You may not realize, but it takes a team to buy or lease a commercial property. The key to a successful transaction lies between your broker and property attorney. They both bring different strengths and perspectives to the transaction. More so, they play an important role in guiding you to a successful outcome. Below are some insights into what your broker and attorney accomplish during a commercial real estate transaction.
The Role of Your Broker
Commercial real estate is vastly different from residential real estate. A person looking for a home is usually concerned about the number of bedrooms, the kitchen's size, or the type of outdoor views. An entrepreneur searching for a commercial space will most likely require a location that will provide more exposure, with room to grow. Whether you are looking to buy or lease a space for your business to plant its roots, a broker can help you with every stage of the process. They keep an eye on the current market to know where to find the best deals.
Just like legal consultants, commercial real estate brokers will look out for you and your business's best interest. Very few outsiders have inside knowledge about handling commercial real estate transactions. Thus, it is essential to have an expert in the market. Your broker can help you identify what to look for and avoid pitfalls that many unrepresented buyers make. They also have access to exclusive commercial listings and proprietary databases. It will save you time as they can quickly locate good potential properties and save you money because they can help you negotiate.
The Role of Your Attorney
Investors in commercial property in the UAE, particularly foreign buyers, need to work with a real estate lawyer. Many steps must occur before any real estate transaction is complete. On top of that, dozens of regulations and laws must be followed for the process to be valid. A commercial real estate lawyer can take care of these steps for you. Your attorney is the one person you can rely on upon regarding financing, construction, zoning, taxes, title insurance, environmental issues, and other legalities about land use and development.
When
you lease or buy a commercial space for your business, you want to make sure
your rights and interests are protected. Your attorney will also help you
analyze the contract, explain the purchase agreement, negotiate the sale, and
facilitate the closing. You will need his expert eye to identify any suspicious
contract terms or potential pitfalls. For foreign investors, an attorney can
help you secure the required documentation for a commercial lease or purchase,
including the business license and structure type.
Need help in buying or leasing commercial real estate
for your business? You can rely on the experts at Motei
& Associates, one of Dubai's best legal firms. They have extensive
experience guiding clients in the purchase or sale of their commercial
properties. Contact +971 4 435 5959 today!
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