How a Real Estate Attorney Tacoma Helps in Commercial Transactions

How a Real Estate Attorney Tacoma Helps in Commercial Transactions

Buying commercial real estate is a much more complex process than buying residential real estate. The costs associated with buying commercial real estate are usually greater, the criteria for financing different, and the legal issues that arise more challenging. As such, when you are buying commercial real estate, it is very important to have a real estate attorney Tacoma. >


How a Real Estate Attorney Tacoma Can Help

In a residential real estate transaction, a standard form purchase and sale agreement is normally used. While there may be some modifications to the standard form contract specific to the transaction, and while some contingency clauses may be modified or negotiated, there is normally very little to negotiate or include in the contract.

When a commercial transaction occurs, however, the terms of the contract may be much more complex, making it even more important to get help from a real estate attorney Tacoma. The contract will typically need to cover:
The time frame for the sale
The purchase price
The conditions of the sale occurring
Contingencies that can allow either party to walk away
Requirements each party must fulfill in order to avoid breach
Warranties ensuring performance

Each of these different contract provisions may be negotiated by a real estate attorney Tacoma before the offer is accepted and the sale scheduled to occur. An experienced real estate attorney Tacoma understands the laws on commercial real estate and can put his or her legal knowledge to work for you. Your real estate attorney Tacoma will make sure the contract is protective of your interests and as advantageous as possible.

A real estate attorney Tacoma will also help you with other aspects of the transaction as well. For example, your real estate attorney Tacoma can assist you in doing due diligence on the property by assisting you with a title search process to ensure that there are no encumbrances on the property.

Finally, the financing involved in a commercial real estate transaction is often very complex as well, especially because large amounts of money are typically at stake when you buy a commercial building. A real estate attorney Tacoma can review all documents associated with mortgages and loans that you are considering taking on the property. Your real estate attorney Tacoma will help to ensure that the mortgage information complies with truth in lending requirements and that the structure of the financing makes sense for you.

One other important financial issue that may arise in certain commercial real estate transactions is the issue of taxes. There are special tax advantages if you sell one commercial real estate property and then use the proceeds from that property to purchase another qualifying commercial real estate investment. This process is called a 1031 exchange and a real estate Tacoma attorney can help you to understand if you are eligible for a 1031 exchange and, if so, will assist you in ensuring you meet all requirements.

Buying a commercial property is not an easy task; therefore it is advised to take help of an experienced somekeyword. The somekeyword will help you in commercial transactions.

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