Do Real Estate Attorneys Negotiate Contracts?
Many home buyers or sellers wonder whether real estate attorneys negotiate contracts on their behalf. Yes, real estate lawyers often negotiate contracts and terms on behalf of their clients. Most real estate lawyers negotiate contracts related to the leasing, selling, or purchasing of a property. Services from real estate attorneys can help a land buyer or seller ensure they receive favorable terms, contracts are legally sound, and their interests are legally protected.
Essig Law has served real estate clients in Woodford County IL, Tazewell County IL, and Peoria County IL since 1974. To assist in your quest for knowledge, we want to review some ways how real estate attorneys like ones from our law firm can help with contracts.
How Do Real Estate Attorneys Help Commercial Clients?
Every term in a commercial real estate contract can be negotiated. For commercial transactions, real estate attorneys negotiate contracts and include a variety of provisions that can ensure the business is set up for long-term success. The language in contracts must be precise. One word or phrase in a commercial real estate contract can significantly restrict property usage and impact company operations.
It is never advisable to sign a commercial lease or real estate contract without first negotiating the terms of the transaction. With that in mind, here are some common contract clauses that a lawyer can negotiate in a commercial real estate contract:
- Assignment Clauses – This is a clause which allows an occupant to transfer the remainder of their lease to a third party.
- Contingency Clauses – These clauses could allow a party to back out of the deal if conditions outlined in the contract are not met. Some common factors involved in contingency clauses include a buyer’s ability to secure financing, land use or zoning issues, title problems, environmental concerns, or problems uncovered during property inspections.
- Exclusive Use Clauses – These clauses can limit a landlord from allowing another occupant within the same commercial space from using their premises in a way that would compete with a protected tenant’s permitted use.
- Termination Clauses – These clauses can allow for a party to end their lease when certain circumstances occur. These types of clauses are particularly important for tenants entering into a long-term lease of a property.
Depending on the type of property and needs of your business, a real estate lawyer can negotiate to include many other protective clauses into a contract. If you have questions, please contact Essig Law to arrange for a free initial consultation.
How Can a Real Estate Lawyer Protect a Homebuyer’s Interests?
Real estate attorneys negotiate contracts and a wide variety of terms of an agreement for residential real estate deals, too. Buying a home is the most significant purchase most people make in their lives. So, it is important to make sure your interests are protected legally when buying a home. Here are some of the most common clauses that a real estate lawyer can include in a contract to protect a homebuyer:
- Contingencies – A real estate attorney can negotiate terms like having a seller pay appraisal and inspection fees or favorable financing.
- Closing Costs – Typically, a buyer is responsible for covering closing costs, which can be quite substantial. However, a lawyer can negotiate to have a seller cover a part of the costs.
- Fixtures – A lawyer can also help buyers and sellers negotiate what fixtures stay in the property after the sale and which ones must be removed.
- Occupancy Date – Attorneys can also help buyers who require more time after the closing to negotiate a later occupancy date.
- Renovations and Repairs – Often, buyers discover many appliances or issues with a home during the home inspection process. A real estate attorney can negotiate to have sellers cover the costs of the renovations or fix the issues entirely before the property transaction closes.
Hiring a real estate attorney can improve your chances of receiving favorable terms and striking a great deal. Whether it is a buyer’s or seller’s market, it can play a major role in knowing when and what to negotiate in the real estate market. An experienced real estate lawyer can help you navigate the complex legal processes involved with buying a home.
What Does a Real Estate Attorney Negotiate During Closing?
A real estate lawyer can negotiate to modify contingencies, conditions, or terms. They also ensure all legal documents involved with the closing property are compliant with regulations. It is their responsibility to ensure all the terms are fair and their clients’ best interests are protected. So, they can negotiate to change parts of the purchase agreement if they believe it will better suit the needs of their client. Real estate attorneys provide the following during the property buying or selling process:
- Examination of the property title
- Obtain title insurance
- Review the contract
- Negotiate favorable terms and conditions for the purchase agreement
- Prepare and review all legal documents
- Hold funds in escrow and disburse them on behalf of the parties involved
- Represent clients during the closing process
- Resolve legal issues
- Ensure compliance with all applicable laws and regulations
One Final Word
We hope you better understand how real estate attorneys negotiate contracts during a real estate transaction. If you require any assistance with a real estate matter, Essig Law can provide you with a free consultation. Our father-son duo of real estate lawyers, Dean and Dustin Essig, offer a combined 75 years of experience. We assist real estate clients in Metamora IL, Washington IL, Morton IL, East Peoria IL, Pekin IL, Peoria IL, Dunlap IL, Bartonville IL, and surrounding communities. Call 309-444-8041 or contact us online to schedule an appointment.
