It is not uncommon for people who are selling commercial real estate to assume that they do not need legal representation, but this is not always the case. While their transactions may go off without a hitch without lawyers guiding them, sellers may be getting less out of their sales when they go it alone.
One big reason that a person may benefit from having an attorney assist him or her with selling real estate is the listing agreement. These boilerplate forms will normally be provided by a broker when a person selling commercial real estate lists a property. Although there is no specific issue to look out for in a listing agreement, this standard document is generally more favorable to a broker than a seller.
Sometimes standard listing agreements state that a broker has earned a commission once the seller has accepted an offer from a buyer. In a case like this, a transaction does not need to close in order for the broker to be owed a commission. Sellers are often better off negotiating the terms of their listing agreements to make sure they only have to pay their commissions once they have received the money from their home sales.
When someone is interested in purchasing or selling real estate, it’s essential that they understand their legal obligations to the other parties involved in the sale as well as the state or federal government. If someone doesn’t fully understand zoning or land use regulations, he or she could end up running into legal trouble. A lawyer could help protect an individual’s interests during the property sale as well as make sure he or she complies with local and federal laws.