THE CRE LAWYER: Feisty. Meticulously observant. Intuitive. A major influencer in a CRE deal. And a lawyer may even kill the deal. That doesn’t bode well for a CRE agent. But because this business is built on strong relationships with clients, it’s better to ensure the client’s best interest, right? Right. For the most part, all parties understand what goes into a typical residential transaction. But it’s not the same for a commercial property deal.
Unlike mandatory disclosures required in residential transactions, the law often takes a neutral stand on commercial properties. This leaves the purchaser or lessee greater potential for exposure to liabilities; liens; title problems; the presence of hazardous materials, location concerns, zoning issues, strict City laws, etc.
Assuming the client has a lawyer who specializes in CRE, & protects their interests, it’s a lawyer’s job to advise the client to get out of a bad deal before taking on a mess. And as a CRE agent, it’s my job to be proactive & ensure the deal doesn’t get to that point. That means doing my homework: presenting the good & bad to my client; fulfilling the client’s needs; working with the lawyer to ensure everything is in place & signing on the dotted line–a win-win for all.