If you're in the process of purchasing a piece of commercial property, you're making a great decision. Whether you decide to run your business out of the facility or rent it out to another company it's a great way for you to either further your own enterprise or profit by leasing to someone else. However, if you're not accustomed to the commercial buying process, you may not understand some of the pitfalls that can come along with it. Use this information to learn more about why you should get the legal advice of an attorney before purchasing a commercial building.
You Want Lien-Free Property
The main reason why you should talk with a lawyer is because you want to make sure that you're getting a lien-free piece of property. The last thing you want to have to deal with is moving into a building only to find that there are a laundry list of liens against it.
Liens are dangerous for a number of different reasons. When you sign on the dotted line and take ownership of a building, any liens that may be against the title of that structure also become your responsibility. The lien could be there from several sources. Maybe a contractor who did some work on the building felt that they were not paid what they deserved so they took out a lien against the building. Conversely, the lien could be there because the previous building owner used the place as collateral for a loan or line of credit that was never repaid. Whichever the case, it's certainly not a situation that you want to find yourself dealing with.
That's why it's so important for you to talk with a lawyer. They have the skills necessary to perform a thorough title check to make sure that the property is lien free.
Lawyers Review Your Paperwork For Accuracy
Another reason why you should work with an attorney when buying commercial property is because they review your paperwork for accuracy. You need to make sure that everything is spelled out in the right verbiage because you are entering into a binding agreement. Lawyers help to make this happen.
Don't risk making a bad decision when you're buying commercial property since the ramifications could be quite serious. When you're ready to buy commercial property, seek out the advice of a skilled real estate attorney like Janet P. Welton, P.A. so you can enjoy these great benefits and so much more.