Commercial real estate law is just one of the many legal subsections. Commercial real estate lawyers are often involved in the buying and selling of real estate. They might work on the buyer, seller, baking, or the side of the real estate transaction. These are the most common services they offer based on the party involved.
Commercial real estate law buyer duties
Buyers are spending a lot of money to close on a property. In most cases, they are taking out a mortgage that they will pay for the next 30 or so years. A smart buyer uses a title company and a commercial real estate lawyer to ensure that they are well protected. A few of the problems that could arise during the buying transaction include problems with the title, voided contracts, or the seller not following their side of the deal.
Commercial real estate law seller duties
When a homeowner decides to sell their house, they are bound by many legal agreements. They are agreeing that they have submitted all useful information to the buyer. They are claiming that the deed is clear and ready to sell. They are also stating that there are no known problems with the house that were not included in the listing agreement. However, disputes can and do occur. When these disputes are brought up, the services of a commercial real estate lawyer is needed.
Commercial real estate law banker duties
Commercial real estate lawyers also represent banks. Problems can arise when a mortgagor goes into bankruptcy on their loan. There are questions surrounding how much is owed, if the homeowner can sell, and exactly how much is owed at closing. In most cases, these short sales and other banking concerns are handled by a commercial real estate lawyer that represents the bank or lending institution. They will also offer services when the bank attempts to sell the house, which is now considered a bank owned house.
Commercial real estate law construction worker duties
The construction workers are often forgotten about in the real estate industry. However, without them, the houses would not be stable and would not sell easily. Problems with employees arise when construction workers are not paid in a timely manner. They can also arise when injuries occur on the property and the worker’s experience and quality of work is questioned.
Builders risk coverage is written for a minimum of one year term to cover a new building or structure under construction or an existing structured undergoing additions, alterations, or repairs. These lawyers work with the Builders Risk Coverage Form, CP 00 20, which is the basic avenue to builders risk coverage in the simplified language commercial property program.
The representation of the legal system
Many people involved in real estate transactions might attempt to forgo legal representation to cut costs. However, this can be a huge mistake and can lead to a costly real estate process. In 2015, the American Arbitration Association administered 551 construction cases with claims of $500,000 or more. The largest mediated construction case was for $2.6 billion, while the largest arbitration case was $96 million. The total value of all claims and counterclaims in 2015 was $5.5 billion.
Commercial real estate lawyers focus on construction law, real estate law, commercial litigation, and employment law concerns. They are also an important part of the appeals court and appeals process.
Commercial real estate law professionals are a valuable part of the real estate transaction process. They handle disputes between buyer and seller, problems with insurance and construction work, and any of the other problems that might arise as a part of the real estate industry.