closing lawyer can make sure that the agreement is legally binding, and is compatible with state law. This will go a long way in making sure that there are no issues that come up in the future for either party.
Liens on the Title
An attorney will perform a title search on the property that is involved in the sale. This title search will help to ensure that there are no liens on the commercial property. If there is any sort of lien or judgment, the seller may not have the legal right to sell it. If a lien is found, this does not necessarily mean that the deal is off. The real estate attorney could work a deal with the seller to lower the price of the property if the buyer takes care of the cost of the lien.
Zoning and Land Use Issues
If you are purchasing a piece of property with a business idea in mind, your attorney will need to make sure that the property is zoned for commercial use, and that there are no land use rules which would prevent your idea from becoming a reality. If needed, a real estate lawyer can apply for permits, address planning boards, and represent you in front of town zoning committees.
There are many other issues to be addressed during the purchase of commercial property in the state of Massachusetts. If you need answers to your questions, or representation during a sale, give our offices a call today.