A real estate
broker can serve
as an invaluable
resource for
scouting out
the perfect
property to
meet your business
needs. Then,
this individual
(who should
have expertise
in your particular
area) will often
help negotiate
the terms of
the agreement,
for both sale
and lease transactions.
This can save
you a lot of
time and help
prevent careless
mistakes, as
these brokers
typically work
with the same
types of deals
all the time.
However, keep
in mind that
brokers are
not allowed
to provide legal
advice on a
real estate
agreement. When
choosing a broker
make sure you
do your research:
ask friends
and relatives
if they know
anyone, read
reviews online,
and ask for references.
All this extra
work will pay
off when you
go with a broker
that can make/save you the
most amount
of money. Generally
the seller will
pay the brokers
commission,
but that is
not necessarily
always going
to be the case.
While a broker
can help to
facilitate the
transaction
smoothly and
quickly, if
you're dealing
with a commercial
property it
is often in
your best interest
to hire a real
estate attorney
as well. This
is because lawyers
do not work
on commission
as the brokers
do, so their
primary objective
is not facilitating
the completion
of the transaction.
Rather, they
are concerned
with making
sure that the
legal agreement
you have before
you is fully
in your best
interests, and
they'll spend
many hours researching
every last detail
contained within
to make sure
it is the best
possible deal
for you, while
explaining all
the details
so nothing comes
up after the
agreement is
signed that
you weren't aware
of. Because
an attorney
is paid hourly,
you can
be assured that
they will usually
be more impartial
than a broker.
The last thing
you want during
a commercial
property transaction
is to skip a
detail in the
agreement that
later comes
back to cause
serious problems,
possibly leading
to a lawsuit
or legal matter
which could
cost you a significant
amount of money.
|