Everything You Need To Know When Working With A CRE Broker & Lawyer
Their key roles during a CRE transaction.
2.5 min read
Purchasing commercial real estate can seem daunting, especially for a first-time buyer. That is why it is best to fully equip yourself with the necessary resources and know-how to make the process run as smoothly as possible. Key players that will help you do just that are CRE brokers and lawyers.
You may be asking yourself, is it necessary to work with both of these professionals when purchasing commercial real estate? The simple answer is yes; however, we’re diving deeper into each of their key roles and how they will make the transaction process that much easier.
Broker vs. Lawyer: Their Roles
Although a commercial real estate broker and lawyer have significantly different roles, they often work together to ensure that all aspects of the purchase and sale are understood and covered.
A commercial real estate broker is the first point of contact between buyer and seller. They ensure that the property at hand is a suitable fit for their client, all while maintaining the integrity of the transaction. From thorough research to negotiations, the commercial real estate broker is involved in every part of the purchase and sale. Brokers play an integral role in helping you maintain or achieve your business needs by allowing you to purchase a suitable property that will enable you to do so.
On the other hand, the commercial real estate lawyer is one of the final touchpoints during the process. The lawyer reviews and prepares all necessary documentation and gives you relevant legal advice. The lawyer will handle any potential legal issues that arise during the process. However, the broker and the lawyer work together to assist with negotiations and the due diligence process.
When working with a commercial real estate broker and lawyer, it is essential to remember each of their stances as professionals—the broker is committed to negotiating the best deal for you while the lawyer is looking out for your legal interests. Working alongside both will keep you one step ahead and guarantee success from start to finish.
Reference
Nolo. (2010, July 1). Commercial Real Estate: Broker vs. Lawyer. www.realestatelawyers.com. https://www.realestatelawyers.com/resources/real-estate/commercial-real-estate/commercial-real-estate-broker-vs-lawyer.htm
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