A definite difference exists between selling commercial property and residential property. This is applicable all across the United States, including Minnesota and California, Texas and Alaska. Unlike a residence, a business comes with a more complex series of business issues. The intricacies are usually beyond the scope of the average real estate attorney. For such a transaction, you require a specialist – a commercial real estate lawyer.
What Is so Special about a Commercial Real Estate Attorney?
While some real estate lawyers may handle the occasional commercial transaction, it is not their focus. They are not authorities. To perform this job, requires training, experience and specialized knowledge of state specific and federal laws. A commercial real estate lawyer understands the intricate nature of this very complex field. He or she knows it is not a straightforward property sale, lease or financial investment. No matter whether it occurs in Minnesota or Alaska, it involves understanding and implementing effective business strategies for any type of commercial real estate participation. This includes:
* Buying
* Developing
* Financing
* Leasing
* Selling
The lawyer must understand all state and federal laws pertaining to everything involved in such transactions. These include, but are certainly not restricted to financial matters, taxes, insurance, and portfolio management. In essence, a real estate lawyer integrates knowledge of business real estate with business and planning law. The lawyer must be able to draw on extensive experience with legal aspects that affect planning, taxes, mortgages and, of course, finances. Being adept at creditor and debtor law as well as those governing partnerships, syndication, landlords and tenants is also beneficial.
A Commercial Real Estate Lawyer is NOT an Option
If you are buying, selling, renting or leasing commercial property in Minnesota, you should never tackle it alone. You need a real estate lawyer. However, if you are involved in commercial real estate transactions, a real estate lawyer is not sufficient. You need a commercial real estate lawyer.
