Importance of Hiring a Real Estate Attorney and Useful Tips When Hiring One

Foreclosure cases, real estate frauds and land disputes have reached new heights in the past few years and thus, to be on the safe side from the beginning and avoid situations which could lead to huge losses in the future, it is a wise decision to hire a real estate attorney so that when the problem arises, you have a lawyer who will handle your legal issues and you won’t have to run around looking for one, right after you got involved in the legal hassle. Even if you already are in a problem that involves your property, you need someone who can get you out of the problem and thus, finding the right real estate attorney isn’t an easy job.Importance of a Real Estate AttorneyA good real estate lawyer can be a very useful tool in dealing with the case of property disputes and foreclosures. He can be of help in borrowing more time if the case involves time limits and deadlines and also, would facilitate better communication. Thus, professional expert advice will be of great importance when dealing with real estate cases and disputes. The attorney that you hire will also help you in doing risk assessment before-hand, so that such high risk and crisis situations do not arise and you are saved from future trouble.Here are a few factors that you should keep in mind while hiring a commercial real estate attorney.Field of ExpertiseAs mentioned above, the attorney you hire must understand the foreclosures, land and property laws, litigations and mortgages well so that he/she handles your case more efficiently and thus you need to look for someone who has experience in handling suits that have been similar to your case. Most people make the mistake of hiring a lawyer with a general knowledge and experience in commercial cases, which later backfires as you might just end up losing your home, office or other important property in the whole process.ResearchBefore you finally hire the attorney you have short-listed, it’s a wise decision to do your homework so that you are sure you are in for a good deal. You should never settle for the first attorney you find and should consult and consider a number of other options, before you shortlist one. Also, a lot of attorneys charge very high fee and do not deliver. To avoid this you should look at the experience of the lawyer, his / her previous cases, success rate etc. You should also compare the fee he or she charges for the services provided. You can even follow-up with the attorney’s previous clients as well as other investors to know what exactly the real picture is.Time CommitmentWhen hiring an attorney, it is important to decide the time commitments as no matter how much you are paying the lawyer for the services, he / she needs to be available for discussing your real estate matters and problems that you are facing. It is a wise move to sign a legal document specifying the time commitments as legal matters cannot be delayed.Now you know the importance of a real estate attorney in handling your property matters and how it can save you a lot of resources and time if you have the right lawyer with you. Thus, follow the above mentioned tips when you look for the lawyer and you will definitely end up with the right attorney, suitable for your real estate legal matters.

Commercial Real Estate Investing

Investing in real estate is one of the best ways to amass a fortune even if a person just invests a modest sum of money. Commercial real estate investing involves big money, and it is not advisable to venture into it, if you are not an experienced investor.The investor has to have a carefully thought out plan making sure the investor knows exactly what he wants and how he will use his skills and expertise to achieve them, making sure his weaknesses do not deter him. Commercial real estate investing requires a lot of planning, perseverance and patience to succeed. The investor must be clear what kind of property he wants to invest in, the size and its location. The investor must understand the local market, the latest trends in commercial real estate, in order to get hold of the right kind of property at the right price. Once he selects the property, he has to be able to value the property accurately, work out if investing in the property will yield good returns, make financial arrangements or get other methods of financing such as using notes to buy the property.Tips for Investing In Commercial Real Estate Properties:
Though some investors fear to invest in this sector because they feel that though the return on the investments are high in commercial real estate investing so are the risks as well as other factors that can cause problems such as dealing with tenants. The most high-risk commercial real estate properties are the multi-tenant properties, either offices or retail shops. Lucky are those who land a deal with a triple net multi-tenant commercial property where the only headache of the owner will be how to utilize the rent money!Commercial real estate investing needs more focus and careful consideration of all aspects, and it is good if all documents relating to the property and its operation are carefully scrutinized. Leases, their extensions and modifications if any, mortgages, notes, the title policy, certificate of occupancy, contracts regarding maintenance of the equipments used, such as, escalators or elevators, its insurance policy and the extent of coverage, parking lot contracts and the property’s tax situation etc should be scrutinized. Hire independent surveyors to gauge the condition of the building and its equipments etc. hire a good attorney as well to guide you as you verify the lease structure, the title deeds, insurance policy, rent roll, tax returns, business licenses, utility bills litigation history etc. and make sure you carefully scrutinize them and know every tiny detail. Make sure that you know about the tenants, and if there are any associated problems, making changes in the purchase amount if necessary. Take adequate precaution, study all information available about the property, and utilize the information to your advantage.There are firms that offer their services and products to help new businesses to succeed in commercial real estate investing.