Purchasing an industrial property for investment involves a lot of paperwork. There are many legal documents and contracts to be drawn and you may not be well-versed in the complex legal jargon that is used. That is why a lawyer is a key part of your Ace team for industrial property investment success as they will be able to guide you through the legal process of completing your purchase.
Buying property has its own complexities and you need an experienced property lawyer to guide you. Attempting to do all the contract negotiations yourself can be disastrous especially if you don’t have a legal background. Representation from an attorney is always best to safeguard you from bad contracts.
Here are some tips on how to find the right lawyer
1. Choose a lawyer with experience in handling industrial property
It is important to work with a lawyer that has already chalked up a number of years of experience in helping clients with their industrial property purchases. This means they will be well-versed with handling the legal issues related to industrial real estate.
They will also be able to help you if you subsequently need advice in negotiating terms of a lease with your future tenant. Experience in serving landlord clients will be a definite plus point as they will be familiar with laws related to landlords and tenancies and will be able to cover aspects such licences, asset enhancements, relocations, special clauses and other terms.
Experience matters a great deal and a lawyer who has served many clients and completed many transactions will be able to spot any potential legal problems before they arise. They will be able to advise you on your risks, liabilities and highlight any contentious terms thereby protecting you from undesirable outcomes or unnecessary losses.
2. Ask for references
Always do your research and ask for references. Good lawyers will have no qualms about letting you get in touch with former clients who will be happy to vouch for their services. Don’t be afraid to ask in-depth questions and find out how the lawyer has advocated for their client in the past.
3. Ask about costs
Hiring a lawyer can cost a considerable sum, depending on the services you require. On the other hand, hiring the cheapest lawyer may not always be desirable as this may also indicate that they may have less experience or may be cutting costs in other areas. You will want to find a lawyer that is at an appropriate budget for you, yet at the same time be assured that he or she will always have your best interests in mind in any legal process.
4. Do not be afraid to “shop around”
You want to feel comfortable working with someone who is representing your legal interests. That’s why you should speak to as many different attorneys as possible before you make a decision on who to hire.