Buying a commercial property in Austin isn’t the same thing as buying a residential one. Because of the liability involved, you really shouldn’t try to assess the risks and protect yourself going in. You need a lawyer who’ll have your back. A good commercial real estate lawyer austin tx can analyze the pitfalls of purchasing the property you want and advise you to walk away if necessary.
Potential Pitfalls of Commercial Real Estate
Think about it. All sorts of laws apply to commercial real estate. Zoning and hazardous waste regulations are just two. If the property you purchase is in violation of them, it will be up to you to get the problem fixed.
You may have plans for a commercial property that don’t square with the local business use regulations. A good lawyer can research exactly what you can and can’t use the property for.
Even if you’ve bought houses, it isn’t the same. Before you buy or lease a residence, the seller or landlord is legally required to make certain disclosures about the condition of the property. The same rules don’t necessarily apply to commercial real estate transactions. Buying a pig in a poke could leave you at risk of lawsuits and financial ruin.
If your lawyer is recommending that you back out of the deal, there’s a reason. The successful real estate deals you’ve read about that made you decide to take the plunge? They almost certainly went through because the buyers had lawyers asking the right questions on their behalf.
The Bottom Line
When you enter the commercial real estate market, you’re at the mercy of forces beyond your control. The local zoning requirements, market conditions, environmental regulations and lending guidelines all play a role in determining whether or not your purchase goes through. Only a qualified commercial real estate lawyer austin tx can provide the guidance that will have you close your deal with a smile!